Property Address: 

2217 Creston Dr Houston ,TX ,77026  

(SFH + 2 lots)

3 Bed 2 Bath 1,288 sqft on a 21,000 sqft lot

ASKING PRICE: $260,000

Exit Strategy 1

Flip the house and resell the lots on the MLS. ARV comps for a 3/1 SFH in the area are $260,000 +. Lots are selling for cleared, buildable lots at $10/sqft. This puts ARV for a flip exit strategy at $400,000. The house is livable and rentable as is. With $30,000 of rehab, that would push this to an ARV home. After subdividing the property into 3 7,000 sqft lots, the market supports $10/sqft for the vacant lots.

Exit Strategy 2 

Flip the house and build on the 2 vacant lots. ARV comps for a 3/1 SFH in the area are $260,000 +. An investor could flip that home and still have 2 7,000 sqft buildable lots remaining. It is possible to put 4 total homes between these 2 lots. New builds in the area are selling for $350,000 +. That puts ARV for this exit strategy at $1,600,000.



Exit Strategy 3

Tear down the middle SFH and build 6 new homes on 3 lots totaling 21,000 sqft (150 x 140). This strategy would allow for 6 new builds. ARV for each home would be $350,000+. This would push total project ARV to $2,100,000. No where else in this area will you find 3 consecutive lots for sale at this price point. 

COMPS

This property has massive potential. Approach to ARV involved finding comparable 3 bedroom homes as well as finding ready to be built on 7,000 SF lots. You will not find a lot available for less than $9/sqft in this area. ARV for the SFH is $250,000. ARV for the 2 buildable lots is $75,000.

SOLD LAND COMPS

2518 Creston Drive sold for $80,000 @$10.24/sqft 

6804 Schuller Road sold at $70,000 @$8.76/sqft

2145 Mcclelland Street sold at $65,000 @$9.03/sqft

SOLD SFH 3/1 COMPS 

5104 Chapman Street sold for $270,000 @$212.43/sqft

5606 Terry Street sold for $329,000 @235.84/sqft

1017 Yorkshire Street sold for $269,000 @$172.33 

ACCESS: Please reach out for access

OTHER DETAILS: 

Check out this incredible opportunity to buy a SFH flip and 2 extra vacant lots ready to be built on.

The SFH is sitting on the middle lot with a vacant 50 x 140 sqft lot on either side of it.

This is a perfect project for someone looking to flip a single family home and have 2 7,000 sqft lots for new build projects.

New builds are selling for $350,000+ in the area.

All available new builds in this pocket are pending or sold. No inventory!!

PROPERTY CONDITION: 

The lots are buildable.

Nothing in the home needs immediate repair.

Major components of the home are all in working condition.

 $30,000 in rehab will bring this house to ARV level.

CALL/TEXT/EMAIL:

1. Will: 346-971-1934

will@loveterrahomes.com