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List Price: $ 148,000
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This is Real Estate IQ’s Deal of the Day. And today we have found a fabulous deal for you, in the Houston market.
Thanks, Steve. And hello, everyone. Thanks for joining. Today's Houston deal of the day is 309 Morningside Drive in League City, which is to the south of Houston down heading towards Galveston. It is MLS number 58227271. And the reason this one might be a good deal, as you can tell, it's listed right now for 148,000, worth about 214 based on these comps. So that's a 31% discount percentage. However, this CMA it had been 93 days on the market as of January 30 and they actually lowered the price. It was originally listed on August 30th, for 162,000 and is now down to 148,000. So they might be motivated right now to get rid of it and take a less price. The reason that marked down, it says right here, this diamond in the rough is priced 20,000 below market. Needs foundation repair and updating, hence price reduction. So they know they're not going to get full price. I think they are going to figure out, they need to take less than what they're asking. And so looking at these comps here, this one's going for $90 a square foot. The comps went for, 121, 135, 137. If you go further back, this one went for 142, 143 so there's a lot of potential in that area. So let's check out the map.
And we can tell right here, gonna zoom out a little bit, because they're, they're so, whoops zoom in, rather, they're so close together. It's hard to tell, but you can tell here is our subject property right here. And here are two of the comps that we're using, the other one's hiding right here behind this number 10 so they're all, you can tell, they're all really close in the same area. Nothing else special to watch out for there, so let's look at the pictures. Here's our subject property. This little two-story. It's got tile floors. The kitchen doesn't look too bad. Those are laminate countertops, you'd probably replace that with granite, but it looks like it's got a newer sink. And it's got newer appliances and those cabinets look like they're in pretty good shape, too. So if you don't have to do the kitchen. That's going to save you a lot. And that's really about all we can tell from the pictures. Except that it does have a big backyard with a, looks like a little bayou or drainage behind it. So a little extra green space there. And here are our comps.
So you can see that this one, didn't do much with that bathroom. Here's the kitchen, looks, it looks like about the same cabinets. And this one. That one was redone with nice cabinets. And then we can look at this one. And that one looks like it has possibly upgraded some things in the bathroom as well. So also, the rental index here is 1.2. So it looks like you can rent it out for probably about 1800 a month. So this could be a good rental property as well as a possible flip. And as always, make sure you do your own due diligence 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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