Flipping a home may be considered a risky investment, but a growing number of bold homeowners are getting into it in hopes of making a big buck.
A recent WalletHub study looked at 172 cities and ranked them based on market potential, renovation and remodeling costs, and quality of life to determine the best and worst places to flip a home.
However, WalletHub also noted that home flipping isn't as profitable as it once was.
In the first quarter of 2019, real estate agents made an average of $60,000 in profits per property, $2,000 less than they made in the previous quarter and $8,000 less than they made a year ago.
But it seems some HGTV-inspired renovation enthusiasts aren't being deterred.
Home resale rates hit a nine-year high in the first quarter, with 7.2% of all home sales being resales, up from 5.9% in the previous quarter, according to ATTOM Data Solutions.
Additionally, ATTOM said the average resale property had an average sales price of $215,000 and an average time to completion of 180 days.
A WalletHub survey found that Sioux Falls, South Dakota, was named the best place to flip a home, ranking highly for its low costs of renovation and remodeling.
Bridgeport, Connecticut, was rated the worst place to resell a home, receiving low marks for marketability, renovation costs and quality of life.
Other cities stood out too.
Pittsburgh had the highest average total return on investment, while Austin, Texas, had the lowest.
Montgomery, Alabama had the lowest average purchase price at $50,000, while San Jose, California had the highest average purchase price at $867,000.
Memphis, Tennessee, had the highest rate of home resales, while Albuquerque, New Mexico, had the lowest.
Here is WalletHub's list of the 10 best cities for house flipping:
Sioux Falls (South Dakota), Missoula (Montana), Rapid City (South Dakota), Billings (Montana), Peoria (Arizona), Tampa (Florida), Fort Smith (Arkansas), Greensboro (North Carolina), Las Cruces (New Mexico), Boise (Idaho)
Here is WalletHub's list of the top 10 worst places to flip a house:
Los Angeles, CA; New York, NY; New Haven, CT; Boston, MA; Wilmington, DE; San Francisco, CA; Oakland, CA; Newark, NJ; Yonkers, NY; Bridgeport, CT