• Real Estate Deal of the Day October 10, 2018

    Real Estate Deal of the Day October 10, 2018

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    MLS Deal Property

    4165 Tupelo Trail, Keller, TX 76248

    List Price: $150,800
    Bed/Bath/Pool/Stories: 4/2.1/0/2

     

    MLS Deal Finder Estimated Value:                              $221,877
    MLS Deal Finder Estimated Discount:                        $71,077
    MLS Deal Finder Estimated Discount%:                     32.03

     

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    Real Estate Deal of the Day October 10, 2018

    [Video Transcription]

    This is Steve Liang from Real Estate IQ. And this is your real estate investment deal of the day.

    Thank you steve and to your audience, thanks for tuning in to the Real Estate IQ deal of the day. Today we are in the DFW Metro area looking at a property in the City of Keller brought to us by the MLS Deal Finder system. So this particular property just hit the markets today, and its property address is 4165 Tupelo Trail and that's in 76248 and now this is a 4 bedroom, 2 bathroom, two-story residence built in 1999 and is just about 2,200 square feet. So it hit the market listing for 150,800 but based on comparable sales in the area we are estimating a price after repairs of 221,000 so that makes for an estimated gross discount of 71,000 or just about 32% under market value. So I pulled the subject property up in our Fast CMA tool to look at the comparables. As you can see this particular property is an REO property. In other words it has gone through the foreclosure process and is now owned by the bank, by the lender. And so as we'll see in the photos later on, this definitely does show in the condition of the interior but looking at the overall stats on this property, it is, it's comparable properties at least are all in the same subdivision that's the Arcadia Park Addition subdivision, all part of the Keller ISD and we're all looking at a similar year built and square footage, and as you can see the subject property has a much lower dollar per square foot compared to the comparable properties so this is potentially an opportunity for a fix and flip or a buy and hold. So we'll get a better sense of that once again as we look at the photos later, but before that let's take a look at the map very quickly to situate ourselves. And as you can see our subject property is located right in the center here off of North Tarrant Parkway and zooming out we can see that we are just east of the 35 West Highway and this is again north of the Fort Worth City center. So another step here that you can do as part of your due diligence is just to get a sense of the general look and feel of the neighborhood. And we can do that by dropping into the street view here and looking at our subject property right here. Let's jump to the photos view to get an idea of the condition of the interior which will allow us to estimate our repairs. So our subject property again at the top here, is an REO property and you can see the interior looks like builder finish cabinets and it looks like there's some missing drywall on the ceiling here, maybe indication of some water damage. So the house is definitely in need of some updates and if we compare that subject property to the comparables, you can definitely see a large difference there but this gives you the general sense of what would need to be done to our subject property in other words, new paints, flooring, updates to the kitchen, and of course investigation of that potential water damage but at this 30% discount off market value they're definitely does seem to be some room in this deal for a potential fix and flip but of course that requires further validation from you as the investor. So that concludes today's Real Estate IQ deal of the day, I hope you enjoyed this video and stay tuned for more.

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