• Real Estate Deal of the Day October 8, 2018

    Real Estate Deal of the Day October 8, 2018

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    MLS Deal Property

    4618 28th Street, Dickinson, TX 77539

    List Price: $69,900
    Bed/Bath/Pool/Stories: 4/2/0/1

     

    MLS Deal Finder Estimated Value:                              $160,208
    MLS Deal Finder Estimated Discount:                        $90,308
    MLS Deal Finder Estimated Discount%:                     56.37

     

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    Real Estate Deal of the Day October 8, 2018

    [Video Transcription]

    Hey this is Steve Liang from Real Estate IQ. I'm with Becky Kromminga here in Houston and today we have found a really good deal in Houston. We want to share with you. Take a look.

    Thank you Steve. Today's Houston deal of the day comes from a surge of new properties on the market in Galveston County. And I came on this one right here 4618 28th Street in Dickinson. And so when I clicked on the address, I got the comps for it. The computer is saying that it's listed at 69,900. It'll be worth around 123. The really nice thing about this one that caught my eye was the rental index of 1.7. So if you can get 1,200 a month for rent for this and if you only pay 70,000 depending on the rehab that can make it a really good rental deal as it is there's 53,000 here. As the discount and 43%. So I started looking and the first thing I noticed was that this is a foreclosure. So this one went to auction. Nobody bought it and now the bank is trying to sell it. And so I notice right here it says days on the market of 31 and that was on the new deals in the last two weeks, so I went here and found out that it originally listed at 74,900 and after. And they are, on 9/2 so they reduced it from 74 down to 69. So maybe that you know they're motivated and willing to make an offer on it. I started looking at the comps and I noticed that this one is only $34 a square foot. And so I look at the comments and it says this property was flooded during Harvey and is to be purchased as is. So that tells me I do not want to use that one to find my ARV so I'm gonna uncheck box. The next one says lovely 3 bedroom, 2 bath, has been completely remodeled. That's what we're looking for. This one is only $59 a square foot. And it says this one is ready for RENO's. Make this one your own, so that tells me this one has not been fixed up. So I unchecked that box as well. So that only gives us 2 comps that are fixed up and there's a lot more sold properties, so I started looking here for the other ones that have sold recently. This one only sold 100 days ago and the remarks say that it's got a beautiful lot, recently renovated with laminate floors. So I'm gonna add that one in so that we can get a few others. So I'm gonna look for them, other more recent ones. And this one right here sold 104 days ago. And the comments say that this one has been renovated as well. So I'm gonna check that box and add that one in and then I'm gonna come up here to the little calculator button at the top and hit recalculate and it's going to give me the new ARV based on these comps that I selected. And so now it's worth about 160 so it's looking like an even better deal than we thought. So let's check it out on a map. So if I clicked on the map button here are the red ones are the ones that we are using, and the green ones are the ones we're not using so they've picked that this one way over here but we're not using that one anyway so it doesn't matter. So I'm gonna take a look and check out the neighborhood. Drag him up here, drop and make sure I'm on the right street. Whoops, kind of got away from the house a little bit. Where am I, I'm at 4610 and my address is 4618 so I'm close but we can check out the neighborhood and see there. Somebody took down a tree. But it does look like this little red dot right here means that this is one of our comps that we are using. But it does look like the neighborhood is fairly, taking fairly good care of their​ properties. You can look across the street as well. Kinda looks like a decent enough area. And then let's check out the photos of the properties. Sorry, didn't try to make you dizzy there. So if I click on photos, here are all the pictures. So here's our subject property. So it said it was taken to the studs. So even though it didn't use the word flooded, I'm pretty sure that that's what happened that this was flooded during Harvey. They took off the sheet rock on the bottom layer and so that's ready for rehab. And the remarks say that a fixer upper ready for rehab, damaged interiors were moved to the studs. Previously the home was 4 bedroom, 3 bath. So with it being down to the studs, you can have some freedom if you wanted to redo the layout or anything for it. Good time to open it up if it's not already hard to tell from those pictures. That one's got a pretty​ renovated kitchen and that one looks pretty nice as well. Little bigger there, looks like new tile in the shower. There's the kitchen, granite countertops. This one looks like it does not have granite actually. Looks to be in pretty nice shape. So I'm pretty comfortable with my ARV based on these, on these comps. So as always make sure you do your own due diligence. Thank you for joining me and happy investing.

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