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List Price: $ 95,000
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Hey this is Steve Liang and Sidney Sum here with Real Estate IQ and today we found a real estate deal of the day here in the Dallas, Fort Worth area and we want to share it with you. Check it out.
Hey everybody, we found a very good deal for you in Dallas. Here's the MLS number 14020785 and, it was listed on the 10th and this was a new listing when it was listed. So this is still an active deal. Let's look at the numbers. The numbers is telling us that it's asking for 95,000 and the estimated price is much, much higher at 158,855. So the difference of these two is what we call the discounts, $63,855. Let's look at the comps, right? It's all about the carbs and it's all about the reason why this house is priced under market value. So here's a property. If you look at the remark, nice house, sell as is, no repair, they sell in just in cash.
And when we look at the other comps, the first 2 comps that were about, either kind of a couple of doors down or a little bit less than half a mile away, just a little bit over a quarter. These are all in the same subdivision, whereas this one is a little bit, maybe it's a phase 5. That's what the 05 stands for. And if you look at the price per square footage, this is where we see a big difference. The subject property is going at $80 per square feet and all these other ones are going for a lot higher. And there's actually two tiers, one tier at 115, and the other two that are over $140 per square feet. So that's what we notice, we can see all the other, all of the other data as well to do your comparison. Very easy to look at the data and do the comparisons.
You may also decide to choose different kinds of comps and your valuation is going to be different based on the different comps. But these other ones that we're using, it's certainly a, an opportunity. But let's dig into this a little bit further. So here, if we zoom in a little bit, we have the property and comp number 1 is very close by and the other two are a little bit further away. So let's zoom out a little more. There are two, they're still very close by pretty much in the same neighborhood I would imagine. Well, let's see. Let's do a street view. Now we can check out the neighborhood. Very nice. So you can also check out this neighborhood where the subject property is, where the property, the deal is. Looks like we're in the back, let's back out. I start here. Let's see. Okay, maybe this is better. Must be here. This is the address. Okay. So here we go. This is the subject property. And comp no. 2 is also in tow, wow very interesting. Let's look back. Looks like that's the same address. So how much they sell for and when? I'm very curious. I think it was number two. Okay. It looks like just next door. Next door went for 103.
All right, let's look at the photos. The photos are very important because it tells us what the interior looks like and what kind of effort you need to put in the property. Excuse me. So here, this is the photo of the subject property and we can only see the outside. The first couple. There's some interior, one's very dark and they want it in cash. They want to sell in cash. And here are the, the first comp. This one is really close and um, it's at $115 per square feet. Looks like, it's got some rework. It's, you know, they didn't put that much in to the property. The, there might be some features that are new, but not, they didn't do that much work on this house. And let's look at the other ones, these are the ones that are $140 per square feet, so much different, a very different price range. And it looks like there isn't that much work here or this one. So not much, not much upgrade. So if you're optimistic, it really depends on what kind of investor you are. If you're optimistic, you would prefer the $140 per square feet range. And let's see, your estimated after repair value is going to be $170,000. So we're looking at a little bit more margin, but it has got to look like these comps, right? Which is probably not that hard to achieve. So there might be enough margin for you in here. So, we think this could be a very good opportunity. And, please, please let us know what you guys think. And, if you have visited a home let us know what you think about the interior and what the rehab budget would be. Thank you.
I want to invite you to my weekly Real Estate Talk, every Monday and Wednesday at 6 PM. This is an online event so you can join anywhere. But every Monday and Wednesday at 6 PM, I would invite a successful Real Estate entrepreneur to join us and we will interview them and they're gonna share with us their entrepreneurial journey, and you know what they think is what made them successful. I think you will find a lot of really cool stories there, and more stories you know as entrepreneurs we always want to learn from other people what their experiences have been. It's gonna help us be a lot smarter. We'll also talk about anything in real estate. For example, we do real estate deals market update, to kind of talk about a general market real estate market in general and you know where the deals are coming from and all that good stuff. So a very interesting Real Estate Talk. Make sure you join us!
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