COLUMBIA, S.C. — If you're looking to make a little extra money on a fixer-upper home, you may not have to go very far.
The online financial news and opinion company known as 24/7 Wall St. along with Realtor.com report that the best city in America to "flip" a house is Columbia, South Carolina.
The latest ranking places the capital city at the top of the list based on the median list price and the median profit on a flipped home.
Flipping, as the company explains, refers to buying a home with the intention of selling it. Usually, this is done after making repairs or otherwise adding value to the property.
Some of the main factors in the popularity of flipping have been the skyrocketing of home values into the double digits accompanied by a migration of people away from "expensive coastal cities" to places where real estate prices are more reasonable. And low-interest rates haven't hurt, either.
In Columbia's case, the median list price for a home in September was $275,000 while the median profit on the home once flipped is $61,667 - roughly 22% of the home's price.
Realtor.com reports that, despite a rise in new construction in the area, there are still plenty of homes that can be bought "dirt-cheap" and fixed up for a profit.
The only other city in the entire Southeast to crack the top five is Raleigh, North Carolina. In fact, another South Carolina city, Charleston, found itself among the five worst cities to attempt a flip, along with Chattanooga, Tennessee, and Sarasota, Florida.