• Real Estate Deal of the Day January 07, 2019

    Real Estate Deal of the Day January 07, 2019

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    MLS Deal Property

    3310 Palm Street, Houston, Tx 77004

    List Price: $ 215,000
    Bed/Bath/Pool/Stories: 3/2.0/N/1

    MLS Deal Finder Estimated Value:                             $461,293
    MLS Deal Finder Estimated Discount:                        $246,293
    MLS Deal Finder Estimated Discount%:                    53.39

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    Real Estate Deal of the Day January 07, 2019

    [Video Transcription]

    Good morning! This is Steve Liang with Real Estate IQ. I'm with Becky Kromminga here, and today we have found a really good deal in Houston. We want to share with you. Check it out!

    Hi everyone. Thanks for tuning in. Today's Houston deal of the day started with a search I did of properties that were listed in the Houston area that were at least 40% or more below market value. And I settled on this one right here which is 3310 Palm Street in Houston 77004. So it's really close maybe just a tad bit south of downtown, you can see. So let's take a closer look. When I click on the address there, it takes me to the comps. So it's saying it's worth about 373 and listed at 215,000. So it's MLS number 38500859, has been on the market 65 days as of December 20th. So maybe they're getting motivated and might be ready to make a deal. But even without, right now it says it's a 42.47% discount. So I took a look at the comps and looking at just the sold properties that were in the same subdivision. There were 3 others. This one says Southwood Oaks. So we know it's close, but maybe not exactly the same. But as I come over here and look at the price per square foot, this one went for 202, this one 222 this one went from $91 a square foot. So that tells me that this one is probably not fixed up and there are no remarks. So there's nothing to tell me otherwise. So I went ahead and took this one out so I uncheck the box and I hit the recalculate button right there and that changed the estimated price to 461,293. So now the discount percentage is up to 53% so it's looking like an even better deal.

    So the remarks about this house says it's a great investment opportunity. It's a 3 bedrooms, one of them is in a guest suite in the rear of the home with a separate entrance, which is always a plus because that could be rented out separately depending on what you want to do with it. But it does say that the guest suite needs to be finished. It has its own kitchen space living room and master bedroom. There's limitless opportunities to include renting out the guest suite for additional income in the main home. There is a kitchen, living room, dining room, full restroom, and a luxury room. Glad to hear it. Property will be sold with appliances. But the key here I think is location, location, location. It's in the Historic Third Ward near U of H Medical Center, NRG stadium and downtown. So that's where this one is really getting its value from. So if we go ahead and go to the map view. Here the red one, there were two. There must be cut, the red comps are kind of on top of each other so it's kind of hard to see. This is our subject property.

    So you can see that everything's really close. Nothing's on a golf course or water or anything like that would that would make a difference in its price. And so if we go to the photos. We can look at our subject property here. Which looks like there's gonna be some cleaning out to do. I guess you never know really, how much of that's gonna be gone before you get there and how much you're gonna have to clean out. But there is sufficient cleaning out. It's a nice storage shelves there. And a nice brick exterior. Looks like you'd need to do a little power washing on that chimney. So here's the comps. You can definitely tell that they used professional photography, here. And remodeled this in a nice modern, a nice modern look. A separate soaking tub. And then if we look at this one, not sure what that one is, can look like a joint. It's like an attic area. Maybe that's what's above the garage. So that one was also remodeled. Quite well, in a kind of modern look to it. So that tells you that, that's what you would want to do if you were to buy this house. You'd want to do something similar to these higher-end properties that went in the neighborhood. So as always make sure you do your own due diligence. But thank you for listening and Happy investing.

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