← Back to BlogMay 20267 minDan White
First Real Estate Deal Checklist
Your first real estate deal is the hardest. Not because the process is complicated — it is not — but because every step is unfamiliar and every decision feels high-stakes. This checklist removes the uncertainty.
Market Context
Live Market Data
Washington, DC Housing Market
Cool Market
Data through Mar 2026
Median Sale Price
$590,000
+0.8% YoY
Median Days on Market
44 days
lower = faster market
Sale-to-List Ratio
99.7%
buyers' market
Homes Sold
4,457
last reported month
Source: Redfin Data Center. Updated monthly. Data reflects Washington, DC residential sales.
redfin.comBefore You Make an Offer
- Verify ARV using at least 3 comparable sales from the last 90 days within half a mile
- Get a contractor walkthrough and written estimate before going under contract
- Calculate MAO: ARV times 0.70 minus rehab estimate
- Confirm your financing is pre-approved and ready to close
- Identify your exit buyer (flip) or verify rent comps (rental or BRRRR)
- Run the full deal analysis through FreeDealCalc — score, MAO, and projected profit
Under Contract
- Complete a full property inspection — hire a licensed inspector even if you have walked the property yourself
- Pull title search and confirm no unexpected liens or encumbrances
- Verify insurance coverage is in place before closing
- Confirm your hard money lender or financing has the property appraised and approved
- Lock your contractor start date for within 48 hours of closing
After Closing
- Change all locks immediately on closing day
- Install security camera or lockbox so you can monitor access remotely
- Open a dedicated bank account for this property — all expenses and income flow through it
- Start a weekly site visit cadence — you need to see progress to catch problems early
- Track every expense from day one — you will thank yourself at tax time
Analyze Your First Deal Before You Offer
Run any deal through Freddie before you sign anything — ARV, MAO, deal score, and projected profit free.
Analyze My First Deal Free →Dan White is a licensed Virginia real estate agent at Pearson Smith Realty and founder of FreeDealCalc.com. He has been investing in Northern Virginia real estate for 20+ years.