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Good morning! This is Steve Liang with Real Estate IQ. I'm with Becky Kromminga here, and today we have found a really good deal in Houston. We want to share with you. Check it out!
Thanks, Steve. Hello everyone. Today's Houston Deal of the Day is MLS number 12316030. It's 3215 Gary Lane in Spring, Texas. It's listed at 79,900 built in 1972, 1500 square foot. So, kind of your classic 3, 2. To get a good number of comps I had to go out a half mile, but we'll check that out and see that that's okay. I left the square footage range at 20%. But in the last six months, and left the year build range at plus or minus 10, and that gave me 6 sold, 3 active, 2 non-active and 14 leased comps. So that tells you, if you fix this one up, probably a good rental area. So when I go to the comps, it came up with these 6 properties. Now, I took out number 2, because it's in a different subdivision. Its price is higher than these but lower than that one. So it might be okay to leave it in, but I took it out. And I took out this one because its price per square foot of $88 is well below any of these others. And so I wondered why and when I went to the remarks, it said fully renovated. However, it said the house flooded twice so if it only flooded in Harvey, it doesn't seem to be impacting the values, all that much. But it flooded more than once, and that definitely takes the value down. So because of that, I took this one out. It's also the furthest away, on almost a half a mile. So using only those 2 came up with an estimated price of 171,800. So that's $91,000 discount or a 53% discount percentage.
The other thing to note about this house is, the rental index is 1.85 so that means, as long as your price you pay plus repairs comes in below 1.85, that your rental index is going to be over one, you're going to get more than 1% of what you paid in the monthly rent.
So I would probably look at it as something I could fix, and then either rent out or fix up as a rental, and sell to a landlord. So checking out, these other comps talk about remodeling work that has been done. So let's check them out on the map. Here they are. Here's that comp that was a little further. Well, I don't know if that was the furthest away, but we took this one off and it's probably, that's the one in a different subdivision. And you can tell that this is a different area. It's across this street and across this creek. So a totally different area over here, then over here. You can also tell by the way the streets meander versus these are all your normal straight line housing development here. So here's our subject property. And these red ones are the comps that we kept. So based on this, you might have to think about if it's on this busier street or not, that might be something else to pay attention to. And it's hard to tell exactly from that map unless we zoom in. So let's zoom in a bit, to where we can see the houses. So this one is on Glen Loch Drive and our subject property is not. So that might take the value of this one, which sold for 165, that might have sold for a little bit more if it wasn't on that busy street. So let's take a look at the pictures.
So the remarks for this house only say, single-story brick home, is a clean slate to be finished as desired. So when you look at the pictures you figure out exactly what that means. Looking from, at this picture and I can't tell if that's just shadows, but it possibly has been on fire. I'm not sure that would be something to look into. It could be fire and flood. So that's definitely what you would want to find out. Looking at these comps, some of them say never flooded so that's definitely something to keep in mind. If it flooded and how many times. So there's, as you can see, they were right. It's a total blank slate. Nothing but studs in there. So you could even move walls around and rooms, if you wanted to. Outside looks pretty decent. So maybe it was not a fire, I don't know. You do want to find that out. And then looking at our comps, there's the kitchen for one of them. That was the top dollar one. And then here's a bathroom. This one looks pretty nice as well. And this one, nice fireplace. They're showing the bathrooms, did I miss the kitchen? Oh, there's the kitchen, a little bit better. This one's not maybe 100% renovated just because that dishwasher does not match that stove. And then looking at this one. This was remodeled in an all white. So even white appliances, which you don't see too much. So maybe, and with that paint, this one was not 100% remodeled either. So there's a lot of potential here, possibly as a fix or maybe even more as a rental. As always, make sure you do your own due diligence and happy investing.
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