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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, thanks for joining us for the Dallas deal of the day. Today we found a deal in the city of Dallas, 10420 Solta Drive. And we, the system found a deal because there was a big price drop, from $269,000 down to $259,000. This is in the subdivision of the Lake Highlands area, really cool area. And the comps we have chosen, under here, has a price per square footage of $286, $266 and $251 per square feet, respectively. And these are much higher than the asking price, and the asking price per square footage of the subject property, and that's why the system has found this as an opportunity. Upon further digging, we also found that this particular property has a lot of remarks and verbiage. Telling us that this is an investor and handyman special. So we know this is a deal. And the question is, you know, how much is the repair. And how much do we need to put in this property to turn this into a fix and flip, good fix and flip project?
So from a data standpoint, we chose these 3 comps. Let's take a look at the map and see where all the locations are for these 3 comps in relation to the subject property. So here we're looking at the map view and the comps that we chose. If I zoom in a little bit here the subject property is right here and the comps are all in the same area. Seems to be a pretty, a homogenous area. We can of course, do a Street View and check out the neighborhood. Make sure it's a homogenous neighborhood. And that seems to, to be the case. We would like to encourage you to run the comps yourself and verify this. With the FAST CMA tool, it's very easy to run comps and verify, and make sure you do your due diligence before agreeing that this is an opportunity. One more, let's take a look at the photos as well. From the photos and interior, interior condition, we're gonna have a pretty good idea of how much we need to put in the property to extract the value. So here this is the subject property. What the picture looks like, we have a lot exterior picture. And the internal picture, everything looks dated absolutely, would need a lot of touches to extract a profit out of it. And the houses in the neighborhood, this is what it looks like. So it looks like these are, you know, pretty high-end rehabs, granite, granite countertop. New cabinets. It's a complete update, for this entire property. Let's look at these other comps. And again, you know, very modern look. Very nice builds. And here's the other one, the last comp. They're all very similar in condition. So now the question is how much would you need to put in this property, to extract an estimated after repair value of around $383,000. How much does that mean, and how much does that eat into the potential profit that you have. And we're gonna come up with the right offer price to submit to the homeowner. All right, I hope you guys enjoy this real estate deal of the day today. If you have any questions make sure to ask your questions by e-mailing us at firstname.lastname@example.org. And we'll answer them in our next Real Estate IQ talk. Thank you very much.
I want to invite you to my weekly Real Estate Talk, every Monday and Wednesday at 6 PM. This is an online event so you can join anywhere. But every Monday and Wednesday at 6 PM, I would invite a successful Real Estate entrepreneur to join us and we will interview them and they're gonna share with us their entrepreneurial journey, and you know what they think is what made them successful. I think you will find a lot of really cool stories there, and more stories you know as entrepreneurs we always want to learn from other people what their experiences have been. It's gonna help us be a lot smarter. We'll also talk about anything in real estate. For example, we do real estate deals market update, to kind of talk about a general market real estate market in general and you know where the deals are coming from and all that good stuff. So a very interesting Real Estate Talk. Make sure you join us!
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