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Update: This property just sold since the recording was made.
List Price: $100,000
*Based on the following CMA: ARV- Subdivision
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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, everyone. Thanks for tuning in on this Maundy Thursday. Today's Houston Deal of the Day is in Galveston. It's 3922 Avenue N. It was built in 1970, 1255 square feet and it's on a 5100 square foot lot. So it was just listed on April 15. And the estimated price per square foot is coming out to $182 for the comps vs $80 a square foot for this actual listing. So the MLS # is 20493433. It's a 3-bedroom, 2-bath,
with the 2 car garage as well. Public remarks say just listed great investor opportunity. Property needs work. Investment property. Ready for your personal touches. Beach and the strand are just minutes away. Sounds nice to me. All right. This one is listed at $100,000 so that's a 56% discount versus the $217,000 estimated ARV. So we can look down here at the other properties that it's coming in against. There's some here that have not been fixed up. And so we're not using those.
But we are going to use these ones here. So, this one says it's a total redo with an additional new siding, electrical, etc. This one is a versatile 2-bedroom, 2-bath. Great kitchen, dining, great room open to the best and expansive backyard. It's also one story. As is this one, stunning bungalow! Restored wood flooring, interior doors, and window casings, lovely covered porch. And so out of these, number 7 here is the highest price. It went for $204 per square foot. Let's check out the photos. Here's our subject property. There's one of the insides, you can see probably some flooring work for sure. And that's all they're showing it says more coming soon.
So let's look at our comps. There's number 4. Completely modern redone. The closet, interesting tile floors and pretty. Colors that are kind of peachy there. And here's the next one I'll just go through this way. This one's not quite as modern. Have a look. A closer look at that. Wood paneling there. And you can see this has the old doors. Except they redid the bathrooms. They did not do anything with that paneling. So this is definitely a more traditional look. And then 7, this is the comp that went for the highest price. Whoops. There we go. So you can see that it's got nice French doors. Nice modern kitchens, small but nice. They redid the shower. And it's got a nice deck and it does have a big backyard. Right. One other thing we can do is check out the neighborhood. Let me go back up here to the map. Already found it. So this right here is our subject property. And you can see there's a mix of one story and 2 stories on the street. And some kind of some newer ones, mixed in with some older ones as well. It looks like a nice neighborhood. Alright, so the rental comps on this are coming out to 1500 a month that you can lease that for. So if you buy it for $100,000 even if you put $50,000 into it, which I don't think it needs, you would still be at a good rental index. So this is a possible flip, or it could be a really good buy and hold deal as well. As always, make sure you do your own due diligence. But thanks for listening and happy investing.
If you want to learn how to analyze deals just like us. Make sure you check out this webinar on how to run comps. The link is below. We'll also introduce to you this new tool called Fast CMA which is a high-end professional comps tool that allows you to pull comps and analyze comps just like the experts. Make sure you check it out.
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