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List Price: $90,000
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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!
Today's Houston deal of the day is in Spring Texas near the Woodlands. The address is 25522 Timber Lake Drive northeast. MLS numbers 65478610. And it's been on the market since September 14th. So possibly very motivated sellers. Rental index of 1.94, lease it for about $1,744, listed at 90,000 worth about 195 to get 105,000 to do your rehab, pay for your whole, being in closing costs and get your profit. So 54% discount, so that sounds like it has some pretty good potential. So if we look through the comps here, there are no real estate agent remarks about this property. But this comp says wonderfully renovated. This one says it's a custom 3/2 home. This one says it's charming on a large half acre wooded lot, has never flooded, new granite updated kitchens. So those look like pretty good calm seas, other properties sold quite a while ago. So that's why we're not using those. The price per square foot, of these two which sold longer ago, 89, $80 and $82 a square foot. This one sold for $119 a square foot. So these two are 3/2s. Sorry. This one's a 3/3, 3/2, 4/2 and our subject property is in 4/2 as well. It's on a 15,000 square foot lot. These are similar, this lots a lot bigger which could be part of what contributed to this higher price per square foot.
So let's check out the map. And you can see it looks like our subject property might even be close to a little pond or something right there. This one is on water as is No. 1. These others are not so you want to think about that when you're, when you're looking at the sold price and how that's going to affect things. If we go to photos. We can see the pictures, and as we start looking at our subject property it looks to me like possibly that one caught fire. So, it's down to the studs and a lot of it. So it would be a full rehab so you need to see if you can rehab a house that size for a low enough price, to make this worth your while. You can check out the comps see how they're fixed up. That's a nice stone and granite in the kitchen. Seems got a hot tub in a sunroom, it looks like. It feel pretty good to me about right now. Fixed up pretty nice. And this one seems to be fixed up pretty nice as well. So potential property. Maybe you can get the price to come down a little bit since it's been on the market so long and it does look like it caught fire, or something. So as always make sure you do your own due diligence. Thank you so much 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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