A step-by-step guide to deciphering your comprehensive Vision AI report
Navigating through a Vision AI report for the first time can seem overwhelming due to its depth of information. This article aims to demystify the report, breaking down each section to help you understand the insights provided and how they can be applied to your real estate decisions.
Header: Property Confirmation and Revive Score
- Property Details: The header section confirms you're viewing the correct report by listing the property's square footage, number of bedrooms, and bathrooms.
- Revive Score: An exclusive score indicating the property's potential for investment. It evaluates:
- Required renovations.
- Return on Investment (ROI) from these renovations.
- Potential increase in home value.
A higher Revive Score suggests a greater investment opportunity, while a lower score indicates lesser potential.
Neighborhood Analysis Module
- Current Value and Condition Grade: On the left, you'll find the property's current value alongside a grade that reflects its condition based on photo analysis through computer vision.
- Condition Evaluation: The center section displays a star rating for different areas of the house (Interior, Exterior, Bathrooms, Kitchen), comparing your property's condition to that of the neighborhood. This comparison provides a comprehensive Home Condition Score.
- Future Potential Value: The right side projects the property's value post-renovation, considering the condition of comparable neighborhood properties.
Neighborhood Comparables
- Selection Criteria: Lists properties similar in size, bedrooms, bathrooms, and proximity, with filters for recency of sale. Report Owner can adjust these comparables if needed, by clicking on Adjust Comparables button.
- Detailed Comparisons: Each comparable's summary and details are accessible, with clickable cards for more information, including a photo album view of the property.
Renovation Estimate
- Budget Insights: This section outlines the estimated renovation costs, detailing the scope and ideas considered for each budget category. If no renovations are needed, it will indicate $0.00.
- Exterior and Unavailable Scores: Estimates for exterior work or areas where the condition score couldn't be determined are provided based on property size and location. It's noted that Vision AI currently does not assess replacements for AC units, roofs, or foundational elements, which will be included in future updates.
Investment Plan
- Profit Calculation: The final section calculates expected profit by subtracting renovation costs and the current property value from the after-renovation value. This formula provides a clear financial outlook for the investment.
Understanding Your Report:
Each module of the Vision AI report is designed to offer strategic insights into the property's current state, potential improvements, and the financial implications of those improvements. While the report is rich with data, familiarizing yourself with its structure will allow you to quickly and effectively extract valuable information to prepare your listing or investment strategy.
Remember, the more reports you review, the easier it becomes to navigate and utilize the insights Vision AI provides, making it a powerful tool in your real estate toolkit.
Disclaimer: The information provided by Revive Vision AI is for illustrative purposes only and should not be considered as professional advice. It is recommended to consult with your real estate expert and tax professionals for guidance specific to your situation. Before undertaking any renovations, it is beneficial to contact Revive for a comprehensive property assessment and consultation regarding the renovation plan. Revive assumes no liability or responsibility for the accuracy or reliability of the data provided, as it is intended for informational purposes only.