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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, Steve. And thanks everyone for tuning in. Today's Houston deal of the day is 1111 West 2nd Street in Freeport, Texas. Freeport is a community right down on the Gulf, just southwest of Galveston. This property is listed at 60,000. The computer estimated price comes up around 111,000. So that means you have $51,000 to do your Rehab, pay your closing and holding costs and get your profit. So that's a 46.22% discount. It also has a rental index of 1.47 because you could get around $880 a month in rent for it. So looking at the comps, I took out this comp right here, because it says it's great for investment or someone who wants to do a bit of TLC. And then I took off this one because it said it was an estate sale and it also had an apartment upstairs. So it's kind of 2 in 1.
So that was not a very good comp. So that left me with these other 5. They're all in Freeport. There's not really subdivisions there. This is in Brazoria County, I believe, and they're all going from 75 to 96 per square foot. And our property is listed at $46 per square foot. The agent's remarks say investor special, come check out this 1940s, 3-bedroom, one bath home that needs a little TLC, roof replaced in 2017, large attic with stairs that could be converted into a bonus room. So the, those are definitely pluses that could increase your value. So let's take a look at the map here, where you can see how close they are to the Gulf, little community of Surfside. Here's Galveston if we keep going that way. So if we zoom in just a little bit, we can see that these are all pretty close together and pretty close to our subject property. So let's go ahead and check out the pictures of all of those. And so here's our property, bathrooms, looks like carpet, kitchen definitely needs some remodel. Looks like it needs new flooring, there as well. It's like a nice little patio carport. And then let's look at the comps. This comp definitely with all that paneling has not been updated. So I'm going to hit this checkbox, uncheck it and hit the recalculate button and see what that does to the ARV. Meanwhile, we'll look at this one. Looks like it was fixed up pretty nice. And then this one has a lot of outdoor photos. Here's the kitchen. Up, there we go. It took that one off and now we're up to 115,000 for the ARV. So that's a 47% discount percentage. So it looks like it's getting even a little better. Looking at these other ones. This one looks like it was fixed up, nice modern gray. This one, even, oh that's the one we took out. So I'm feeling pretty good about these comps. As always, make sure you do your own due diligence. Thank you for listening and happy investing.
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