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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!
Hello everyone thanks for tuning in for your Houston deal of the day. I was at an event this evening, and they were talking about one of the hot spots that one of the panelists like to invest in is Lake Jackson. Lake Jackson is down here, to the south of Houston proper. And so I found a property here that was listed at more than 30% below market value which this definitely is, 205 Roark Lane Jones Creek Texas 77541. Close to Lake Jackson, listed at 59,9 estimated price 188. So that's 120,000 discount. So let's take a look. When I clicked on the address, it gave me all 3 of these comps. So this subject property has no real estate agent remarks, so that tells you one thing, usually right off the bat. Looking at this one it says this one has lots of potential just need some TLC. So that's probably not a good comp. I'm so gonna uncheck the box on that one. This one doesn't say much except that the roof has been replaced. This one says a lot. Sounds like it was probably fixed up so l'm gonna leave it for now.
So I wanna do, is hit the recalculate button and that's going to take us to an estimated price of 223 based on just these other 2. And if we look at those, this one's an 84 a square foot that's 151, so that's a big difference. And none of these are in the same subdivision as our subject property. So as it is a smaller town, there's, the housing is not as dense. So you will want to do a little extra due diligence and research into the neighborhood. But, right now that's a 73% discount so that's looking like that could be a good deal. So let's check them out on the map. And they're all kind of close to this highway 36. Jones Creek. Area is right there. This one looks like it could be on whatever this green belt is right here. And that's one word the comment said, come and see the wildlife. But it's also the one that was not fixed up. So I suppose it's not going to affect us too awfully much. We can take our little Google guy here, and drag him up here. And check out the neighborhood. Maybe. Or maybe my internet or Google is acting up right now and it's not gonna let me. So let's skip on to the photos. Here's our subject property. Looks kind of overgrown. I can't even get to the garage. If you wanted to. You have to remove some vegetation there. There's a bunch of junk out there on the patio. So that tells you there's probably more junk inside since there's no pictures of the inside. So be prepared for a lot of work. But if you're only paying 59,000 for it I think that's OK. Let's check out our comps. This one looks like a bigger house, fixed up pretty nicely. And then we can look at this one, fixed up very nicely as well. And then just for fun here's the one we did not use as a comp. Look at that paneling and wallpaper. So you definitely know that that one has not been updated. So as always make sure you do your own due diligence. But this could be a good deal. So have a great day 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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