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List Price: $159,900
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Hey this is Steve Liang from Real Estate IQ. I'm with Becky Kromminga here in Houston and today we have found a really good deal in Houston. We want to share with you. Take a look.
Thanks Steve! For today's Houston deal of the day, I did a search for properties that are at least 20% below market value in Brazoria County from the last, new listings from the last 15 days and this is what I got and so I chose this one right here, 1302 Northview Court in Angleton zip code 77515.
It's listed at 159,900 estimated price 201,400. So I went to the address click there and let's check it out. As you can see there are 4 comps that the computer chose and the computer did not choose this one probably because it sold almost a year ago and it was a foreclosure.
And this one also sold 297 days ago. So it's much better to have your comps in the last six months. Number 1 is not in the last six months. However this is a case where we eliminate them all, there's only gonna be one comp left. So let's take a closer look we might be able to eliminate this one later.
But let's take a closer look at these. So as I was looking at these, the price per square foot of our subject property is 86.90. This is 113. This is 88, 101, 134.
So I'm guessing this one hasn't really been fixed up and by the way there were no realtor remarks posted for this property at least not yet. It's only been on the market for 2 days. So when I looked at number 2 there was one kind of cue. It says wood cabinets make for easy custom cabinetry work to be done. So that kind of tells me that maybe there needs to be some updating in the kitchen.
So let's take a look at the pictures. Some I'm gonna go here to photos.
And here's our subject property. So you can see the kitchen is, is pretty nice but not updated with those white appliances and it looks like laminate countertops. It looks pretty nice. Judging from the pictures. There's one bathroom. Here is the other bathroom, and a lot of the outside, and the laundry room. So it looks pretty nice actually doesn’t look like it needs much more work other than maybe some updating in the kitchen. So let's check out the comps. Look through these.
Hard to tell about that kitchen. Looks like that one has laminate too.
So we might wanna take off No. 1. That was the one that sold a long time ago and No. 2 is the one that sold for so much less.
And you can see that that kitchen definitely has not been updated in terms of the countertops and the appliances, so it's very green countertops. That one we're not using anyway. This one, there is an updated kitchen for you. Bathroom is decent on this one. And that kitchen has been updated as well.
So 4 and 5 have definitely been updated well. And 1 is iffy. And I wanna take out No. 2. So I’m gonna click on that, hit the recalculate button right up there and that changes the estimated price to 214,400. So the discounts getting a little better. Because none of these were in the same subdivision, I want to check these out on the map so I'm gonna go to the map view. And I can see that here is comp 1.
That's the one that's sold so long ago that we were iffy on. And comp 5 are here on the same side of this highway and number 4 is not. So I'm gonna take off number 4. So I'm gonna unclick that, hit the little calculator button there. And that puts the price up to 228,000. So that's a 30% discount, so it's almost to that 70% minus repairs.
Not quite, because you are gonna have to spend some money in the kitchen. It also could be a good rental deal and you wouldn't even have to do anything to it with that discount. There are no recently leased properties on the MLS. That's why this is coming up as zero. So this would be a case where probably the only case when I would suggest you could go to Zillow and that would be to check out the other rental properties in the neighborhood. So as always I encourage you to do your own due diligence. But thank you for listening and happy investing.
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