• Real Estate Deal of the Day April 15, 2019

    Real Estate Deal of the Day April 15, 2019

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    Update: This property just sold since the recording was made.

    MLS Deal Property

    10088 Woodhollow Dr, Conroe, TX 77385

    List Price: $84,900
    Bed/Bath/Pool/Stories: 3/1.1/0/1

    MLS Deal Finder Estimated Value:                          $198,609
    MLS Deal Finder Estimated Discount:                      $113,708
    MLS Deal Finder Estimated Discount%:                   57.25%

    *Based on the following CMA: ARV- Subdivision

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    Real Estate Deal of the Day April 15, 2019

    [Video Transcription]

    This is Real Estate IQ’s Deal of the Day. And today we have found a fabulous deal for you, in the Houston market.

    Hello and Happy Monday everyone. Today's Houston deal of the day is from Conroe which is north of Houston. And the address is 10088 Woodhollow Drive, Conroe 77385. It was built in 1974, 2600 square feet, 3-bed, one and a half bath, 2 car garage, listed at 84,900 and camping out close to 200,000. So that's a big discount here. That's a hey, a 57% discount if you're willing to put a little work to it. So the only thing the agents' remarks say is that it's an on a quiet dead end street, great home, large yard, needs TLC. So it's going for $32 a square foot. And it is a foreclosure. So that means, went to the auction, didn't sell. Went back to the bank, and now they're listing it on the MLS. And so let's take a look at the pictures of it. Looks like a little work on the outside. I see a window air conditioner. But there is a unit down here, I think. So we probably would need to put a little HVAC money into it. And it looks like somebody started a renovation and then maybe ran out of money or something and didn't want to finish it. So you have some major work that needs to be done.

    I'm not sure what that is. But there is a large yard, not many pictures. So you definitely would want to call the agent and go see this probably. Let's check out the comps. This one went for $57 a square foot. This one, which is in the same subdivision, went for $75. This one which is in a different subdivision went for $85 and this one went for $73 and $76. So they're all pretty close. These are, these have all sold within the last 6 months. Days on market, not too bad. Hovering at a month or less; 24 days, 29, 34, 9. So that's good news too. If you're going to sell it, it should sell fairly quickly. The subject property does say it has a 3 bedroom whereas all these other comps are 4 bedrooms. So I'm not sure if there's a bonus room or something that could be possibly converted into another bedroom. On a decent sized lot, 12,000 square feet. So there's definitely room there as well. So let's check out the pictures of the other comps.

    So this one, similar looking house on the outside. Whoops. Not sure what I did there. Okay, looking at the pictures of the comps here's number 2. Similar looking brick on the outside. And this one has a very, definitely modern redone kitchen. With that wood or laminate flooring. White trim, gray walls. Bathrooms have been redone so that one looks pretty nice. Let's look at the next one. Whoops. Now this one is a ranch. But we can still look at how it's been fixed up. Looks like they painted the brick. That fireplace opened it up, maybe. And there's also a similar looking kitchen. The title backsplash looks like quartz or some kind of a hard manufactured surface countertop. And those are updated appliances. And again, laminate floor looks like that one could use a little work on the outside, landscaping anyway. And let's look at this one. Again, a very nicely redone kitchen.  Wood or laminate flooring. The same gray walls with nice white trim, they cannot color pop. So here's an idea of how you'd want to fix this one up. So depending on the rehab budget. This might be a good fix and flip deal for you. And so, as always, make sure you do your own due diligence. Thanks for listening and happy investing.

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