• Real Estate Deal of the Day May 13, 2019

    Real Estate Deal of the Day May 13, 2019

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

    MLS Deal Property

    744 Mcdaniel St, Houston, TX 77022

    List Price: $125,000
    Bed/Bath/Pool/Stories: 3/1.0/0/1

    MLS Deal Finder Estimated Value:                          $255,916
    MLS Deal Finder Estimated Discount:                      $130,916
    MLS Deal Finder Estimated Discount%:                   51.16%

    *Based on the following CMA Criteria: 

    ARV- Subdivision

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    Real Estate Deal of the Day May 13, 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.

    Thank you, Steve. Today's Houston deal of the day is 744 McDaniel Street in Houston 77022. It is north of downtown, just outside the loop. We'll take a closer look at the map in a moment.

    It's listed at 125,000 and we're, our system is comping it at about 255,000. So that's 130,000 that you have to do your rehab, pay your closing and holding costs, and get your profit. It's a 3-bedroom, one bath, one-car garage, one story, built in 1950. And it's 1840 square feet. And this is active, just listed on May 8. The realtors' remarks are, ideal investor package. That would be 730, 734 and 744 McDaniel. So you're saying there's a couple of ones next to it that are also for sale. Room dimensions are approximate, the offer must be made on TREC. Nothing really about the property. So let's see if we can find out a little bit more, here's the map, as I said, just north of the loop. Between 45 and the Hardy. And since, the other active listings, there are 4 other active listings on the market. And those are averaging about 252. So that's right in line with our sold comp price as well. So looking down here at the property information, these 2 that are chosen as comps, it says completely remodeled, 3 spacious bedrooms, two baths, open concept kitchen and living, impressive hardwoods.

    Large backyard, great location. And this one says fantastic value, beautifully updated 2-bedroom, 2-bath, and 2 efficiency garage apartments.

    So that seems to be common in this area. So that might be something that you could do. This house right here is the only other sole property in the subdivision.

    It's also in Stratton Place. But it actually as 2 homes on the lot. So that's definitely something to consider if you're looking into here. So let's take a look at the photos. Here's our subject property. Doesn't look bad on the outside. Lots of photos from a drone, but not much of the house, nothing of the inside whatsoever. So I guess that means you kind of gotta plan on a full rehab.

    Looking at the comps, this is the one that has 2, but it is a good, a good comparison for how they fixed it up. So you can see it's got a nice, looks like a luxury vinyl floor, there's a modern grey, there's a tile backsplash. It's like marble or granite countertops. And actually came with the fridge. It's like about the same in the bathroom. Nice tile job in the shower. Closets, there's the master with the walk-in shower. So it's nice, looks like a laundry room. Pergola on the back porch, and as you can see how there are two houses right here, one behind the other.

    Alright, so let's look at the other ones that we chose as comps. This is on Wainwright Street. Similar outside. Very nice countertops, everything has been redone here as well. So these are all we have, like new floors, and everything else. Looks like the tile in the shower, the granite over the sink. And here's the other one. Hey, they didn't do this one in grey. But that looks like they got new floors as well on the kitchen. Nice walk in closet there. Room air conditioner. That's interesting. It did not have an HVAC, but look at that closet. With even a chandelier light fixture at it, just to make sure you feel rich. Look at those nice glass shelves and the glass around the shower. The shower curtain rods, it's not quite right there. But that's how you'd want to fix up your property. If you were to get this one, as always, make sure you do your own due diligence but thanks for listening and happy investing.

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