• Real Estate Deal of the Day January 31, 2019

    Real Estate Deal of the Day January 31, 2019

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    MLS Deal Property

    3001 Darling Avenue, Pasadena, Tx 77503

    List Price: $ 64,900
    Bed/Bath/Pool/Stories: 2/1.0/N/1

    MLS Deal Finder Estimated Value:                             $160,573
    MLS Deal Finder Estimated Discount:                        $95,673
    MLS Deal Finder Estimated Discount%:                    59.58

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    Real Estate Deal of the Day January 31, 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 is in Pasadena, Texas, which is on the southeastern part of town and it is 3001 Darling Avenue. And this came as an MLS Deal Finder notification to my inbox yesterday because there was a price change. And so you can see right here, it was originally listed on July 16th. It's been on the market 190 days was originally listed at 72,900. They have just reduced it to 64,900. But it's worth about 128 based on our default comps. And so that's a 49% discount percentage. So if we look at the agents remarks says it's a spacious two bedroom, one bath home, sits on a corner lot and is loaded with character and charm, home needs full rehab, sold as is. So if we look back up here, it is 1,660 square feet for two bed and one bath.

    So that does make the rooms a little spacious sounding. So here are the sold comps that came up. There are 4 sold comps in the same subdivision within the last year. There are two other active listings. One is in the same subdivision, the other is not. And here are the least comps that give it a total estimated lease of just under 1500 a month. So here are the pictures, judging by those, that looks like it flooded and has been remediated. So they took out all the sheet rock and everything down to the studs. So it's a blank slate. If you wanted to add another bedroom or another bathroom to it, to increase the value, that wouldn't be too hard to do since there wouldn't take much to move those walls. So let's check it out a little closer. So I'm gonna come here and click on property details and that's going to take me into my Real Estate IQ.

    And so I want to check out these comps and make sure they're all good ones. So at a quick glance, I noticed that this one went for $88 a square foot, $105 a square foot, 56 and 57 a square foot. So there's quite a difference in here. So I'm guessing these bottom 2 are not fixed up. So if we look at no. 4, it doesn't say much about it, it just says great home and have listed the rooms, but it also is a foreclosure. So that tells you right there, it's probably not been updated at the least. This one says investor's special. So I'm going to go ahead and remove these two and go to this calculator button. And when I hit recalculate, it's going to change that, estimated value right here to 160,000. So now it's at a 59% discount percentage. So it's looking even better.

    One thing to be careful of when you look at, well, you know how long this one's been on the market and you look at the sold comps. This one was, only on the market for 13 days, but that was 141 days ago that it sold. This one just sold a couple of days ago. And that was after 63 days on the market. So you will want to do a little bit more research into the neighborhood about that. So I'm gonna go here to map and here's where the comps are on a map. These two red ones are the ones that we are using as comps 3 and 4 where the other two in the same subdivision. You can see that other than seven and nine, they all seem to be pretty close there. No, golf courses or anything like that to worry about from the map. So let's go check out the photos. Click here on photos. We've already seen our subject property. So mostly we want to look at these comps right here. This is the one that uh, we weren't sure if it had been fixed up or not. Now we know for sure. This one doesn't look quite as bad, but that is the one that said investor special. So we know there's some issues with it. So looking at these two comps, let's look at this bottom one pretty blue with a red door. There's the kitchen. It looks like it's got granite. Interesting tile floor. Very nicely. Nice food over that stove there. Some little added features like that. So you don't want to make sure that you fixed years up, at least as nice as this one to make it sell quickly. And then we can check out the other one too. Nice tile. I like the bench in the shower. This bathroom doesn't look like it was, that vanity doesn't quite look right to me, but that's what we have. So as always, make sure you do your own due diligence, but this could be a possible flip or even a rental with a 1500 a month or so rent. So 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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