• Real Estate Deal of the Day August 9, 2019

    Real Estate Deal of the Day August 9, 2019

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

    MLS Deal Property

    806 Suwanee Lane, Houston, Texas 77090

    List Price: $134,000
    Bed/Bath/Pool/Stories: 4/2.1/1/2

    MLS Deal Finder Estimated Value:                          $206,330
    MLS Deal Finder Estimated Discount:                      $72,330
    MLS Deal Finder Estimated Discount%:                   35.06%

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    Real Estate Deal of the Day August 9, 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.

    Thank you, Steve. And thanks, everyone, for tuning in today's Houston deal of the day is 806 Suwanee Lane in Houston 77090. This is actually to the north of Houston, a little bit of FM 1960 and I 45 so it's listed for 134,000 and caping at 194,000. So the MLS remarks just say it's a beautiful home with four bedrooms three full baths powder room and detached garage. Cozy kitchen has a breakfast bar and brick accent spacious family room and formal dining covered patio at the back with pool. So this one did just have a price change. It's been on the market since February 28 we started at 144 they're now down to 134 so they could be motivated after that much of the time on the market. It was built in 1973, 2850 square feet. So let's take a look. If we go to the map here, we can take the little guy drop them on our star which is our subject property and there it is. So we can check out the neighborhood, a little bit, see that it's a pretty well kept decent size homes looks like a little park there maybe a school or something. Like open space right here. Not sure what that is back there. Back down our street. There we go. So yeah, pretty decent size homes. Nice and kept neighbourhood. Alright. If we do, let's go ahead, like the photos, since I'm here. To the outside. There's the kitchen and it’s got some lovely wallpaper, cabinets are really dark, but it looks like a pretty good shape of tile countertops and backsplash want to change the appliances, might want to do something about all that dark wood. Is happening very good accents are some more paneling quite sure what they're showing us right there. It's like maybe during this panel is a little different colored lighting. Floor looks to be in decent shape pretty sheers, really fancy chandelier. There’s more lovely wallpaper. This is the bathroom but not really showing it too much, except it's got a separate room. Looks like must be the shower. And that's all the pictures we have. So it looks like it's mostly just dated I would guess. I just need some updates to spruce it up and make it look nice. The least CMA is coming out at about 1600 so we want to look at those and check on it for sure. The other active properties on the market are averaging about two or seven. And so, ours is it about 194. Let's take a look at the comps. The blue ones and the ones that were actually using. I haven't gone through them yet. Not sure what that was. Nice garage and backyard. We have some major problems in this House, and this one has not been fixed up. So we probably don't want to use three as a comp. Let's take a look at number four. The house, there's a nice cool. This one looks like it's in pretty nice shape, nice and bright. Open. There's a kitchen has backsplash. Updated hood. Let's say this one's a pretty good comp. I like that wine bar right there. And let's see. The next one we have chosen. Is this one. Look at that wrought iron staircase. And is a very dark kitchen, but it does have granite countertops, a little bit of tile fancy backsplash. Nice lighting on the pool there. So that one looks pretty neat. That's some pretty young. Some upgraded fixtures right here. This one's called number six, who we don't know much about number seven. I’ll have to take a closer look. So let's go up here to list. And Comp one had not been fixed up so I took that one off. It was 220 days ago. Can't three actually looks pretty decent, but hadn't been fixed up either. Not sure about four. Five here is that $95 and 14 cents a square foot. Sevens at 53 that's the one that didn't have any information. So I'm guessing that's not been fixed up either, if we take those out. Now we're up to 206 so see that's right in line with the other prices that are being listed on the market average and 72 square foot. So these are a little bit all over the place 95 a square foot 60, 73. Kind of in an older section of the subdivision. I'm guessing not many have been fixed up. Looks like a pretty nice area in a fairly easy flip. If there's nothing else wrong that you don't know about. So as always, make sure you do your do your do your own due diligence. Thank you for tuning in 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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