• Real Estate Deal of the Day February 07, 2019

    Real Estate Deal of the Day February 07, 2019

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    MLS Deal Property

    10514 Creektree Drive, Houston, Tx 77070

    List Price: $ 290,900
    Bed/Bath/Pool/Stories: 5/2.1/N/2

    MLS Deal Finder Estimated Value:                             $223,908
    MLS Deal Finder Estimated Discount:                        $94,008
    MLS Deal Finder Estimated Discount%:                    41.99

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    Real Estate Deal of the Day February 07, 2019

    [Video Transcription]

    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!

    Hello everyone. Thanks for tuning in. Today's Houston Deal of the Day comes from the northwestern part of Houston above Highway 249 and outside the beltway. So let's take a look. It is 10514 Creektree Drive 77070, MLS number 48896772. It's built in 1970, is 2536 square feet and they're asking 129,900. So I set the comps for it to 180 days, so 6 months back. It's a single-family home and, let's go out a quarter mile, 20% on the square footage range, 10 years on the year build. And that gave me 7 sold. There are also 3 active, 7 nonactive, which will be terminated or expired and 4 leased. So when I clicked on that, here they are. Out of those 7, I eliminated comp No. 4 because the remarks on it said investor's special, flooded during Harvey, sold as is. So this house went for 53.95 a square foot. Our subject property is going for 51. 22 a square foot. So that's even a little bit cheaper than this one. That was also in the same, I'm guessing, similar condition. So all the rest of these, their remarks mentioned something about being remodeled or updated. So I'm going to leave them as comps for now. They are also in all in the same Norchester subdivision, slightly different sections for all but these 2, and those 2 that are in the same section, actually in the 3rd one, but that the last one, but that doesn't count. One went for 78 a square foot, and the other went for 111 a square foot. So kind of a big variety right there. So I would expect ours to fall somewhere in the middle. Let's go back to our map and zoom in a bit so we can actually see where they are. So the little black house is our subject property. Here are the comps, 4 is the one that was not fixed up. So as you can see, they're all very close to each other. There's no golf courses or anything like that to worry about. So let's take a look at the pictures.

    So here's our subject property can see that it definitely needs some paint. Although that bathroom looks pretty nice, looks like it's tile, doesn't look to be overall in too bad a shape. Maybe just needs updating from there. I can't tell that there's any flood damage. The remarks don't mention any either. So maybe that's a good benefit, to you, and then we can check out the pictures of the other comps, and see how that's fixed up. Used to be maybe engineered hardwood flooring, which can be waterproof, so works in the kitchen, no sites outside areas that this one is proud of. Dining, formal dining room, crown molding. Those are the kind of details that you're going to want to put in this home then as well, to make sure it sells for top dollar. And now we're getting into the kitchen, that's a modern hood. This kitchen is still white and has some, some wallpaper that says this one maybe hasn't been fixed up quite as nice. We might want to take that out of consideration, which would raise this estimated price, even more so. I'm guessing and make it look like perhaps an even better deal. Right now it's at a 42% discount percentage, so that, without major rehab, that should give you enough, enough room to do your repairs and get a nice profit out of that. As always, make sure you do your own due diligence 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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