• Real Estate Deal of the Day June 06, 2019

    Real Estate Deal of the Day June 06, 2019

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

    MLS Deal Property

    4302 Jorns Street, Houston, Tx 77045

    List Price: $75,000
    Bed/Bath/Pool/Stories: 3/1.1/0/1

    MLS Deal Finder Estimated Value:                          $148,898
    MLS Deal Finder Estimated Discount:                      $68,897
    MLS Deal Finder Estimated Discount%:                   47.88%

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    Real Estate Deal of the Day June 06, 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.

    Hello, everyone. Thanks for watching. Today's Houston deal of the day is 4302 Jorns Street in Houston 77045 and let's just look at the pictures first. So, you know, right there. It looks pretty good from the front. They taking care of the yard. From the back, not so much. And here's the inside. It's got some definitely outdated flooring. The kitchen, maybe you could save those cabinets. I don't know. But definitely would need new countertops, appliances, sink didn't look too bad, flooring. There's some lovely paneling though it looks like it might have some mold issues, perhaps too. So you would have to be aware of that.

    So I found this property by doing a search for houses listed at 30% or more below market value. And this one is just inside the beltway, to the south of highway 90. So on a map, here's our subject property. And if we go here and take little Google guy and drag him up here. Let's get on the right Street. There it is. 4310 Jorns Street. So here's the street, kind of look at the cars. Not too bad, decent sized driveways. There's our subject property with a little yellow star on it. It's also, it's on a corner. So that's a nice bigger lot for you. Let's look at across the street from it. That house looks pretty well-kept. This is a recent, fairly recent photo. So I don't think this one's 3 years old. Got a couple of dogs laying in the yard. Hopefully, they're alive.

    But overall besides the dogs, it looks like a pretty well-kept neighborhood. Smaller homes and this one's comping at $129,000 and they're asking 75,000 for it. So if we look at the details you see what it looks like inside. This one was originally listed 75,000 so they haven't dropped the price. But they might find out that they need to. But it's at a 41% discount, giving you 54,000 to do your repairs, pay your holding cost, closing costs and get your profit. So you'd probably have to pay less than 75,000 for this to be a good deal. But you never know what you get until you ask. This was built in 1955. It's 1482 square feet with 3 bedrooms, 2 baths. So it's kind of your normal rental and it's got a pretty good rental index of 1.6. You can get around almost 1200 a month for this property, if you rent it out. So this could be a very good buy and hold deal. The remark say located close to highway 90A, the Fort Bend Tollway, and the Sam Houston Tollway. And all it talks about is what it's close to. The floor plan features 3 bedrooms, one and a half bath, two living areas kitchen and breakfast area. All right, let's take a look at the comps. I'm gonna go to list view. So out of the 10 sold properties, the computer chose ones that are more recent and most closely matched to our subject property for comps, and also ones that have been fixed up.

    So you can tell by the price per square foot that these two have probably not been fixed up. However, this one at $93 a square foot probably has. This one, good chance but it's sold 239 days ago. So I don't think we really want to look at that one very closely. Let's skip over to the end. This one went for $89 a square foot, $130,000. This one says $57 square foot. So I doubt that one was fixed up. It also is a foreclosure. So usually the system kind of rules, this one out. But for some reason, it kept it. Pretty good match on the square footage, Bed, and Bath, lot size very close. Comments don't say much about it. So, but that is a lot lower. So I'm going to take that one off because we only want to know about the ones that have been fixed up and has a foreclosure. It probably has not been.

    So, this one says incredibly updated, which is what we're looking for. Granite countertops, custom cabinets, new vanities, new tub surrounds, paint, everything is brand new with a new fence. So that's what we're looking for. And it only sold 14 days ago for $108 a square foot. So that's a very good sign. And it's in Pamela Heights. The same subdivision. So let's go and take a look at the other one here.

    This one says has been completely redone and is beautiful! New windows, flooring, cabinets. So that one is probably a good comp for what we're looking at as well. So when I took out that low one it bumped it up to $143,000. So being listed at 75, that gives you now almost $70,000 to do your rehab, and get your profit. So that's looking up. We look at the photos of the ones that we're using as comps. We can see how they've been fixed up. So you can see there's nice tile backsplash, new cabinets. The whole new kitchens, new tile flooring. Tile around that tub. Carpet in the bedrooms, tile everywhere else, it looks like. And this one, I'm going to go ahead and click and make this one bigger. There again, the new granite countertops, the new white cabinets. That's a big trend right now. Tile floors, that's got a little carpet there. I wouldn't put carpet by the front door. But I agree, it's nice in the bedrooms, at least on my bare feet. Nice big backyard with a nice tree stump, you can have fun decorating.

    Check out this one. Again, there are the same white cabinets. Looks nice on the outside. Nice fireplace. Laminate flooring in this one. Not quite as high-end of a rehab, but very nice. And that's it.

    So as always, make sure you do your own due diligence, but this could be a potential rental deal or possibly even a flip. So thanks for listening and 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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