The Hidden Costs of a Property on Sale​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌​​‌​‍‌‍‌​​‌‍‌‌‌​‍‌‌​‌‍‌‌‍​‌‍‌‌‌‍‍‌​​‍‌‌‍​‌‍‌‌​​‍‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌​​‌‍‌‍‌​‌‍​‌‍​‌‌​‌‌​​‍‌‌‍‌‌‌‍​‍​‌‍​​‌​​​​‍​‌‍​‍​​​‌‍‌​​‌​​‌‌‌‍​‍​‌​‌‍​‍​‍​​​‍‌‍​‍‌‍​‍​‌​‌‍‌‌​‌‌‍​‍‌‍‌‍​​​‌‍‌‌​‍‌‌‍​​‌​‌‍​​‍‌​‍​​‌​​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​​‌‍‌‍‌​‌‍​‌‍​‌‌​‌‌​​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌​​‌​‍‌‍‌​​‌‍‌‌‌​‍‌‌​‌‍‌‌‍​‌‍‌‌‌‍‍‌​​‍‌‌‍​‌‍‌‌​​‍‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‌‍‌‍‍‌‌‍‌​​‌‌​​‌‍‌‍‌​‌‍​‌‍​‌‌​‌‌​​‍‌‌‍‌‌‌‍​‍​‌‍​​‌​​​​‍​‌‍​‍​​​‌‍‌​​‌​​‌‌‌‍​‍​‌​‌‍​‍​‍​​​‍‌‍​‍‌‍​‍​‌​‌‍‌‌​‌‌‍​‍‌‍‌‍​​​‌‍‌‌​‍‌‌‍​​‌​‌‍​​‍‌​‍​​‌​​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​​‌‍‌‍‌​‌‍​‌‍​‌‌​‌‌​​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌

Bob Frady (00:01.446)
Ladies and gentlemen, boys and girls, ships at sea, it is time for another episode of Property of the Week with PropertyLens. As always, I'm Bob Frady, co-founder and CEO of PropertyLens with me.

John (00:17.592)
John Sigman, President and co-founder of PropertyLens.

Bob Frady (00:21.252)
So John, we're gonna mix it up this week. So we were talking a couple of days ago, like, we gotta do a podcast. John, you pick a place. You pick one and surprise me with, and you surprise me with it. So John picked a property. I haven't seen it. I have no idea what's in that property or how he picked it. So John, how did you pick this property and what property did you pick?

John (00:31.638)
I don't wanna pick one.

John (00:47.282)
Okay, so Bob said pick something in Oklahoma. Great. I know three cities in Oklahoma. Enid, Oklahoma City, they got a basketball team there, and Tulsa. And so I said Oklahoma City. What?

Bob Frady (01:00.874)
Tulsa is in Oklahoma, isn't it? Tulsa is in Oklahoma. I've been through there.

John (01:06.83)
Yeah, amazing. That's why it's written as Tulsa, Oklahoma, because it's in Oklahoma. Just so everybody knows, no surprises. And so I chose Oklahoma City. I've been to all three of those places. That's why I know them. the went to my favorite Redfin. Sorry for all the rest of you. It's just who I choose. And the first property up was this property.

Bob Frady (01:11.619)
Okay, I just thought it was okay. Tulsa's okay.

John (01:34.574)
And I said, that's as random as I can get. So the address is 9724 Briar Creek Drive in Oklahoma City, Oklahoma. This house, at least at the time that I ran the report, is for sale.

Bob Frady (01:34.958)
Okay.

All right.

What's the property? What's the address?

Bob Frady (01:53.038)
and this house is for sale.

Bob Frady (02:00.175)
Okay.

John (02:00.945)
It was a brand new listing and been listed for like a day. So it was fresh. It was, it's fresh. It's ready to go. And, you know, nice, nice looking little house out in the prairie.

Bob Frady (02:05.025)
a fresh one! A fresh one. Fresh.

It's fresh! Exciting!

Bob Frady (02:18.745)
Okay, let's share your screen and see what you got.

John (02:21.479)
Alright, so sharing the screen here we go share away share screen and there it is and hopefully now everybody can see

Bob Frady (02:33.798)
Tada! Briar Creek Drive, Oklahoma City, Oklahoma. Four bedrooms, two baths, built in 1979, 2,900 square feet on a fifth of an acre. It's had some damage in the past. It's been damaged in past. The question is, who hurts you, Oklahoma City? Who hurts you?

John (02:38.337)
Right?

John (02:52.011)
Well, let's head the opportunity. Yep. Who hurts you in Oklahoma City? Well, you know, tornadoes and hail primarily.

Bob Frady (03:01.073)
There you go. what do we see in our property summary?

John (03:05.869)
Well, you know, it's, we'll scroll down a little bit, let the people see what's going on. So it's had 30 possible damaging events in the last 11 years.

Bob Frady (03:16.455)
Life defines who hurt you, that's for sure.

John (03:18.125)
That's exciting. Only two owners. So it's not a problem property where you got a lot of change over. Tax increase of 11 % per year. That's a little hike in the shorts. Insurance increase is right on national average. So while 7.4 % per year is not cheap, it is not outrageous compared to the rest of the country. And know, roofs in great shape.

Bob Frady (03:33.594)
Wow.

John (03:47.81)
No major renovations needed. It's got about $30,000 in expected repair costs over the next couple of years. It's not a flip property and it's not in a flood zone.

Bob Frady (03:59.322)
What was the list price of this property?

John (04:01.643)
the list price of this property? Good question. I have no idea anymore. I think it was like 300,000 bucks or something.

Bob Frady (04:09.217)
Okay, so 97.

So $30,000 of repairs against a $300,000 house is, that's a little, I wasn't expecting to pay that much. that's something to keep an eye on.

John (04:18.955)
That's a little 10 %er.

John (04:28.237)
Well, it might or might not be depending upon how the price of the house compares to its market value, because maybe they have already taken that into account. 350. So, you know, maybe that's taken into account, maybe not, but that's a good negotiating point starting right there.

Bob Frady (04:35.253)
$350,000 is the list price of this house. Okay.

Bob Frady (04:45.936)
What are some of the highs and lows of this property, John Sigmund?

John (04:49.291)
the highs and lows of this property, Bob Friede, it's got a new roof. It's got modern upgrades. It's in a low crime area. It's got good fire protection, which nobody thinks about until you have to call them. And it's fairly energy efficient. On the downside, you got little size discrepancy. That happens. Sometimes the assessor does not include a basement. Sometimes they do. Sometimes the measurements are wrong. It's just...

Bob Frady (04:53.977)
guys.

John (05:18.253)
So it's something to look into maybe there's something that wasn't permitted because we found no permits that they added on never know We already talked about it. It's got hail. It's near flood. It's not in a flood zone, but it's near places that could flood it gets warm in Oklahoma and As we already mentioned we got some high taxes going on

Bob Frady (05:38.232)
No kidding.

Bob Frady (05:42.785)
So I did, when we both worked for Equifax way back in the day, I had to go out to Oklahoma city for credit school at the, the university of Oklahoma. And it was hot there, but the air conditioning was so cold in the bedroom that we stayed at, cause we stayed on campus. It was like a giant meat hook just descended from the ceiling. And I was supposed to sleep on that. It was ridiculous how efficient the air conditioning was or how cold the air conditioning was. It gets all kinds of hot in Oklahoma. All right, I'm with you.

John (06:04.394)
Yes.

Bob Frady (06:12.631)
What are some of the features and the benefits of this property?

John (06:13.449)
Alright.

Well, it is in the desirable Briar Creek community near Lake Hefner. So we know there's water running around there, hence the name Creek and Lake. It's close to fire stations, low crime, lots of schools. You know, you're not going to have any hurricane risk there because your hurricanes come in the form of tornadoes. It's got updated features.

New roof and garage door, spacious layout, heated floors. Heated floors are nice, especially when it gets cold. Dual shower heads. And look at that, they've even got an EV charging plug and a water softener system, which will keep you from having indoor water leaks.

Bob Frady (07:06.616)
Nice.

John (07:08.023)
You're looking at about 5,000 bucks to insure it and most of that is going to be of course associated with the fact that you're gonna get hail and that roof while new now is maybe not gonna be new for very much longer.

Bob Frady (07:22.084)
So this is, know, a lot of people ask, how do I distill this information? And why don't I just go and look up all the free stuff? And the answer is if you get all the free stuff, it's just all laid around in different pieces and you have to assemble all this stuff. You know, we do that work for you and then say, here's the questions. If you have some questions you should ask them and here's the ones that you should look at.

John (07:51.214)
Plus, good luck getting all of the free stuff. What is your time worth? If your time has any value, that's not a good avenue to go because it's all here.

Bob Frady (07:55.393)
Yeah, good luck. Yep.

Bob Frady (08:04.521)
Okay, so let's keep on rolling.

John (08:07.499)
We roll, we roll, we roll. So here's a bunch of things that you're going to want to ask about simply because there are no permits. Well, there's one permit like from 1996 associated with this property. So it was probably the first time that they replaced the HVAC because it's a mechanical permit. But

Bob Frady (08:14.498)
Hmm.

Bob Frady (08:21.815)
Mm-hmm. Yep.

Bob Frady (08:29.528)
Mm-hmm.

John (08:30.391)
You you'd want to know about how old the HVAC is, how old the electrical is, how old the plumbing fixtures are. You know, when was the last time the driveway was sealed or replaced? You're getting to the point where you're going to need to have the sewer line scoped because those last about 50 years and yours is coming up on 50 years. And also that's a major chunk of the anticipated costs.

Bob Frady (08:52.249)
Yep.

John (08:57.523)
associated with it. So if it's already been replaced, yay, and that's going to lower your two-year cost of ownership for the first couple of years. Termites, not really a big problem, but something that you need to check for. As you can see, we know the water heater has been replaced, so you got nine more years easy on that. And the roof recently replaced, so all is good there.

And the roof is not a cheap cost at $25,000. So plenty of pluses, but definitely some minuses that you need to ask about.

Bob Frady (09:31.671)
So if I'm walking into this house and thinking, okay, it says that it's been improved, but really what's been done? And the fact that there's no permits, is everything up to code? Is the other question. Not saying that it's not, but these are just questions that we wanna take a look at. So when we look at some of the dangers around the area, toxic exposure, I'm gonna guess it's PFAS and arsenic. What do you got in there? What is it?

John (09:43.201)
Yep.

John (10:01.601)
P-Fans, arsenic, they're everywhere.

Bob Frady (10:01.886)
arsenic and PFAS.

Yeah, so if you have system water, sewer water, then you should be okay. Or city water, if you will. If you're on a well, then this is a much bigger concern.

John (10:09.995)
well.

John (10:19.403)
Yep, much, much bigger concern. So.

Bob Frady (10:22.338)
It's always a good idea to get your water tested, just in case.

John (10:27.211)
And we know they have a water softener. you know, 46 year old property, you you got to be concerned a little bit about the wiring. You got to be concerned about just the fact that things could be 46 years old. That there's anything wrong with being 46 years old, but exactly. So.

Bob Frady (10:44.417)
Yep.

I wish I was 46 years old.

John (10:51.851)
you know, that number long in the rear view mirror. So, soil issues, you know, you want to find out about, in this case, probably frost heave and drainage. You've got a fireplace and a pool. Pools are attractive nuisances. That's going to drive up your insurance a little bit. While it has been exposed for prior damage,

No significant damaging events reported at this location. So what that means is that the property was not destroyed in any of these events. So it could have been damaged, but not destroyed. And you've got a great roof. And that's really important there.

Bob Frady (11:23.681)
Hmm?

Bob Frady (11:28.736)
Yep.

Bob Frady (11:32.163)
So from a summary standpoint, not even knowing this location at all, I'm thinking I want to check on the age of the systems and I want to check the renovation that's been done. So I'm feeling like, know, all right, let's go.

John (11:45.079)
Yep.

John (11:50.86)
The replacement cost is actually under its list price. That puts it into the 30 % category because 70 % of properties in the US have a replacement cost higher than their market value. So that's all good there. So if you've been sure for what you buy it for, you're going to be covered. You can see it went on the market September 29th. I pulled this report on the 30th.

And the assessed value, there's the structure value, the land value, that's all tax stuff. Has nothing to do with what the actual market value is of the property. You see the property's got a value range between 286 and 350. The list price is at the top of the market. And we've already shown that you've got about $30,000 in expected repairs. So market value price, probably what you want to be aiming for.

So if you get the market value price versus the list, you've saved $32,000 on a $69 report. I think the ROI is there. Bob, what do you think?

Bob Frady (13:01.832)
I think the ROI is absolutely there, without question. Crazy not to have this. Not to have this, it's crazy.

John (13:09.677)
Some descriptors of the property, all of the nice blurb that makes you fall in love with it. And then here's the listing events so we can see how it's gone through, who's selling it, all of the rest of that good stuff. You're buying from a trust, should make no difference. You see there was a serious hike in 2022 to 2023 for property taxes. Might wanna find out what went on there.

Couple of pictures from the MLS listing. You know, it's a nice house, sitting on a nice property. It's easy to mow. It's relatively safe.

Bob Frady (13:46.366)
Yep, the lawn could use a little work. Get one of those apps and take a picture of it.

John (13:51.467)
Juan could use a little more.

Then here's all the events. look, it's Hale.

Bob Frady (13:59.424)
Hail. All hail. Is there any wind in there or is it just hail?

John (14:01.889)
Hail no, nothing but hail, some wind, more hail, some wind, more hail, some wind, more hail, you know.

Bob Frady (14:09.153)
little bit of wind. So if you go back to 2023, the hail storm, I'm a betcha that that had some impact on replacing the roof because it looks.

John (14:19.401)
I'm also going to mention that that's the prior damage severely affected.

Bob Frady (14:23.816)
Yeah, looks like... Listen, roofs don't wear out.

John (14:27.001)
Everybody in the Navy got a new roof that day. And here's the thing, the second one coming in within a month, it probably didn't have time to replace the roof before the second one hit. So, you know, on the plus side, you didn't have to suffer through the May 13th banging on your roof.

Bob Frady (14:30.558)
They don't... Yeah.

Bob Frady (14:47.943)
Yep. Okay. Let's keep.

John (14:49.069)
You may not even have had to suffer through the July, depending upon how long it took a roofer to get out there. So lots going on from that standpoint. Here's the picture of the house. We can see, you know, going back all the way to 2017. So that's what it looked like. That's what it looks like now. There's the pool down here at the bottom that wasn't there before.

Bob Frady (14:55.262)
Yep.

John (15:17.557)
You know, of course, that the people who put that pool in immediately called their insurance company to let them know that they had a pool.

Bob Frady (15:25.663)
Absolutely.

John (15:27.733)
Yeah, because that's what nobody does.

Bob Frady (15:30.684)
Exactly.

John (15:33.41)
Then we've got the roof itself, we're estimating 27 years. We know it's not gonna go that long. You know it's not gonna go that long, but we're the event, just general weather and not all that hail. It would easily last a 30 year shingle roof in Oklahoma. Roof replacement, about $35,000. So for you moving in, that's one expense you won't have to face anytime soon.

Bob Frady (15:52.179)
Yep.

John (16:01.489)
And because it is a newer roof, you are going to be able to get it insured. So very key on that point.

Bob Frady (16:08.176)
Yep.

Bob Frady (16:11.912)
You know, one of the things we read about all the time is that people buy houses and then end up worse off financially a year later after they bought their house. And the question is, how does that happen? And when you think about buying a house,

you know you you everybody focuses on the mortgage payment you know how much can i put down so for example this house if you put twenty percent down the mortgage amount would be two hundred eighty thousand that's a monthly mortgage payment of about twenty three hundred bucks give or take

including some of your taxes and all that stuff. So you're paying about $27,000 a year for the house over 30 years. But if you have a roof that needs to be replaced or you have systems that need to be replaced, that yearly expense gets compressed into a day or a month. So you gotta write a check for that amount. And if you're stretching just to fit into the house, a $30,000 expense might break you.

because you don't have the money. So either you don't fix it as well as you could, you cut corners, or you ignore it, or...

John (17:18.359)
Yeah.

Bob Frady (17:28.563)
you borrow money at a much higher rate than your mortgage rate is going to be. It's really a tough situation and this is why people don't tell you what the expected repair expenses are going to be over the next couple of years because it'll scare you off. If you don't have an extra 30k for this house, chances are you're going to need to find it over the next couple of years. And it's really a tough situation for buyers to get into.

John (17:55.006)
It is. And so that's why we put all this information in there because as you the buyer, we don't want you feeling bad about what you bought. So.

Bob Frady (18:05.843)
Yeah, we don't want, we love when people buy houses. We think it's great. You know, we love our houses and want people to have that same joy. Far too often, over 40 % of the time, people are like, I wasn't expecting that. Nobody told me that. Nobody told me that. And we don't want to be your negative uncle, but we're the ones telling you that.

John (18:25.933)
We are potential threats to structural integrity. You got soil runoff. So hopefully you're at the top of the hill. You got water hardness, which they have a water softener. And then you got a little bit of termite action. know, termites don't hate Oklahoma. They don't love Oklahoma. It's not like Southern California or Florida where they're practically the state bird, but you know, you gotta check for those things because they are there.

You're not gonna fall into a mine, which is really good. No frost heave, but you can see known modifications like none none none none none none none and then there's the one known permit for a mechanical issued way back in 1996 which you know given that some developer probably built this house 17 years later, you've got to be thinking that's a furnace or an AC unit

Bob Frady (19:22.462)
So it's really odd when we have a situation like this, where we have a permit from the 90s and then don't have another permit. And that's an immediate yellow flag on this house. It's not a red flag, it's a yellow flag to say was the work that you did permitted, was it required to be permitted, and was it done properly? Those are the three questions that would pop up right away.

John (19:32.268)
Yeah.

John (19:48.385)
Yeah, and these are the questions that you want to ask.

Bob Frady (19:52.219)
And if we scroll up just a little bit there, John, we can see whether it's required. Generally required, so it doesn't necessarily mean everything, but yeah, major renovations.

John (20:00.366)
generally require. And see, here's where you look at it and you see HVAC installations. Well, a new unit for an old unit? Yeah. Like for like, sometimes it doesn't require.

Bob Frady (20:09.723)
Yep.

Bob Frady (20:15.899)
might be seeing for seeing. Yep. And then you can click on that button and learn more if you need to. So yeah, that's a yellow flag for me.

John (20:22.955)
Yep.

John (20:27.021)
Then we get into flood risk assessments. So you're not in 100 year, you're not in a 500 year, but we see some riverine flooding. Remember the name is Creek and it's near a lake, right?

Bob Frady (20:38.001)
Yeah, yeah, you're on Briar Creek Drive. You know, the only thing more telling would be to be on Water Street.

John (20:45.515)
be on Water Street and living in Briar Valley.

Bob Frady (20:49.081)
or Flood Zone Boulevard. That's really, that's the biggest giveaway, but you won't find that that often. But Briar Creek Drive.

John (20:51.35)
Yeah.

Bob Frady (20:58.333)
there is some risk of flood here. Now it's not in a 100 year flood zone nor a 500 year flood zone. But we've seen such unusual amounts of rain. You can see the flood zone is right across the street. So you wanna be cautious. It's one of those things where you don't have to get it. But if your property floods, it's not covered. And so you might wanna get it, cause it should be pretty cheap.

John (21:09.964)
Yep.

John (21:21.709)
Should be pretty cheap and if something bad happens, as we know from our friends who've not been in flood zones, we told them to go get flood insurance. They did get flooded and they always thank us for telling them to go get flood insurance. You can see this little tributary thing here down right there. That is part of the lake. So when you zoom out, which we can't do on the report, you would actually see that that's tied to the lake.

Bob Frady (21:37.21)
Yep.

John (21:51.05)
So you get a lot of water going and if Lake can't hold it, guess where it's gotta go? Through your neighbors and across the street to you.

Bob Frady (21:51.225)
Okay.

Bob Frady (21:57.628)
That's a... If you scroll up to that map again, John, you can see that that shading means it's a regulatory floodway, which means exactly what you said. When the main body of water can't handle it, they dump it over here. And if it dumps too much, it's gonna flood.

John (22:06.786)
Yep.

John (22:17.291)
Yep, they always say it's controlled and it is, but when it gets out of control, that's when you have your

Bob Frady (22:25.976)
I happen to live right next to a regulatory floodway and it gets gnarly sometimes. know, it's when water's got to go somewhere.

John (22:35.351)
Fortunately, you have the kayak so you'll be able to paddle away. All right, what do we know? We know hail and heat waves. You do get some ice storms there because it's a more temperate type of climate. Tornadoes, it's Oklahoma. Come on. know, if Dorothy not lived in Kansas, she would have lived in Oklahoma. And then winter weather, yeah, you get it.

Bob Frady (22:38.652)
If you haven't watched my house float away. Thank you.

John (23:05.931)
Rest of things, you're not gonna shake, you're not gonna have an avalanche, you're not gonna have a tsunami, you're not gonna have a wildfire, all sorts of good things not to have. On the crime side.

Bob Frady (23:15.969)
Oklahoma does have wild, Oklahoma does have wildfire risk just not at that location Yep, little crime

John (23:19.815)
Absolutely does, but not in this neighborhood. Larceny, murder, it's, know, everybody freaks out overseas, stop freaking out. The US is a relatively safe country. So C is okay. Which, hey, since we're in Oklahoma, Oklahoma is okay too. Proximity to registered sex offenders. There are three within a half a mile.

Bob Frady (23:37.615)
Yep.

John (23:49.816)
They're sort of on the other side of the lake. So you can see here is the lake. This is that piece that was coming down behind the houses right there. And then a big, big, big body of water hanging out over here. So a lot of proximity. There's what they did. We don't know what they did. It's like gotta be the most benign thing because it's not rape, sexual battery, or involving children. That's all we know.

Bob Frady (24:21.306)
That is good to know.

John (24:23.841)
Then you're not taking the bus here. Oklahoma City's not all that great for disaster resilience. It's not surprising. Lots of places aren't that great. You're not really walking anywhere. You know, you might walk around the neighborhood, but it's not like you're walking to restaurants and stuff like that. And it's very quiet. No airport noise, no rail noise, no road noise.

Bob Frady (24:41.369)
Mm-hmm.

Bob Frady (24:45.669)
Sounds like a nice place.

John (24:47.359)
It is. there it is, Lake Heffner. That's the big body of water. So lots of points of interest within Five Miles, childcare centers, public schools, the things that, you know, you're moving into a neighborhood, you've probably driven around a little bit. You may have seen a lot of these things, but you know, you might want to know where they are in relation to the house. So all is good there. Toxic exposure.

Really no radon. You got a little bit of mold risk. You got some PFAs, as we've already talked about. There's the proximity to contaminated sites. They are around. Nearest thing is an electric transmission line. If you're worried about EMFs, you can stop worrying at least at this house because it's basically a 250-foot arc they have to be concerned about and a quarter mile is greater than that.

Underground storage tanks, 1,000 feet is the limit. You're past all of that. Pipelines, should they have problems. They're all past the distance. You know, really from an overall hazard exposure, yeah, they're there, but they're all pretty far away, given the risk of the hazard.

Bob Frady (26:06.648)
Somebody's cooking up some drugs about a mile and a half away. So...

John (26:11.051)
Well, you know, they're probably all in the same neighborhood too. So, you know.

Bob Frady (26:15.874)
Yep.

Bob Frady (26:19.723)
neighborhood, they had a coffee clutch and decided to cook up some meth. you know, there it is.

John (26:26.657)
There it is. Health and safety, good fire protection, good medical response, okay, law enforcement, and that's just distance. So all is good there. And then your electrical costs, no solar panels on this roof. Your payback is gonna be, you know, a pretty long payback, 12 years. So maybe yes, maybe no.

There's the makeup and then insuring the property, you know, anywhere between a couple thousand and 10,000, depending upon who's carrying your insurance. And that's all due to having to replace the roof. So you want to get your premium down, you're probably going to have to up your deductible. And if you're in the position to do so, maybe not the worst thing to do.

You get a quote, and then we close with the timeline. There's the current listing, 3350. There's the roof condition picture, damage assessments of events, more pictures. Last time it was listed. Going back in the time, here we go. So three years ago, there was a deed change and they sold it.

They sold it at 318, so they're looking to gain about 10 % over the three years. We know that they did put on a new roof and new water heaters. I know that that equates to a 32,000 gain because I think that the market value was right at 318. So, you know, maybe they get out of the house and they've sort of lived there for free for three years. So...

Bob Frady (28:03.993)
you

John (28:25.227)
You know, all in all, Bob, what are you thinking? What's your top three?

Bob Frady (28:32.939)
So if I were looking at 9724 Briar Creek Drive in Oklahoma City, are the three things I'd be looking at. Number one, how old are the systems in the house?

We've got some indetermined ages on them that look like they're be needing to be replaced. So that's where I would focus my realtor asking, when is the last time this was fixed? When is the last time this was fixed? Have there been any issues with these systems? So number one, age and condition of the systems that haven't been improved.

Number two, I would ask around the neighborhood or ask the realtor, has this neighborhood ever flooded? Have we ever had any issues with flood in this location? During the bad storm of this year or that year, has there been anything?

bad that's happened. then number three, I would ask if there is a roof warranty on this house because it has been recently replaced and is that warranty transferable to the new owner? Generally you can do a one time if it's within five years. The reason for doing that is because it's a high hail area, chances are you're be replacing the roof again at some point and.

you know, what's gonna be the impact to your pocketbook of that. But the fourth thing I would do, 3A if you would, I would get an insurance quote before making an offer on the house because the range is so high.

Bob Frady (30:08.276)
in terms of the potential cost between $2,910,000. It's a huge range. So you want to make sure you know, is it going to be 200 bucks a month or is it going to be a thousand dollars a month or 800 bucks a month? You need to figure that out. And so that's what I would be looking at for this location. John, if you were looking at buying this house, what are the top three things that you would be looking for?

John (30:38.379)
Well, in addition to what you mentioned, the first question I have is, where's the permits? Right? This house is 46 years old. Young by our standards, but old by a lot of other people's standards.

Bob Frady (30:56.119)
They've got grudges 46 years old.

John (30:58.413)
Yeah, exactly. There are people on our still we hate them list. So, you know, when you look at it, it's like, okay, what's happened here? And how come you didn't have to pull that? So I want to know that question.

Bob Frady (31:03.991)
You

Bob Frady (31:17.847)
There is the possibility that they have pulled permits, that we just don't have them. However, since we have a permit already, chances are if there were permits we would have them.

John (31:26.495)
Yeah, we would have them. That's, that's, that's, you know, indication that at one time somebody pulled one and it's like, why haven't any been pulled since?

The second question I would have is surrounding the pool. We know at one time that pool didn't exist. We also know that there are no permits associated with that pool. So does it have special fencing? Is it an above ground pool? Is it?

you know, something that you could easily remove if you didn't want it or you sort of stuck with it. So I think that would be on my concern because pools are in the parlance of the trade an attractive nuisance. And there's a reason that they're fenced in and all the rest of this because, you know, people fall into them and such. And so you want to avoid that.

And then the third thing that I would do, and it's not anywhere mentioned here, is given that we know how many times it hailed there, which is like a ridiculously high amount, and the number of winds, I want to go check the siding. Because hail just doesn't fall only on your roof.

Bob Frady (32:48.278)
Yep.

John (32:49.023)
It is not a solo straight down event. comes in at an angle typically. And that means it's hitting the side of the house. It's hitting windows. It's hitting stills. It's hitting lots of other things. And if you had hail the size that 70 % probability that you had to replace the roof. You probably got some shingle damage and sighting damage somewhere around the house.

Now, maybe it's all brick all the way around and brick does a pretty good job of standing up to it. But if you've got aluminum or vinyl siding, you've got potential for leaks and other things that you don't want to deal with. And so I would definitely be taking a jaundice eye, so to speak, as I walked around the property looking for dents and dings and things that most people may ignore.

Bob Frady (33:47.882)
You know, it's interesting. People tell us all the time, you know, I don't want to this money on a house. frankly, the 10 % of the list price of this house is, is, is, be attributed for unexpected expenses.

That's a lot. When you're paying this much money for a house, chances are you're stretching to make it and you don't have a big pile of cash. Invest the $70 upfront to say, I'm walking in here knowing what I need to know and making sure that those questions are answered and giving myself peace of mind so that these surprise expenses don't happen. And if they do happen, they're not a surprise expense. They're an expected expense that you can budget for.

John (34:08.398)
That's a lot.

John (34:29.89)
Well, if you've got a buyer's agent, your buyer's agent should be buying this report for you. And if you're, hey, but if you're one of the 10 % that are now self-representing in a property transaction, you have to have the report.

Bob Frady (34:36.714)
Well, you know, listen, at the...

Bob Frady (34:50.346)
Yeah, you would think that your real estate agent will pull it for you. They might, they might not. A good one would, or a good one would at least say you should go get this report because of the crime data, they might not be able to use it themselves.

But if I'm an investor, you know, I'm pulling something like this. You know, I'm using research to figure out how can I get a better price for this house to make the numbers work? So it is not an expensive house as compared to coastal California, but for somebody, this is a very expensive house. Protect that investment by understanding upfront. Hey, I got to keep my eye on this stuff.

John (35:33.538)
Yep, that's all we got to say, think about this house.

Bob Frady (35:37.928)
Well, good luck to the people who buy it. It looks lovely. There's some things to be concerned about, but overall it looks lovely. And it was born in 1979, which was an excellent year. I think I was in eighth grade that year. Is that right? No way. I was in high school that year.

John (35:53.518)
8th grade, you were 17 in 8th grade. Actually, that is probably right for you.

Bob Frady (35:57.045)
was in high school. I think was the math, John. So yeah, was in high school that year. maybe it wasn't such a year.

John (36:04.75)
Yeah, you were going to graduate the next year as a senior. You were a junior.

Bob Frady (36:09.917)
Yeah. All right. So listen, if you're buying a property, do yourself a favor before you make an offer, understand what you're walking into and get a property lens report. yeah. And click the subscribe button as well. So for this week's episode of property of the week from property lens, I'm Bob Freede.

John (36:30.516)
I'm John Sigman.

Bob Frady (36:32.309)
We'll see you next time.