• Real Estate Deal of the Day July 15, 2019

    Real Estate Deal of the Day July 15, 2019

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    Update: This property just sold since the recording was made.

    MLS Deal Property

    1311 Austin Colony Drive, Richmond Tx 77406

    List Price: $239,900
    Bed/Bath/Pool/Stories: 6/3.1/1/2

    MLS Deal Finder Estimated Value:                          $351,077
    MLS Deal Finder Estimated Discount:                      $111,176
    MLS Deal Finder Estimated Discount%:                   31.67%

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    Real Estate Deal of the Day July 15, 2019

    [Video Transcription]

    This is Real Estate IQ’s Deal of the Day. And today we have found a fabulous deal for you, in the Houston market.

    Happy Monday, everyone. Thanks for tuning in. Today's Houston Deal of the Day is 1311 Austin Colony Drive in Richmond, and that is to the west of Houston, west of Highway 99, in an area called Pecan Grove. So, this particular property was built in 1982. It's a single-family home, 3358 square feet, 6 bedrooms, 3 and a half bath, 2 car garage with a pool, fireplace on two stories you can tell. This one's listed for 239,900. They've dropped the price from 249,900. 

    It was originally listed on May 20 and then they've dropped the price and it's comping out at 350. The agent's remarks say, lovely home, large den, dining room with built-ins, large kitchen with cabinet space. Large game room upstairs, 5-bedroom, two baths upstairs. The master bedroom is downstairs. That's always a plus. Big backyard with a pool and spa. And it's right close to a golf course. And it looks like it says a golf-cart friendly neighborhood. So let's check it out. Since this kind of a higher-end flip than most at that price point. 

    But as you can see it 239,900, that's a 32.42% discount or you have 115,000 to pay your closing costs, holding cost, do your rehab and get your profit. So this looks like a pretty quick really rehab. Let's take a look at the pictures, the rest of the pictures. There's the, looks like wood floors. Only need a little paint with that color. It's got these cabinets in the family room there. 

    This looks like a formal dining room that also has more built-in cabinets. The dining room kind of looks like they didn't redo these cabinets. Hard to tell for sure, but this looks like granite. But the cabinets look to be nice. I'm not sure if that stays with the house or not. The unit looks like that it might. And there's, not sure that is probably the golf course. That must be the pool at the golf course. 

    So we're gonna want to check out the map on this one. Because that is a golf course neighborhood, I don't see the golf course on this map actually. We zoom in a little bit. The golf course must be around here. So we have to know that comps 1 and 4 and so is 9, those 3 are right on the edge of the golf course. So that's probably gonna give a little higher price point than ours, which is here, locked or so off the golf course. So we definitely want to take that under consideration. So let's check those out. So comp number 1, which was right on the golf course sold for $116 a square foot compared to $71 that ours is listed for. Sold 110 days ago after 108 days on the market. So it's kind of a long day on the market. It's sold for 348 after being listed at 358. 

    Now the next comp we've got, sold at 103 a square foot, as did this one. This one sold 67 days ago after 45 days on the market and sold 101 days ago after just 3 days on the market. And it's sold for the asking price of 322. 

    Both have, let's see. This one has a pool that one doesn't. But they sold for the same price. I suppose it doesn't matter much. Let's look through our other ones. Here's number 6, sold over 339 after 7 days on the market, less than a month ago. This one sold just 4 days ago after only 27 days on the market. It sold for 389. That's comp 9. That was one of those that is right on the golf course. You probably expect a slightly lower price point for our property. This one still went from $329,900 a square foot and sold after 48 days on the market. 

    Bamboo hardwood flooring on that one. This one sold for 429, $112 a square foot. Number 17, I don't remember specifically seeing where that one was. This one I think was on the golf course as well. So we might take that one out. It might be pulling our price up a little bit. If we take that one out, it takes it down to 351 so a little bit but not too far. So this could be a potential flip. I don't know how the neighborhood is for buy and hold. It looks like there are some nice comps for 2300, 5 leased comps. So there are some higher-end leased properties in that area. If you look at the active properties are averaging at about 335. So that is still 100,000 more than this. So with not too much rehab. I think this is a good potential deal. As always, make sure you do your own due diligence. But thanks for listening and happy investing. 

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