• Real Estate Deal of the Day May 16, 2019

    Real Estate Deal of the Day May 16, 2019

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

    MLS Deal Property

    11838 23rd Street, Santa Fe, TX 77510

    List Price: $70,000
    Bed/Bath/Pool/Stories: 3/2.0/0/1

    MLS Deal Finder Estimated Value:                          $172,698
    MLS Deal Finder Estimated Discount:                      $102,698
    MLS Deal Finder Estimated Discount%:                   59.47%

     

    *Based on the following CMA Criteria: 

    ARV- Subdivision

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    Real Estate Deal of the Day May 16, 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.

    Hello everyone. Today's Houston deal of the day is in the town of Santa Fe, Texas, which is down off highway six south of Houston and on the way to Galveston. So let's take a closer look. It's 11838 23rd St. It was built in 1978, and it is 1280 square feet and this house type is traditional. However, when we take a look at it. You'll see that's not quite the case but that's how it was entered on the MLS. It's listed at 70,000. It was originally listed at 86,500 back on August 8 of 2018. And so perhaps the sellers might be a little extra motivated. We're coming at right now at 172,698 and has a 1.8 rental index.

     

    So this could be a very good property for a buy and hold. It has 3-bedroom, 2-bath, and the public remark say it did not flood in Harvey and nice mobile home in the heart of Santa Fe with extra large double wide concrete parking for up to 6 vehicles. Cute covered porch an extra bonus mudroom with double French doors. Extra large bathroom and another bonus 9x7 room for home office or extra storage. Screened in the area for storage or set up a chicken coop or make it another play area for the kid's additional storage shed nice mature trees. Price to sell quickly so they, they really might be motivated. Refrigerator will stay. City services so you don't even have to bother with well and septic. Okay, let's take a look at the comps.

     

    Out of all these sold properties within the last year, only one of them, sorry on us within the last year and within a mile. Only one of them is a mobile home. So that's the only one I used as a comp to get this 172,000. Usually, you like to have more than one, but you don't really want to come from mobile home against a regular house. And actually, if you look at these, if you did the value might go down a little bit, because of these regular homes. This all pick one right here and actually sold for, well that was for more per square foot and but most of the other columns actually sold for less per square foot than this mobile home right here. So if we look here, the agents remarks about this comp, it says has been completely updated with fresh paint new blinds recessed lighting, crown molding, solid wood cabinets, open concept spacious master bedroom, updating bathroom within the new shower laundry rooms.

     

    Let's take a look at the pictures. So here's our subject property, mobile home with that extra bonus room and there's the chicken coop. Kind of funny as a play area, people might think you're putting your kids in a zoo and it has a nice deck and nice storage there. Maybe a little paint and work on the outside. You may want to do something about that paneling and wallpaper, and maybe those curtains just guessing. It looks like the floors pretty nice and new. Step up to the nice big kitchen there. Which could use some updating perhaps in those cabinets and maybe you might want to still going to refrigerator that match. There's bathrooms where duck wallpaper looks like a nice shower there I speak walk-in shower. And there's that nice big concrete parking area. So let's take a look at the current mobile home. And then you can see this one's been updated with new molding, new white kitchen cabinets, and appliances, new, that looks like probably laminate or luxury vinyl flooring and those are granite countertops and a nice and a pyre in the faucet. Nice staging with the towels in the bathroom. And that looks like some kind of a bonus room out. There we go. There's a nice look like a screen in summer porch and a nice big lot on that one. So, as always, make sure you do your own due diligence that this could be a good, a good flip or buy and hold for you down in Santa Fe, Texas. Thank you for listening and have a great day.

     

    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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