• Real Estate Deal of the Day August 15, 2019

    Real Estate Deal of the Day August 15, 2019

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

    MLS Deal Property

    4019 Jackson Drive, Galveston, Texas 77554

    List Price: $225,000
    Bed/Bath/Pool/Stories: 2/1.0/0/1

    MLS Deal Finder Estimated Value:                          $316,053
    MLS Deal Finder Estimated Discount:                      $91,053
    MLS Deal Finder Estimated Discount%:                   28.81%

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    Real Estate Deal of the Day August 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, everyone. Thanks for tuning in. Today's Houston deal of the day is 4019 Jackson Drive Galveston. Now, this is not in the city of Galveston, and I'm actually familiar with this area because I stayed at a beach house.

    Right down the street from this one not very long ago. So, this area is probably about a half an hour drive from the actual town of Galveston and down on the island, so by looking at this, we see that a lot of these comp properties. Are on these little waterways and so that's going to make them bring in a higher price than this one, which, even though it's only a block away. It does not have its own boat dock.

    Like these ones do. Um, so I took out all of the comps that were not included. And so that's how I arrived at this price and we'll look at more that in a bit.

    So first of all the details. This one is at 28.81% below market value listed at 225 and based on those two off water ones, it's caping it 316.

    When we included the recent ones that are on the water, it was up to like 450 or something like that. So the remarks, a beautiful home with stylish updates. And backed by looking at it. I think it's the same model as the one I stayed in the shared bathroom has a shower and single vanity with a granite countertop. Jack and Jill to the two bedrooms, the ground level has a bonus living quarters, including a separate bedroom and bathroom, utility room, storage area, and secondary entrance.

    This home is a current VRBO rental set up for immediate enjoyment. So that's what I would do with this house as an investor is I would use it as a short term rental and to do that. I don't think it's going to require any work. So if we look at the photos of it.

    Here's the outside. Nice big yard. Cozy little living room. Open to the kitchen. Right there, which is redone with counter subway tiles. And then that's the rest of that front room. There's one bedroom. Bathroom which is around the house between the two bedrooms and here's the other bedroom. So really, as a short term rental. I don't think you need to do anything to it. I think it would be ready to go and a great investment for that.

    All right, just to look at here is the property that is off the water that we're competing against. Looks a little more spacious in the living room and kitchen area. We have that downstairs area and this one to give us extra space which you didn't add any pictures on. This one has three bathrooms. There you go. To look at this one, which would be a good comp that we're not right on the water. This one has some wood floors. Again, it looks a little bigger and more open. And the other one's a bit cozier.

    So that's how they're. These are being fixed up. So if we go back and look at the other details about the comps and ours is listed at 146 square foot. The other comes off the water or 211 averaging 205 the other ones slightly lower these comps on the water. Look at this $312 a square foot, 275, 349 per square foot 250, 320, 207 so you could certainly argue a higher value.

    For this when you're getting the loan for it, but I think it'd be a great short term rental. As always, make sure you do your own due diligence. 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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