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List Price: $250,000
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Good morning! This is Steve Liang with Real Estate IQ. I'm with Becky Kromminga here, and today we have found a really good deal in Houston we want to share with you. Check it out!
Thanks for watching everyone. Today's Houston Deal of the Day came to my inbox. It was one of several deals that came in on Friday as new listings or possibly price changes. So this one is 2003 Sunshine Point Drive in Kingwood. That's in the northeast part of Houston area 77345 and it's listed at 250,000 which is $63 per square foot. Probably worth around 428,000 which is 109 a square foot so that's a 42% discount. So that gives you some room to do your rehab and get a profit. I think estimated monthly lease 3,219. So if we look at the listing agent's remarks, it says that it's near Deerwood Golf Club where the movie "Tin Cup" was filmed. The House did flood during Harvey but that was the first time. So, look at here are 3 comps, 3 other active listings on the market right now. And you can see this one's listed at 129 a square foot, 129 a square foot and this one at 85 a square foot. So it's possible that this one was not all the way fixed up. And here are the lease comps showing everything from 3,300 a month to 4,500 a month. And here are the pictures that are posted. Beautiful wooded area. Nice deck. Couple decks, looks like. But there is no pictures of the inside. So you know that it flooded. No pictures of the inside, so you know you're probably gonna have to do a complete rehab. It's probably down to the studs would be my guess. So I'm gonna click here on property details and that takes me. When I click on property details in the email, that's going to take me to the MLS Real Estate IQ page that oops. There we go. That's showing all of the sold properties within the last year, within a half a mile, within 10 years of the year build. This one was built in 1985 and within 20% of the square footage range. So this is a 3,219 square foot property. So as I looked through the comps that the computer chose I notice it did not choose this one which only sold 8 days ago possibly. I'm not sure why actually. So that would might be a good one to add. And then No. 8 here looks pretty good, sold at 134 square foot. No. 6 sold for 84.98 a square foot. So if we look, it says it flooded during Harvey but has great potential. So we don't want to use that one in our calculations. I'm gonna uncheck that box. These sold kind of a long time ago and this one sold a long time ago as well. So I'm going to take that one off. And there we go. So now we have 3 and I'm gonna add No. 7 in here as well. And when I hit the recalculate button, that's going to give me a new estimated price of 489,000 so now it's up to a 48.96% discount. So this is looking more and more like a really good deal. Now notice these are all in the same subdivision. This one says Fosters Mill. This one says Fosters Mill Village. So we want to check that out on the map. So if I go to map, we can see that they're all really close together. And we also know this is a golf course around here so what I'm gonna do is zoom in because we wanna know which of these properties are actually on the golf course and which ones are not. So I'm gonna zoom a little bit there and when I zoom in here, now I can see where the lots are. So our subject property is not actually on the golf course. The red comps are the ones we're using. Our comp No. 3 is, so we're gonna need to keep that in mind. But comp No. 8 is not and neither is comp No. 7. So if we look at the pictures we know there's no pictures of the inside of our property. But we can check out the comps here and see how they're fixed up so that we have an idea of what kind of standard we need to fix up our property. So you can just kinda click through these. There's the kitchen all done in white with granite. Stainless steel appliances. And then we can look. This is the comp that we chose not to use because it had not been fixed up. This is that flooded comp that the computer was going to use. So as always make sure you do your own due diligence. But thank you for listening and happy investing.
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