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05/08/2014 08:46 am ET | Updated May 08, 2014

The 10 Best Areas In The Country To Flip A Home, According to 24/7 Wall St. (PHOTOS)

As any DIY or home improvement fan knows, flipping a home looks either like the greatest investment in the world or the renovation disaster from hell. But, if you end up heading to one of these cities to tackle the project, you might just find yourself in the former situation.

According to a report from 24/7 Wall St., which compiled the latest data from RealtyTrac to determine the average flipped home price and gross profit and calculate the return on investment for home flipping across the nation (see below for more details), these are the metro areas where it's worth breaking out the sledgehammer.

So if you really want to give Jeff Lewis or Richard C. Davis a run for their money (literally), then hire your contractor, pick up the tool box and take the trip to one of the towns below.

  • 10 Seattle, WA - Tacoma, WA - Bellevue, WA
    Getty
    Return On Investment: 48 percent
    Average Gross Profit: $97,388
    Average Flipped Price: $300,454
  • 9 Detroit, MI - Warren, MI - Livonia, MI
    Getty
    Return On Investment: 48 percent
    Average Gross Profit: $32,733
    Average Flipped Price: $100,734
  • 8 Memphis, TN
    Getty
    Return On Investment: 51 percent
    Average Gross Profit: $35,651
    Average Flipped Price: $105,176
  • 7 Allentown, PA - Bethlehem, PA - Easton, PA
    Wikimedia
    Return On Investment: 55 percent
    Average Gross Profit: $54,543
    Average Flipped Price: $153,705
  • 6 Philadelphia, PA - Camden, NJ - Wilmington, DE
    Getty
    Return On Investment: 56 percent
    Average Gross Profit: $92,680
    Average Flipped Price: $258,364
  • 5 Palm Coast, FL
    Wikimedia
    Return On Investment: 57 percent
    Average Gross Profit: $54,939
    Average Flipped Price: $151,515
  • 4 Omaha, NE - Council Bluffs, IA
    Wikimedia
    Return On Investment: 59 percent
    Average Gross Profit: $37,425
    Average Flipped Price: $100,912
  • 3 Deltona, FL - Daytona Beach, FL - Ormand, FL
    Getty
    Return On Investment: 68 percent
    Average Gross Profit: $45,030
    Average Flipped Price: $110,812
  • 2 Pittsburgh, PA
    Getty
    Return On Investment: 89 percent
    Average Gross Profit: $48,806
    Average Flipped Price: $103,755
  • 1 Reading, PA
    Wikimedia
    Return On Investment: 131 percent
    Average Gross Profit: $100,667
    Average Flipped Price: $177,733

To determine the 10 best cities for home flipping, 24/7 Wall St. reviewed return on investment figures from RealtyTrac. These figures are based on the pre-flip and post-flip average price for homes, where RealtyTrac defines as “any transaction that occurred in the [past] quarter where a previous sale on the same property had occurred within the last six months.” Returns represent gross profit and do not include costs such as repairs and maintenance. RealtyTrac also provided institutional, cash and distressed sales figures as of March, as well as median sales prices and median listing prices as of February. We also reviewed home price data from the Federal Housing Finance Authority (FHFA) and unemployment rates from the Bureau of Labor Statistics (BLS).

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