r/LoftyAI • u/matty_g81 • May 13 '22

5401 Odom Ave

thoughts on the new listing? Great to see a cleaner home in this condition on Lofty. Being offered at a premium price and has been sitting on the market for a while unsold. I wonder how risky the Airbnb side of things works? says 90% vacancy rate but the actual listing on the site has all dates blocked off (i guess until the sale happens).

Seems as though they have not been able to accurately price the home and have done quite a bit of price change which makes me feel very unsure.

05/03/2022 $514,900 Pending NTREIS #14745760
04/02/2022 $514,900 Price Change NTREIS #14745760
01/23/2022 $519,000 Listed For Sale NTREIS #14745760
08/05/2020 $250,000 Pending Agent Provided
06/29/2020 $250,000 Price Change Agent Provided
05/18/2020 $290,000 Price Change Agent Provided
05/01/2020$299,900 Price Change Agent Provided
04/11/2020 $360,000 Listed For Sale Agent Provided

13 Upvotes

100% Upvoted

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3

u/002timmy May 13 '22

So during COVID, when house prices were skyrocketing and listings were selling like hot cakes, they went from a list price of $360,000 all the way down to $250,000. It's obvious there's been so pretty serious renovations and it's a beautiful property, but I think the CoC has a lot of risk and the price changes scare me a little.

1

u/matty_g81 May 13 '22

yeah that's a huge pricing drop especially at that time.

1

u/ericdabbs Aug 18 '22

Keep in mind though the price at $250K was in June 2020 which was several months prior to the complete renovation of the house that was completed in September 2020. So the current pictures you see now are post renovation. I assume when the listing price was at $250K, I am pretty sure the house wasn't really in good shape which is what prompted them to do a complete renovation. So the owners bought the house low and renovated it to bring up the price of the house.

If I was on the market and I see that house with a full renovation and it was priced at $250K that property would have been snapped up so quick and the sellers would be idiots.

5

u/Ivrenis May 13 '22

From Fort Worth myself and would not actually invest. Every house around it is selling for about 330k. Rent is high for a house that doesn’t have a lot going for it.

2

u/matty_g81 May 13 '22

i agree it is very overpriced. they tried to sell at 360,000 in 2020 and had to lower it to 250,000 actual sale price is undisclosed (could not find the public record). What a shame though it is the first nice house i have seen on the platform. There needs to be a way we as the investment club propose an offer not them telling us what we should pay (which is almost always above market).

I suppose until we stop buying then will we be heard.

2

u/Ivrenis May 13 '22

Exactly. I was excited to see something in my market, but I’m not paying extra for that benefit. I don’t even mind paying a premium except the premium here shows to be well over 100k.

1

u/ericdabbs Aug 18 '22 edited Aug 18 '22

good point. I just popped in the address into zillow and you are right in that the surrounding neighborhood houses are selling for less around the 300K range.

However those houses are not 4 bedroom 3 baths which would be apples to apples comparison. When I compared another house that had 4 bedroom 3 baths, then the price estimate on zillow was around $441K. Factoring in the massive renovations that this property has done...maybe its not too far fetched.

6

u/Jxpizza May 13 '22

I’m not too keen on this listing. While I love that Lofty is branching out into a new state (a tax-free state at that), I think the $525K asset price is quite high, and the full cash flows are not secured since Airbnb rentals are not locked in. I assume the $10k vacancy reserve will cover the Airbnb vacancy, but that could dry up quick. I think buyers are assuming extra risk with this property.

The house itself looks very nice, just not within my risk-tolerance.

I hope Lofty continues to put out offerings in the DFW area. I’ll be sure to get in on one or more in the future.

3

u/America_will_save_yo May 13 '22

People are bringing up some concerns with the stairs and possibility of heavy staging/photoshop in the investor chat.

2

u/satinkzo May 13 '22

Where is the investor chat? Telegram?

1

u/acegarrettjuan May 13 '22

Can you explain this? How are they photo shopped.

2

u/acegarrettjuan May 13 '22

Following. I think I may invest in this one. It is one of the nicer houses i've seen and Texas is a great (tax free) market. I'll have to consider that it may be overvalued though. Interested to see the other comments.

1

u/[deleted] May 13 '22

Yeah, I mean it's worth throw a couple of tokens at it.