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List Price: $ 160,000
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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.
Okay, today we found you a deal in the city of Fort Worth. The MLS number is 13989666 at 2924 May Street, Fort Worth, Texas. Some details about this property, so here we see the address. The list price, it’s asking for 160,000. Based on the comps we chose, we’re estimating it to be about 310,000. So we’re looking at a $150,000 potential margin. Now let’s take a look and really see what is the opportunity here.
So this is the subject property. We can see the remark. It says it needs a complete remodeling, in an upcoming area, and cash only, great opportunity. So we know this is definitely a fix and flip opportunity. Some additional information, the price per square footage of this property is $75, per square feet. The comps we chose is between $117 to $169, so we’re taking kind of the average of these here. You may agree or disagree with the comps we chose and the valuations are gonna be slightly different, but, over here you’re gonna see that if you agree with this comps, you’re gonna agree with the estimated price here. So let’s look at the properties a little bit more. We have the Map View. So on the map, you’re gonna see that these are the comps we chose. We specifically chose 1 and 5 because these are really close to the subject property here. No. 4 is right here, not far away. We didn’t choose these other comps because they’re at the other side of the railroad track. Right, from the desktop CMA, based on the best that we can understand this neighborhood, we’re choosing the best comps. If you are more familiar with this area, maybe you would choose other comps and you have a slight different valuation. Let’s look at the photos and let’s look at the interior. Here, let’s see how much work is needed and what the comps’ interior looks like. So the subject property, we can only see the exterior photo and the remark tells us, again, that it is a complete remodeling. So we will need to walk around this property so we can estimate the repair budget in order to decide how much to offer. And this is what the properties look like inside. Okay, these are the comps. This is the interior of the first comp. Open floor plan, hardwood floor, remodeled kitchen, granite countertop, backsplash, stainless steel appliances. So this was, it looks like, based on the fact that the year built of this property is back in the 20’s, of all these properties basically, we know that this is a complete remodel. Somebody, a team, bought it, fixed it and then sold it. This is the 2nd comp. This one, the remodeling is not as high-end. It looks like the features here are not as nice as comp No. 1. Then we also have No. 5. And this is also a complete remodel. Oh, look at this bathroom. Standing shower, an open kitchen floor plan. So these are comps you agree with, these 3 comps, you would most likely agree, the estimated price is pretty close, 310,000. If you choose some of the other comps that have a higher price per square footage you’re gonna get a higher valuation for this property. One thing that we wanna caution you is to look at the rehab cost. And depending on what the rehab cost is, it’s going to affect your offer price because you need to set up on the offer price, you to need to have the right, you need to submit the right offer price for this to become a deal.
We’re getting a couple of comments on our YouTube videos, that are questioning whether these are, whether the deals here are good fix and flip. It’s all about, you know, how much you purchase the property at. It has nothing to do with the list price or the asking price. The asking price is just what the seller wants. Right? And as investors, we never offer the full asking price, unless, it’s a really, really good deal though. We factor in the repair budget, and we can still make a profit. After you walk around and come up with that remodel budget, it may only make sense that you offer much less than the asking price. That’s how, that’s the kind of offer that you should be submitting. Alright, I hope you guys enjoyed this deal of the day for today and we will be back tomorrow with more deals.
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