• Real Estate Deal of the Day June 12, 2019

    Real Estate Deal of the Day June 12, 2019

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

    MLS Deal Property

    8506 Hackney Lane, Dallas, Texas 75238

    List Price: $265,000
    Bed/Bath/Pool/Stories: 3/3.0/0/2

    MLS Deal Finder Estimated Value:                          $418,037
    MLS Deal Finder Estimated Discount:                      $153,036
    MLS Deal Finder Estimated Discount%:                   36.61%

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    Real Estate Deal of the Day June 12, 2019

    [Video Transcription]

    This is Real Estate IQ’s Deal of the Day. And today we have found an awesome deal for you, in the DFW market.

    Today is our Real Estate IQ Deal of the Day. Our deal of the day is found at 8506 Hackney Lane, Dallas, Texas 75238. Let's look at the details. This property has a list price of $265,000 with an ARV of $418,036. So as we look also, or as we check us on the original list price, it's 265,000. So it has no difference than the list price. It has a lease value of zero. So that could be there are no properties that are currently rented in that area. That is why our CMA is not able to pull up any information about it. But if maybe if we will do an adjustment, we can find information for the rental index and the monthly lease. But then we can since we do not have any information about it, we can use the 1% rule of thumb, right? So that will be an estimated monthly list price of 1% of 265,000. So that is $2,650 a month that should be estimated monthly lease. This property has 3 baths, 3-bathroom, 2-car garage, one carport. This is a 2-story property.

    The 1960s, year built with total square feet of 1943. Residential, single detached, so other information can be found here especially about the agent and the contact information. And also the public remark that should be taken into consideration for us to know a little idea about the property. So it says here excellent opportunity to buy into this neighborhood. 2 masters, freshly painted, okay it was painted. Electricity in the workshop, with extra parking, secured automatic gate. This home has abundant space for entertaining inside and out. Upstairs utility off master with garage laundry. Space not included in square footage. Home is larger than listed. Come see me and make me your home. Okay. So yeah, if you have time, you can definitely visit the property to, for you to make your own due diligence and come up with your repair budget, right. So take a, let's take a look at the comps here. So according to this, we got around 6 properties sold in that area. And so we pre-selected already these 4 properties, number 1, number 2, number 4 and property number 5. Okay, so we will, I mean we choose this comps based on the following, these 4 properties have more than the high price per square footage that our subject property. Okay, it's more than $136 each.

    It's distance is less than a quarter mile from our subject property. The recency is less than 90 days, which is really good. And looking at the number of Bed and Bath, they're almost the same 3/2, 3/2, 3/2 and then property number 5, I think 3/2 as well. Right, yeah, there we go. Okay. And another thing to consider, especially for looking for good comp, is that we need to look for properties that are renovated, fixed or there are some, like innovations done on that certain property for us to be a good comp. So we check already our property number 1. It is completely updated. So this is a good sign.

    Property number 2, let's see. Restored, okay. Lovingly restored, so restored. I think it's a good term here, and let's see. Okay, good. Hardwoods, sleek quartz.

    There, with updated HVAC and H2O, smart home controls and etc. And then for number 4, okay, let's scroll to the right. This is property number 4. Absolutely stunning completely renovated. Okay, that's good. And number 5, updated, large yard. Right. So these 4 are actually good comps. So let's take a look at the photos. So our subject property is not showing any pictures at the moment. So we encourage you to visit the place and take pictures or maybe, you know, take note of those parts that need fixing, or needs to be repaired. So this is property number 1, one of our comps from the outside. Looks good. Alright, so spacious.

    Okay, I think this is the kitchen. Yep. Kitchen. Where I think that's wooden cabinets and granite countertops. Yep. Right, granite countertops in there. Very spacious, it's more on a brown and white theme in here. Yeah, very good. I think the flow is made of some kind of laminated wood. Let's look at property number 2. Wow, look at that. Number 2 really looks good from the outside. The grass is well trimmed. Okay.

    Look at that. Really looks good. Okay, the kitchen. Granite countertops.

    The bedroom looks great. Yeah, this is a colorful Home. Yeah, I must say this is a good home. Colorful and I think the owner has some kind of art here. Or some kind of an artist, right. Let's get to number 4, that would be outside. The dining area. The kitchen, granite countertops, and wooden cabinets. Looks good, as well. Look at that, very spacious. Yeah, this looks good, as well. All right, look at number 5. Number 5 from the outside. White and brown theme as well. More on wooden furniture, see. The kitchen. Bedroom Okay, well, for me, one of the best. I mean, these are good comps but one for me, one of the best House to be like our, you know, to be a model house is number 2. Yeah. Number 2. For me, that's for me. Right. And so, yeah, there you go guys.

    You got the investment summary here. So an ARV of $418,000 and asking price of 65,000 with a discount of 36.61%. Then I sort of mentioned earlier the least price here should be at least 1% of the asking price as a rule of thumb. So that is somehow at around $2,650 per month. Okay, there you have it. Until next time, have a great day.

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