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List Price: $ 150,000
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Good morning Austin & San Antonio! This is Steve Liang and Joseph Sun de la Cruz with Real Estate IQ. And we found a really good real estate deal of the day in the Austin, San Antonio area and we want to share this with you.
Thank you, Steve. And to your audience, thank you for tuning into the Real Estate IQ deal of the day. Today we are in the San Antonio market looking at a potential fix and flip opportunity brought to us by the MLS DEAL FINDER system. The subject property address is 2606 Belvoir Drive in 78230. This property was listed, just about a week ago. It was listed for 150,000. It's got an estimated after repair value of 236,000 or that makes for a estimated gross discount of $86,000 or about 37% off of market value. Now the subject property is a 3 bedroom, 2 bathroom, single story property built in 2000, or excuse me in 1960. And it is 2006 square feet. So that price is set at just under $75 per square foot. It is in the Colonial hills subdivision and we'll see exactly on the map where that is in a moment. As you can see here, we've pulled up all the sold comparables from the MLS. All the other comparables 1 to 5, which have been automatically selected by MLS Deal Finder are in the same subdivision, that's Colonial Hills. And you can see right away there's a, a much higher dollar per square foot sold price, say for one of these properties. And we'll see that in a moment here, why that is. So let's take a look at the map to see where we are geographically.
And as you can see, our subject property is right in the center here and surrounded by the 4 comparable properties here . And if zoom out, we can see that we are located just, off of I10 and 410, the northwest part of San Antonio. And zooming in, we can also drop into street view just to get an idea of the overall look and feel of the neighborhood. Sorry. So you're right here. Nice corner lot there. And taking a look at the photos, we can get an idea of the condition of the interior and the interiors of the subject properties as well. So unfortunately for this property there were no photos of the interior, which probably indicates that there's nothing, nothing really too notable about the interior from a, from a buyer's, a consumer perspective, which obviously means that it needs work on the interior. Original wood floors, my guess is it's just severely lacking updates. Obviously that needs to be determined by going on sites and doing an inspection. Bur at least we can take a look at the comparable properties here. You can see that just looking at the icons, it looks like most of these are fix and flip homes. You can see here the telltale sign of the red door at the front. With the exception of this home here, this was the one that was priced at a similar dollar per square foot range.
And as you can see, the interior has not been updated. So I'm going to remove this from the comparable analysis and recalculate the CMA and we'll see what impact that has on the estimated price, we'll be going a little bit higher. So there it is the estimated after repair value. Now looking only at the homes that have been, obviously fix and flips or rehabbed and updated. It's now 262,000. So that makes for about 43% of market value. So that makes it a little bit more doable from a fix and flip scenario, obviously, that all hinges on the condition of the interior, which would need to be verified on site. Anyway, that concludes the deal of the day 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 the 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.
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