Investor · Lumberton, TX · Member since 2017 · 146 posts · 93 votes
Good evening, BP. I've been receiving several good leads from wholesalers in the Houston area that are specific to the little town of Dickinson. I grew up in Katy and have lived in Pearland, Conroe, Almeda Genoa area but all of that was over 15 years ago. League City was all the rage and Dickinson had never been heard of.
Has any of that changed? Has the populous finally reached down south far enough to make a small town like this worth investing in? If so, what kind of returns are to be had?
Sorry for not updating. We did close at the $260,000 price. The initial appraisal after Harvey had us around $230,000 but our market analysis showed $260,000. Looks like the buyers have come back into the area. I’d do another deal in that area for sure.
When I've driven down that way on 45 I'm amazed at the amount of new retail and office development in the area. I think there's even a new hospital down there. But the new development seems to be concentrated in the NASA/Clear Lake area down to the northern part of League City. Once you get past that you run into a lot of farmland and RV dealers and stuff like that. Then it picks up again as you approach Galveston.
Take my opinion with a grain of salt. It's been about a year since I've been down that way, and I've never driven around Dickinson itself. I do know that area was hit pretty hard by Harvey.
Dickinson was hit very hard by Harvey and I don’t think people realize how bad. Pretty sad driving around the area with all of the dumpsters in the front yards. I’d say Dickinson hasn’t seen the growth of League City and areas like Friendswood. More of a rural feel to it still. Wholesalers have been marketing this area pretty hard and I bought a deal down there recently. The appraiser called me yesterday and told me for the first time he’s really having a tough time with a rehabbed appraised value.
It's been a slow grind but the Dickinson project is close to finished. Hope to have it on the market in the next 2 weeks. Interesting comps from realtor. Initial comps with discount in the area indicated a $260,000 ARV, appraiser came in at $235,000. My recent meeting with the realtor shows we can list around $275,000 so we'll give it a shot. Oversized lot on the canal right off of Dickinson Bayou. Biggest struggle was keeping crews down there because my guys are all in Houston.
So the property sat on the market for a bit but we have 3 offers on the home. Starting inspections this week. The highest offer was $260,000 which was exactly what we estimated. Fingers crossed I can get this through inspections and to the closing table by December 31st.
Sorry for not updating. We did close at the $260,000 price. The initial appraisal after Harvey had us around $230,000 but our market analysis showed $260,000. Looks like the buyers have come back into the area. I’d do another deal in that area for sure.