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List Price: $150,000
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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.
Alright, today's Real Estate deal of the day in the DFW area we're featuring this property here in Fort Worth. Here's our MLS number. Now what we could find is that this property was originally listed, a little bit over a month ago. Actually it's just a little bit less than a month ago on October 8th, and it was originally listed for 160,000 and they dropped the price to 150,000 today. So our engine picked it up, and when we look at the comps and I did a little bit of modification of the comps, and I end up choosing these 4. These 4 are the properties where we see that they are all sold for in less than 180 days ago. So that's less than half a year ago. Under this recency button. The recently column, excuse me. Here the subdivision, we notice that 3 of them is the Wedgwood addition, and one is regular Wedgwood. So I would pay a little bit of attention right here. When I look at the photos, make sure it's a good comp. From the year built standpoint they are all within just a couple years and, within each other. And also when we look at the price per square footage we can notice that this property is listed at a very, very low price per square footage comparing to the other 4 comps that we have chosen. And we can also kind of look at the remarks and see the last sentence here is telling us that the property has loads of potential. For those not afraid, the home is to be sold as is.
So let's take a look a little bit deeper. We just look at the data view and we finalize on these 4 comps. These are the 4 comps that are sold for the highest price per square footage in the same subdivision. And we see a lot of sold here in the past year and the ones that are red bubbles are the ones that are the comps we're using. And from this standpoint it looks like, as we used the Street View to check around the neighborhood see if it's similar neighborhood, it's gonna tell us whether we're, you know, accurate in picking the comps that we're doing. So it seems like pretty similar neighborhood over here. And we can do all of that for those of you who are interested, in keep digging and looking at things a little bit further making sure it is a good deal. You know there's a lot of features you can use while you're playing around this system such as using the Street View or using the terrain or satellite to learn more about the neighborhood. And we can also finally look at the photos. And let's look at the photo of the comps and see what we need to update this property too, to look like the comps. Ok so the first one, No. 0, this is our subject property. Looks like there's a lot of things in the interior that needs to be updated. That could be updated. Now let's look at the comps and see what kind of condition they are. So hardwood floor. It could be laminate, it's a little bit hard to see. Crown molding, carpet, very nicely done.
They are all renovated, so we can look at all of these properties and decide which ones are the best comps. Looks like these are all pretty good but this one is a little bit older. In terms of the price per square footage, I think it's about the same. So we're pretty happy with this set of comps. If I were picky I may take off No. 28. And what's interesting is that it actually sold for more price per square footage than the other ones and it's not as updated. So something to keep in mind. Anyhow, this looks like a very interesting deal for us. We obviously need to take a look at the rehab and see how much margin there is before we place the right offer and always use your, a general rule of thumb when you calculate how much you wanna offer, and you don't need to offer the list price. We hope you guys enjoy this deal. If you are interested in pursuing the deal, you know, you have all the information about this property here. Feel free to reach out to the listing agent and place an offer if you can win the deal. When you win the deal please let us know we would love to interview you and get a testimonial with you. Finally if you have friends and you know that they may like this deal, please share with them. We could use more sharing. We always love to share because the more we share the more the market always give back. It's always a good cycle. So we hope you guys enjoyed this deal.
And like I said if you have a friend who is looking for a deal something like this, please share this with them. They're gonna, they're really gonna like it. Alright talk to you guys soon. Thank you. Babye.
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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