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  4. The 25 Top U.S. Cities for Flipping a House

The 25 Top U.S. Cities for Flipping a House

By Money , Money.com , Taylor Tepper and Taylor Tepper / Money.com
June 05, 2017
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Beale Street, Memphis, Tennessee
Credit: csfotoimages/Getty Images
This story originally appeared on Money.com.

Lucas Machado makes his living flipping houses in South Florida. But that real estate market has gotten so flipping hot that he now feels like he's in a different line of work.

Related:There's an easy way to save an extra $100,000 by retirement

"It feels like I run a marketing company that does real estate deals," says Machado, president of House Heroes.

With intense competition from U.S. and foreign buyers alike, Machado's biggest concern these days is just finding properties he can acquire at decent prices. As for attracting families to actually buy the homes after his company has fixed them up? That's easy by comparison, he says.

Chalk it up to today's crunched real estate market. As demand for housing across the country rises — thanks to an improving economy and soaring rents that are forcing many families to consider buying instead — the appeal to flip a property for a profit intensifies. That rising demand coupled with the lack of available homes for sale means that prices are climbing through the roof.

Related: 10 secrets to saving money at Disney and Universal, according to theme park experts

This has forced flippers to broaden their search — geographically, but also in terms of the types of homes they're considering. The average flipped house, for instance, has never been smaller, measuring out to only 1,422 square feet, on average.

Nevertheless, there is money to be made. Gross profits for flipped properties was almost $63,000 in 2016, with a 49.2% gross return on investment, according to RealtyTrac.

To get a sense of the top places to flip a home among the country's largest metro areas, MONEY combined data from two separate surveys (from Trulia and RealtyTrac) that measured each market's home flipping rate — that is, flips as a percentage of total home sales.

Related:This map shows the real cost of conflicted financial advice

We then took the 25 top markets and then ranked them by their average return on investment (based on 2016 data). Because ROI is a measure of profitability that factors in acquisition costs, this allowed us to judge pricey cities like Los Angeles against less-expensive markets such as Birmingham, Ala.

Look through the slideshow below to see what we came up with.
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1. Baltimore, MD.

Fells Point Historic District, Baltimore, Maryland
Credit: Richard Cummins/Getty Images

Return on Investment: 96.6%, Average Days to Flip: 196, Year-Over-Year Change In Home Prices: 2.4%

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2. Knoxville, TN.

Knoxville, Tennessee
Credit: Anne Rippy/Getty Images

Return on Investment: 85.0%, Average Days to Flip: 186, Year-Over-Year Change In Home Prices: 3.3%

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3. Oklahoma City, OK.

Bricktown, Oklahoma City, Oklahoma
Credit: Walter Bibikow/Getty Images

Return on Investment: 76.1%, Average Days to Flip: 173, Year-Over-Year Change In Home Prices: 3.4%

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4. Jacksonville, FL.

Jacksonville, Florida
Credit: TraceRouda/Getty Images

Return on Investment: 75.8%, Average Days to Flip: 172, Year-Over-Year Change In Home Prices: 7.8%

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5. Memphis, TN.

Beale Street, Memphis, Tennessee
Credit: csfotoimages/Getty Images

Return on Investment: 75.6%, Average Days to Flip: 121, Year-Over-Year Change In Home Prices: 3.4%

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6. Tampa-St. Petersburg, FL.

Tampa, Florida
Credit: Dennis Macdonald/Getty Images

Return on Investment: 66.7%, Average Days to Flip: 174, Year-Over-Year Change In Home Prices: 8.8%

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7. St. Louis, MO.

St. Louis, Missouri
Credit: Wesley Hitt/Getty Images

Return on Investment: 65.8%, Average Days to Flip: 163, Year-Over-Year Change In Home Prices: 4.2%

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8. Virginia Beach-Norfolk, VA.

Norfolk, Virginia
Credit: DenisTangneyJr/Getty Images

Return on Investment: 63.9%, Average Days to Flip: 179, Year-Over-Year Change In Home Prices: 1.8%

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9. Richmond, VA.

Richmond, Virginia
Credit: Sky Noir Photography by Bill Dickinson/Getty Images

Return on Investment: 63.8%, Average Days to Flip: 184, Year-Over-Year Change In Home Prices: 3.8%

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10. Deltona-Daytona Beach-Ormond Beach, FL.

Daytona Beach, Florida
Credit: Arrangements-Photography/Getty Images

Return on Investment: 61.0%, Average Days to Flip: 184, Year-Over-Year Change In Home Prices: 8.5%

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11. Nashville, TN.

Nashville, Tennessee
Credit: Danita Delimont/Getty Images

Return on Investment: 55.3%, Average Days to Flip: 180, Year-Over-Year Change In Home Prices: 8.2%

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12. Atlanta, GA.

Atlanta, Georgia
Credit: WIN-Initiative/Getty Images

Return on Investment: 54.6%, Average Days to Flip: 176, Year-Over-Year Change In Home Prices: 6.5%

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13. Birmingham, AL.

Birmingham, Alabama
Credit: SeanPavonePhoto/Getty Images

Return on Investment: 52.5%, Average Days to Flip: 157, Year-Over-Year Change In Home Prices: 3.5%

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14. Fresno, CA.

Fresno, California
Credit: Spondylolithesis/Getty Images

Return on Investment: 51.6%, Average Days to Flip: 172, Year-Over-Year Change In Home Prices: 4.5%

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15. Fort Lauderdale, FL-West Palm Beach, FL-Miami, FL.

Fort Lauderdale, Florida
Credit: JillianCain/Getty Images

Return on Investment: 51.2%, Average Days to Flip: 182, Year-Over-Year Change in Home Prices: 7.6%

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16. Orlando, FL.

Orlando, Florida
Credit: John Coletti/Getty Images

Return on Investment: 50.9%, Average Days to Flip: 175, Year-Over-Year Change In Home Prices: 8.0%

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17. North Port-Sarasota-Bradenton, FL.

Sarasota, Florida
Credit: Jack Elka Photo/Getty Images

Return on Investment: 49.4%, Average Days to Flip: 197, Year-Over-Year Change In Home Prices: 10.5%

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18. Tucson, AZ.

Tucson, Arizona
Credit: dszc/Getty Images

Return on Investment: 44.9%, Average Days to Flip: 182, Year-Over-Year Change In Home Prices: 4.6%

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19. Bakersfield, CA.

Bakersfield, California
Credit: George Rose/Getty Images

Return on Investment: 44.1%, Average Days to Flip: 173, Year-Over-Year Change In Home Prices: 2.5%

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20. Cape Coral-Fort Myers, FL.

Cape Coral, Florida
Credit: Wicki58/Getty Images

Return on Investment: 41.4%, Average Days to Flip: 198, Year-Over-Year Change In Home Prices: 3.4%

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21. Sacramento, CA.

Sacramento, California
Credit: dszc/Getty Images

Return on Investment: 39.2%, Average Days to Flip: 178, Year-Over-Year Change In Home Prices: 6.8%

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22. Riverside-San Bernardino, CA.

San Bernardino, California
Credit: David McNew/Getty Images

Return on Investment: 35.7%, Average Days to Flip: 183, Year-Over-Year Change In Home Prices: 5.2%

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Los Angeles, CA.

Los Angeles, California
Credit: Rich Polk/Getty Images

Return on Investment: 32.7%, Average Days to Flip: 191, Year-Over-Year Change In Home Prices: 6.0%

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Phoenix, AZ.

Phoenix, Arizona
Credit: Matt Mawson/Getty Images

Return on Investment: 30.0%, Average Days to Flip: 163, Year-Over-Year Change In Home Prices: 6.7%

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Las Vegas, NV.

Las Vegas, Nevada
Credit: Allan Baxter/Getty Images

Return on Investment: 29.8%, Average Days to Flip: 160, Year-Over-Year Change In Home Prices: 6.9%

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By Money ,  Money.com ,  Taylor Tepper and Taylor Tepper / Money.com

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    Everything in This Slideshow

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    1 of 25 1. Baltimore, MD.
    2 of 25 2. Knoxville, TN.
    3 of 25 3. Oklahoma City, OK.
    4 of 25 4. Jacksonville, FL.
    5 of 25 5. Memphis, TN.
    6 of 25 6. Tampa-St. Petersburg, FL.
    7 of 25 7. St. Louis, MO.
    8 of 25 8. Virginia Beach-Norfolk, VA.
    9 of 25 9. Richmond, VA.
    10 of 25 10. Deltona-Daytona Beach-Ormond Beach, FL.
    11 of 25 11. Nashville, TN.
    12 of 25 12. Atlanta, GA.
    13 of 25 13. Birmingham, AL.
    14 of 25 14. Fresno, CA.
    15 of 25 15. Fort Lauderdale, FL-West Palm Beach, FL-Miami, FL.
    16 of 25 16. Orlando, FL.
    17 of 25 17. North Port-Sarasota-Bradenton, FL.
    18 of 25 18. Tucson, AZ.
    19 of 25 19. Bakersfield, CA.
    20 of 25 20. Cape Coral-Fort Myers, FL.
    21 of 25 21. Sacramento, CA.
    22 of 25 22. Riverside-San Bernardino, CA.
    23 of 25 Los Angeles, CA.
    24 of 25 Phoenix, AZ.
    25 of 25 Las Vegas, NV.

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