Comparative Market Analysis (CMA) Template

Most pricing mistakes come from eyeballing three listings and splitting the difference. Sellers hear a number with no method behind it, wholesalers write offers off a Zestimate, and flippers discover the ARV was optimistic after the rehab is paid for. The fix is the same approach appraisers use: adjust each comparable to answer the question, what would this comp have sold for if it were the subject, then reconcile.

This workbook does exactly that in three sheets. The CMA Worksheet holds the subject's address, square footage, and a 1-to-5 condition rating, plus two adjustment factors you set once: dollars per square foot for size and dollars per condition step. Six comp rows take sold price, square feet, condition, and manual dollar adjustments for location and features; size and condition adjustments calculate automatically and each row returns an adjusted price. The Reconciliation sheet pulls the six adjusted prices and lets you weight each comp (give your closest, most recent, least-adjusted comps a weight of 2 or 3, weak comps 1 or 0) to produce a weighted indicated value, along with the low and high of the adjusted set. The CMA Report sheet is a one-page summary: subject, square footage, number of comps analyzed, adjusted comp range, the indicated market value in bold, prepared-by and date lines, and the opinion-of-value disclaimer. 44 formulas, no macros.

The result is a value you can explain line by line and a report you can print or PDF. To start, enter the subject's square footage and condition, set the two adjustment factors for your market, type in six recent sold comps from the MLS or county records, weight them on the Reconciliation sheet, and print the Report tab. For a flip or wholesale deal, the indicated value is your ARV; take it straight into the Deal Analyzer or Fix and Flip calculator.