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Update: This property just sold since the recording was made.
List Price: $75,000
*Based on the following CMA Criteria:
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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.
Thank you, Steve. And hello everyone. Today's Houston deal of the day is 5502 Malmedy Road in Houston 77033. This is the South Loop East Freeway. So, this area is southeast of the downtown area. It's listed at 75,000 and estimated price at about $121,173. And if we looked at the other houses that are actively on the market right now, there are 4 of them. This one has not really been fixed up if we take the other ones and use them, comes out to an average of 122,000 so that's right in line with the sold CMA for this property.
So looking at the comps in the same subdivision. This one has not been fixed up so I took that one out. But that went for $122, $143, $119 a square foot. And 115 a square foot for this one. So they're all small about the same size. Our subject property is 968 square feet and the comps are between 900 and a little over 1000 as well. So, that is good. This is a 2-bedroom, one bath. They snugged 3 bedrooms into that small of the house. So they must be pretty small. And that's a good difference for the comp or not. But this one does agents remarks, it needs a lot of work and so does the yard. But it's a great opportunity in a great location great opportunity to fix it up. And so this one says updates galore. Currently fully functional barbershop. Maybe we should take this one off because it's really a barbershop right now. Includes all furnishings and equipment, so it's sold as a barbershop. House has been completely renovated great home just remodeled, so we know that those are good comps. So let's take a look at the pictures of them. Here's our subject property.
Definitely does need some work in the yard and the house. Might be able to save that tile floor and maybe even those cabinets, few knobs on and they'll look fairly new. Definitely paint, some other flooring and you might even be able to save that tile in the bathroom. So this might not be too extensive of a rehab except for this wall. Major issues there. But that's just sheetrock, probably, so not too bad. And you can see the other view of the house here, has a one-story garage. Sorry, a single car garage, but there is also a big side yard that's fenced in right here. So depending on the neighborhood, there could even be a potential to add something extra on this large lot. How big is the lot? 6248 square feet. All right, so looking back to the pictures of the comps. This one has the iron gate around it that does tell you a little bit about the neighborhood. There are some granite countertops, beautiful colors. Not too many pictures of that one. This one, we're not using. Let's take a look at this one. Oh, that's the barbershop, customer parking. How about this one? This one definitely has been fixed up nice. I would guess you want to do a similar condition to this property. And the last one is also similar as well. One last thing to take a look at is the map. And you can see it is just a block away from the South Loop Freeway.
And we can drop our little guy here and check out the neighborhood. Overall bunch of small houses but fairly well kept. This one side of the street.
So this could be a potential flip, but it also might be a really good buy and hold. The rental index is 1.27 so you can get about 950 to 1000 per month, probably for this property. So as always, make sure you do your own due diligence. But 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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