If you’re a real estate whiz kid who’s handy with a hammer and frugal with a buck, you just might make a pretty good living flipping houses—but only if you invest in the right market to profit from your home’s potential.

When it comes to real estate investments, buying low and selling high may seem like a no-brainer. But fans of HGTV’s “Flip or Flop” and A&E’s “Flipping Vegas” know that behind every home’s sheetrock, plaster and wood framing may lurk a potential budget-busting expense that costs more to repair than it generates in profit. That’s why it's important to invest in a real estate market where demand is high, and housing stock and renovation costs are low. 

But flippers be warned: WalletHub says that even if you do everything possible to ensure a successful flip, rehabilitating a run-down, low-cost property won’t always return your full investment in it, let alone enable you to pocket an additional $63,500—the average gross flipping profit in this year's first quarter. What’s more, RealtyTrac reports that the current homeownership rate of 65.6% is down from a previous high of 69.2% in 2004. 

If you’re still determined to transform the worst house on the block into a model home, WalletHub can help you find the best market to ply your trade. The personal finance website compared 172 U.S. cities across 26 key metrics measured on a scale of one to 100, with a score of 100 representing the most favorable conditions for house flipping. WalletHub then assessed market potential, worth 35 possible points; renovation and remodeling costs, worth 35 possible points; and quality of life, worth 30 possible points, to rank-order each city by its total score.

Here, in ascending order, are the top 10 best places to flip houses.

10. Knoxville, Tenn.

Thanks to a housing shortage, home prices are on the rise in this city, and so is out-of-town demand. Knoxville ranked 15th in both market potential and in renovation and remodeling costs, but 94th in quality of life. Total Score: 66.89.