• Real Estate Deal of the Day August 16, 2019

    Real Estate Deal of the Day August 16, 2019

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    Update: This property just sold since the recording was made.

    MLS Deal Property

    1002 Kent St, Taylor, Texas 76574

    List Price: $125,000
    Bed/Bath/Pool/Stories: 3/2.0/0/1

    MLS Deal Finder Estimated Value:                          $194,724
    MLS Deal Finder Estimated Discount:                      $69,724
    MLS Deal Finder Estimated Discount%:                   35.81%

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    Map View

    Photo View

    Real Estate Deal of the Day August 16, 2019

    [Video Transcription]

    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 your audience. Thank you for tuning into the real estate IQ deal of the date today we are in the Austin metro area. Or specifically in the city of Taylor Texas looking at a great potential fix and flip opportunity or by the world opportunity brought to us by the MLS deal finder system. Subject property address is 1002 Kent street again in Taylor that's in the 76574 zip code as property has been on the market for about 18 days now. But it has recently done under priced production, it's originally listed at 135,000 but it's now reduced to $129,000 and the estimated after repair value is about $194,000 so that makes for a $65,000 gross discount or around 34% off market value. 

     

    So the subject property is a three bed, two bath single family residential, home built in 1954 and it is 1600 square feet. Looking at the map here you can see our subject property right here, the center and zooming out once again you can see where Taylor is with respect to the Austin area right here. So, it is north east of the Austin area so directly east of round rocket rock off of highway 79. Zooming in here you can see the subject property and this 4 comparable properties that were selected all in the same subdivision. What we can do is also zoom right in to our subject property, which is a corner lot and drop a drop into Street View here just to get an idea of the neighborhood and surrounding area. And here is our subject property. So let's take a quick look at the statistics for all the comparable properties. So this is once again pulled off the MLS

     

    So our subject property on the first column here and the three comparable properties that we've pulled up all in the same subdivision in the same School District. And you can see right away, there's a big gap in the average or in the price per square foot of our subject property $79 versus the average or our comparable properties all hundred, $115 per square foot. And you can see the comps in terms of your built, construction, bedrooms, bathroom and square footage are all quite similar.

     

    One thing to note, there are some remarks here for other comparables but there's not much information here for subject property. So for that, let's take a look at the photos, see if they can tell a reason for the lower pricing. So here's our subject property looks like hardwood flooring and here you can see the kitchen is definitely outdated looks like original appliances and wood, wood paneled, walls. So, but we can't really tell what other major items need to be fixed in terms of roof composition, track, and all that. So that will be necessary to do an onsite due diligence of further due diligence and speaking with the seller seller's agent and but at the very least we can take a look at the comparable properties.

    I believe number two was highlighted as one that was recently fixed or renovated and you can see based on the photos and the paint and color scheme definitely gives it away. The new silver are stainless steel appliances also signs of a recent renovation. And that seems to be fairly consistent with the other comps as well. So that gives you a general sense of what needs to be done for this property at the very least updates to the kitchen, bathroom paints and as far as the other major items, again that require some further due diligence. So that concludes the deal of the day video for today. I hope you enjoyed this video, please stay tuned for more.

    So if you want to learn more about what a good real estate deal looks like, make sure you come to our monthly training. Every month we are throwing several events in each metropolitan area near you. Make sure you follow the link below to register. Basically what we do at the event is that you know, we will show you how to analyze deals and how to find deals and most importantly what's really cool is that we use the system to find a good real estate investment deals that you can bring home and do more homework on. And so make sure you come to these deal finding training. It's gonna be a really good educational event for you. Also, there are all kinds of networking opportunity at the events as well. So we look forward to seeing you there.

    If you want to learn how to analyze deals just like us. Make sure you check out this webinar on how to run comps. The link is below. We'll also introduce to you this new tool called Fast CMA which is a high-end professional comps tool that allows you to pull comps and analyze comps just like the experts. Make sure you check it out.

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