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Update: This property just sold since the recording was made.
List Price: $84,000
*Based on the following CMA: ARV- Distance
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This is Real Estate IQ’s Deal of the Day. And today we found a fantastic deal for you in the Austin and San Antonio market.
Thank you, Steve. And to you our audience. Thank you for tuning in to the Real Estate IQ Deal of the Day. Today we are in the San Antonio market looking at a great potential fix and flip opportunity brought to us by the MLS Deal Finder System. The subject property address is 4938 Lark Avenue in the 78228 zip code. This property just hit the markets, or rather, it has just recently gone under a price reduction. It's been listed since January of this year, but only recently has gone to a price reduction. It was originally listed at $85,000. It is now listed at $84,000. So although it's not a big drop, there is some signs of some motivation and softening from the seller side here. The estimated after repair value is $140,000 so that's approximately 40% off of the market value for a gross discount of $56,000.
So the subject property is 4-bed, 2-bath and I'm here, pulling up the, we pulled up comps here in FastCMA. But before we look at them, let's take a look at the map. Here is our subject property, located here at the yellow star in the center. And zooming out, you can see we are located in the West part of San Antonio, just south of Highway 410 and west of highway 10. So zooming in here, we're right off of Lark Avenue and the 2 comparable properties located nearby as well. So what we can do here is drop into Street View, for us to get an idea of what the property and the neighborhood look like. Here's our subject property and the surrounding properties. It looks like there's a decent mix of properties that have been recently updated and well maintained, and some older properties.
They just look like they need a bit of TLC, including our subject property as well. You can see the window AC units. The accessibility ramp here. And so looking at the comparable properties, we can see that we are all in the same subdivision that's Magnolia Fig Gardens.
And our price per square foot for the 2 comparable properties, $81 and $95 as opposed to our subject property, which is a $52 per square foot property. They were all built in the late 1970s, and they've all got 2 bathrooms. Our subject property has 4 bedrooms and the same with one of the other sold comparables. Same lot size and same construction type. So let's take a look at the photos. So here you can see our subject property. It was described as a fixer-upper needing some work. So we can see from the photos here definitely, on the flooring, the drywall, and the roof or excuse me, the ceiling. Here we can also take a look at the comparable properties which actually don't look to be much more updated there. Looks like recent changes in the kitchen, but laminates countertops. Nothing too fancy in terms of the finish. So that definitely gives you an idea of the overall finish level of the neighborhood. So it might not take too much to repair the property. This is the second comparable here. It looks a bit higher end in the rehab.
But nothing too crazy. So going back to the property's descriptions, we can see the public remark. Remark here is that it is a fixer-upper home. Right location. So not too much detail there, but definitely interesting that it's been listed for quite some time and only recently now has the seller decided to drop the price a little bit. So that's a bit of a sign of motivation, possibly an opportunity to go in there and negotiate an even better deal. So that concludes the deal of the day video for today. I hope you enjoyed this video, please stay tuned for more.
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