• Real Estate Deal of the Day September 13, 2018

    Real Estate Deal of the Day September 13, 2018

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    8519 Ariel Street Houston, TX 77074

    List Price: $72,000
    Bed/Bath/Pool/Stories: 3/2.1/0/2

     

    MLS Deal Finder Estimated Value:                     $117,249
    MLS Deal Finder Estimated Discount:                $45,249
    MLS Deal Finder Estimated Discount%:               38.59

     

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    Real Estate Deal of the Day September 13, 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.

    For today's Houston deal of the day, I did a search of townhouse or condo that is below 300,000 in any Houston area county with at least a 25% discount. So when I did the search, I came up with this map and I chose this property right here 8519 Ariel Street in Houston. It's listed at 72,000, estimated price at 114,333 and notice the rental index is 1.88. So this one has a good potential for cash flow. So let's check it out, So I clicked on the address and got the comps for it. And I already looked through these and I added comp No. 5. Originally the computer had only chosen 1 and 7. But because No. 5, 184 days is just over 6 months, so it's kind of over that barrier but to add another comp to it, I thought it was good to add one more so we can look at the pictures and check out the comps and they look very similar. Notice that these are all 3 bedroom, 2-3 bath. They're all two stories. Our subject property actually has a garage and the others don't. So that could also bring up the potential price. And so if I go to map, you can see they're all very close together right here and we can zoom in just a little bit and seem a little closer, so an area with a lot of condo. So no red flags there. And then if I go to photos, we can see the pictures of them. And so the comments on our subject property are a great investment for a person who can do a project. So it says there is gonna be a little work needed, priced under the market considering the cost for make ready. Great location. So let's look and see if we can figure out what it needs. So yeah it needs a lot of work right there in the kitchen doesn't it? Possibly flooring, it's hard to tell what that was. Kitchen needs some work. That's nice. So it definitely would be work needed. So let's evaluate the comps make sure that they're fixed up pretty decent. But that's in a good rental condition right there. It's probably not a good condition for a flip. So you might wanna keep that in mind. This one's looking a little more up to date. Kitchen has definitely been renovated. So No. 5 is a top of the line comp based on how it's fixed up. This one's looking like it's had some renovations as well. So keep in mind that No. 1 is probably priced a little lower and it sold for a 104,000 so you might wonder, you might want to take that one out and just look at the prices for 5 and 7 when you're figuring out which are the best comps but either way as long as your rehab's not too much this could be a good deal for you. As always make sure you do your own due diligence and happy investing.

    If you want to start analyzing deals just like us, you need to learn how to run comps. Join our next webinar to learn how you can run comps like an expert, and discover an amazing comps tool called FastCMA, which would give you real time MLS comps access to do your next kick ass deal analysis.

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