Posted by Fletcher (Houston) on July 04, 2003 at 24:55:14:
I dunno Joe,
I got my realtor to send me comps on that whole keymap page and I don’t see anything under 3000sq.ft. selling for more than 133k in the last year. How big are these houses in question?
There are some 8 year old houses selling in the 290’s in Woodwind Lakes though.
The concept of what you are trying to do makes sense. I’m just not seeing it in the numbers.
Maybe you could email me the comps at jfletcher@sellyourhoustonhome.com if you want some help evaluating this deal.
I try NEVER to go out of the subdivision of the subject property I am evaluating. In fact, I try to stay in the same section of the same subdivision if not the same hundred block.
Keep up the good work Joe, your efforts will pay off!
Jonathan
how does this sound - Posted by Joe
Posted by Joe on July 03, 2003 at 09:06:34:
I have a house under contract that I want to sell for $170k. The house is on two lots and just under an acre. The houses in the area sell for 170-235k. The thing about this one is, the owner built a workshop that is behind the house facing the street behind.Plus the house itself needs very little work. The workshop is the same size as the house, it just needs some improvements about 15-20k to finish making it a house. When the owner built it the homeowners assoc. told him it had to look like a house. So, the numbers look like this:
Price 170k
repair 20k
total 190k
At this point there are now two properties that will sell for around 160k based on the area. I have call a few of the i buy guys I know, but I don’t know if they understand or maybe I missed something, because hardly anyone is showing intrest. How does it look to you guys?
Re: how does this sound - Posted by Randy
Posted by Randy on July 03, 2003 at 17:07:10:
Looks good assuming the two parcels can be separated and the shop after rehab is not and obvious split of the one property (separate access by comparable street/road) not a back alley or dirt drive. Separate address? separate utilities? lots to think about there. Splitting the two parcels will the primary still be worth $170K?
Re: how does this sound - Posted by Fletcher (Houston)
Posted by Fletcher (Houston) on July 03, 2003 at 13:29:04:
What neigbhorhood is this in?
Re: how does this sound - Posted by Joe
Posted by Joe on July 03, 2003 at 20:35:23:
The property extends between two streets. The house is on one street with a drive, and the workshop faces the other street with a drive to that street. The workshop is the same size as the house, and in that area is one of the larger houses available. So I think it should still be worth at least 160k.
Re: how does this sound - Posted by Joe
Posted by Joe on July 03, 2003 at 14:34:55:
The subdivision is Burger its off 290 and the beltway.
Re: how does this sound - Posted by Fletcher (Houston)
Posted by Fletcher (Houston) on July 03, 2003 at 17:52:34:
Double check your comps Joe.
Nothing has sold in that subdivision for more than 157k in the last year and a half.
I don’t want you to get a bad deal (in case this is one).
Jonathan
Re: how does this sound - Posted by Joe
Posted by Joe on July 03, 2003 at 20:32:29:
I ran comps for just the area surronding the house, which included the neighborhood right behind it. The property right behind to the left sold for 175k a few days ago, and another property right across is listed for 600k. I think that one is alot bigger, and is way too much for that area. Plus most of the properties in just that subdivision are smaller and on a smaller tract of land. Even cutting down to 160k, the property can still be split in half, and another house the exact same size will be left. There are even two addresses, one for the actual house, and one for the workshop that can be converted. One is on the front street, and one is on the street behind, and both already have seperate driveways.So even selling at 150k, then splitting the property and coming up with two houses that would sell for the same 150k each. Then each house will still end up being two of the largest houses in the neighborhood, and still on a big lot. Should make sense right? I’m just triing to get the best deal.