• Real Estate Deal of the Day March 13, 2019

    Real Estate Deal of the Day March 13, 2019

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    Deal of the Day Prop

    MLS Deal Property

    1625 Meadow Way, Garland, Tx 75042

    List Price: $ 150,000
    Bed/Bath/Pool/Stories: 4/3.0/N/1

    Deal of the Day data

    MLS Deal Finder Estimated Value:                            $266,996
    MLS Deal Finder Estimated Discount:                      $116,996
    MLS Deal Finder Estimated Discount%:                 43.82

    deal of the day data

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    Real Estate Deal of the Day March 13, 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.

    Good morning. Today we have found a very good deal of the day for you. It's in the city of Garland. And this was listed on the 8th and it's still on the market. And it looks like a really good deal. It's asking $150,000 and based on the comps we chose and we're choosing the comps that are, that are a little bit higher. And I'll explain a little bit more why, but looks like the high end that it can, we can exit the price at or exit at is 266 almost $267,000 so we're looking at $117,000 of gross discount, which amounts to 43.82, almost 44%. Right, so a really good opportunity here. Let's look at the comps. This is our subject property. It's for sale. If you look at the remarks, it also gives us a hint that says investor special, sold as is, the home needs some TLC, etc, etc. It's priced to sell. Now what we want to pay attention to is how it compares to the comps. So here we have the subdivision and the comps all in the same general subdivision.

    And if we look at the price per square footage, it's priced out a lot lower than the comps. Okay. We got a couple of ranges here for the comps. We have a little bit lower 134 that are in the same phase as well. And we have two more that are a little bit, a little bit newer. And this one is a little bit bigger as well. And it also has a pool. So we'll pay attention to that as well. So not having a pool may bring this price down a little bit, but not that much. So that's why I wanted to, to bring it to your attention. But overall, these 3 looks like really good comps. Let's take a look at the map also. The map tells us where all the properties are located at and what the neighborhood looks like. So we have the subject property here. This is the black house. That's a subject, location of our subject property. And the comps, number 1, 2 and 11, the ones in red are the ones we are using as the actual sold comparable. We can do a street view. Let's check out this area.

    So pay attention to the cars, pay attention to what the general neighborhood looks like. What kind of home it is. And I will fathom that most of this area, most of the homes here are looking about the same. Alright, very similar neighborhood. So I'm pretty good with these 3 comps here, the level of risk is not very high. They're all pretty much in the same neighborhood. What we're looking at comps in analyzing deals, the key here is to analyze and looking at all the information. Not just to come up with an estimated price, but also to assess the level of risk in this number. So a couple of things I pointed out earlier was that the 3rd comp has a pool. And then here we also want to take a look, and see how much potential rehab would need to be done on the property before we can extract the value. So this is our subject property and what it looks like. So it's got a lot of good bones. And the remark doesn't tell us if there's any major project that needs to be done, just some TLC, tender loving care. And if we look at the comps, right, it's gonna give us an idea of what we need to put in the property to add value to the property. So the key thing here that I find on, on these comps is that there is, it looks like they upgraded the kitchen. Okay, stainless steel appliances, granite countertop. That's for this one. And if you remember, this is the house that was sold for $134 per square feet. The next one.

    Open kitchen style. And this was $142 per square feet. Looks like they probably updated the kitchen here with backsplash and have an open kitchen plan. It doesn't look like the kitchen, oh, excuse me, the bathroom was updated. And then we have this one, which is the highest of the 3, clearly kept the same flooring and it does look like they have upgraded the kitchen. So the upgraded kitchen is the common theme here. Right. Everything else is pretty much what it used to be. And we noticed that there is a pool. We saw that on the data too, but here we also see a picture of the pool. So it would probably bring down the, the particular price per square footage for this one. Because it does have a pool and it has a little bit of extra value to this particular property. But all, but number 1 and number 2 are very good comps. And so we would probably adjust the estimated price down just a little bit, but not that much. And we're still gonna be looking at probably over $100,000 of potential discount. So what would you, what you probably want to do is to visit the property, come up with a good rehab budget. And based on the rehab budget, you will figure out you can make a decision of whether you want to offer a price around the list price or you want to offer it less than the list price, based on your rehab and the 70% rule. Overall, this looks like a very, very interesting deal for a rehabber so please take action while the house is still available right now. And so if you win this deal, I will always share this, if you win this deal, please let us know. We want to record testimonial with you and if you have visited a house and you have the rehab budget, please share with us. Let us know what you think and what you think of the offer prices. Thank you very much and have a good day.

    I want to invite you to my weekly Real Estate Talk, every Monday and Wednesday at 6 PM. This is an online event so you can join anywhere. But every Monday and Wednesday at 6 PM, I would invite a successful Real Estate entrepreneur to join us and we will interview them and they're gonna share with us their entrepreneurial journey, and you know what they think is what made them successful. I think you will find a lot of really cool stories there, and more stories you know as entrepreneurs we always want to learn from other people what their experiences have been. It's gonna help us be a lot smarter. We'll also talk about anything in real estate. For example, we do real estate deals market update, to kind of talk about a general market real estate market in general and you know where the deals are coming from and all that good stuff. So a very interesting Real Estate Talk. Make sure you join us!

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