• Real Estate Deal of the Day January 12, 2019

    Real Estate Deal of the Day January 12, 2019

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    MLS Deal Property

    6621 Margaret Drive, Forest Hill, Tx 76140

    List Price: $ 104,900
    Bed/Bath/Pool/Stories: 3/2.0/N/1

    MLS Deal Finder Estimated Value:                             $ 170,974
    MLS Deal Finder Estimated Discount:                        $ 66,074
    MLS Deal Finder Estimated Discount%:                   38.65

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    Real Estate Deal of the Day January 12, 2019

    [Video Transcription]

    Hey this is Steve Liang and Sidney Sum here with Real Estate IQ and today we found a real estate deal of the day here in the Dallas, Fort Worth area and we want to share it with you. Check it out.

    Everybody, today we found a deal in Forest Hill Texas. This is in Tarrant County. It has been on the market for 134 days and we found the property because it has dropped in price. And let's look at some of the statistics. It's asking for $104,900 right now, and estimated price or ARV, after repair value, is 170,000, a little over $900. OK. If we look at this difference there is a gross discount of a little bit over for $66,000 to be made. And this is about 38% discount which is a very, very good deal. Now let's take a look at the property, to study a little further. This is the subject property which is the house that is for sale right now. We can study the remarks. We can see, let's see, it says great find and "no utilities will be turned on for its inspections", in the last sentence. So that gives us really, a really good hint that, you know, it's not retail sale. This is more of an investor grade, type of property. We can study a little more, you know, the subdivision and the fact that it's an REO or real estate owned property means that it has gone through foreclosure and has gone back to the bank. And now the bank has hired a real estate agent to put it on the market. Here we're looking at a price per square footage of $58.67.

    So that's a statistics, a lot information about the property itself. In terms of comps, all the comps that we have been able to find is in Carriage Hill. So it's a little bit different. It's not the same subdivision. And when we pick these comps we're seeing that the price per square footage is significantly higher than this property. But it's not in the same subdivision, and there's no data in the last year that were, of houses that are sold in the same subdivision. So that would be one level of risk that I will keep in mind right now. Also the distance of these properties are pretty far away. They are still within a half-mile radius but it is more than a quarter mile. So that's also, something I would keep in mind. It doesn't mean that these are not good comps. Not necessarily, but certainly I have two things that stands in my mind that I want investigate more about. All right let's look at the Map View. Let's see where all these properties are, along with the comps. So we see where it is. OK so the comps that we chose are 3, 7 and 8 and they're in this neighborhood. And the subject property is right here. And we also see some comps over here. The quickest way for us to get some quick idea is to use the street view over here. Just check out the neighborhood, to get a better idea, to see if the neighborhoods are the same, amongst all these properties. So let's go a little bit more and get right front.

     

    This is the subject property right here. You see a black house, oops! Right in front of the house. And this is the property. Get a good look at the neighborhood, the cars that are here, the exterior of the property. Now let's take a look at these comps. How different are we? Looks like the, from a neighborhood standpoint, the condition is about the same. The lawn is very well mowed for this comp and in this part of the neighborhood. Let's see a little bit more just to analyze and assess our risk. And then let's go back here. And see, there's no crosswalk in this area. Excuse me. There's a crosswalk, I meant sidewalk. There's no sidewalk in this area, in this neighborhood. If you guys are going to drive around and visit this house, I would certainly recommend that you drive around the neighborhood along with the comps. OK so if we go back to this area it also does not have sidewalks. This is the neighborhood that doesn't have sidewalks. So kind of homogenous area. The subdivision is not the same, but it's really close by. And it's probably, you know, for the limited data that we have we're gonna live with these comps for now. Let's take a look at the photos. We can study more using the photos.

    So here we are gonna start looking at the subject property's photos. A flipper would probably be salivating now, looking at these conditions. There's a lot of work here. And these are the comps, very nice and bright. Nice pictures. Kitchen's not updated. But everything is revamped and looks nice and tidy. So the kitchen, excuse me, the bathroom have been remodeled. The comp No. 7 does not have photos and No. 8, let's look at its photos. OK. This one, no update. A very different style kind of home. No updates in the kitchen. And this is more or less a regular sale. And you probably won't find it surprising that this comp here, that looks a little more updated, it sold for more, in terms of price per square footage. And it was on the market for 13 days. If you see the pop up here, it was on the market for 13 days, back in June of last year. And then it got sold very quickly. So certainly looks like a very interesting opportunity here. You still need to assess your level risk because of the fact that these properties are not in the same subdivision, as this thing, as is the subject property. You probably want to drive around the neighborhood and making sure these are good comps. But in general we are seeing that this could be a very good potential opportunity, for you. Always do your due diligence and we, we appreciate you watching this episode of Real Estate deal of the day. And we will talk again next time. Thank you.

     

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