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Update: This property just sold since the recording was made.
This is Real Estate IQ’s Deal of the Day. And today we have found a fabulous deal for you, in the Houston market.
Hello everyone. Today's Houston Deal of the Day is 1413 April Villa in Conroe, which is north of Houston 77356. It's MLS # 85058018. It's listed at $174,000 comping at $265,000. But what's making this an interesting deal, the remarks states here 3-bedroom or 4-bedroom, 3-story home in April Sound makes for great rental or Airbnb. As a rental unit, the cash flow is strong the bottom floor can be Unit A 1 bed/ 1 bath (previously rented for $800) and the top two floors as Unit B 2-bedroom/3-bath (previously rented for $1100) so that'd be 1900 together. So this would be better than the 1% rule, depending on how much work you have to put into it.
But the property has individual EE meters and one combined water meter. For the past 2 years, the property has performed great as an Airbnb rental. And then it says it's had some updates over the years, upgraded the ACs, granite countertops and showers surrounds. Then it says the property will need some work and is being sold as is. So I'm not sure exactly what work it's gonna need. And it was built in 1974, 2505 square feet.
So here's where it is. If we look at the map, you can see it is really close to Lake Conroe, right here. So that would be probably very good Airbnb spot. Looking at the comps, they're going for between $90 and $118 a square foot. This one will be $208 but it is right on the lake and that's going to change the price. And we took that one out of the consideration. The rest are going around that $80 to $100 per square foot mark. But I think the beauty in this would probably be as a rental rather than as a flip unless you were flipping it for somebody who would rent it.
Let's look at the photos. Here's our subject property. So that's an interesting tall story in a home kind of place. There's another one nearby. Here's the kitchen looks pretty nice. I don't think you'd have to do really anything to that. Tile flooring. Looks like a nice wood floor. There's the bathroom. It's like it's been redone. And there's the other kitchen. So when it says needs repairs, it's kind of hard to tell from the picture exactly what that means. You probably wanna call the agent and go take a walk. If you're really interested. That's it, wait there's more.
Actually the pictures all look pretty nice, but it does say needs work. So whether that's foundation, roof, we don't know. So you need to check that out. Of course, here's the comps. We use this one. Nice. Open big windows. A little bit date looking but nice. The next one, this one here. None of these are the same style of houses as ours. That was in pretty good condition, interesting comping, right. This one is a ranch. We can look at it, it's been fixed up. There's the new flooring. And that's it for the ones that are good comps. So as always, make sure you do your own due diligence. But thanks for tuning in and happy investing.
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