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List Price: $ 230,000
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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 you our audience, thank you for tuning into the Real Estate IQ Deal of the Day. Today we are in the Austin market looking at a property brought to us by the MLS DEAL FINDER system that makes for a potential fix and flip opportunity. The subject property address is 1602 Webberville Road in 78721. Property just hit the market end of last week. It is listed at 230,000 with an estimated after repair value of 347,000, making for a $117,000 gross discount or about 34% off of market value. So the subject property is a 3-bedroom, single bathroom, a single story, a single family home built in 1963. It is 960 square feet. So that price is it just at $240 per square foot. And it is located in the Oak Lawn Section 2 Subdivision. And as you can see here, we've pulled up some comparables in the neighborhood and selected 3 more recent comparables and ones that are in the same subdivision. You'll notice one here that is in the Oak Lawn Subdivision, that we did not include because this was a, non-updated property. Whereas you'll see these other 3 that we've selected, you'll see later on they are rehabbed properties. So one thing to note, you can see the average dollar per square foot for these rehab properties is at least at 335 closer to the mid to high, $300 a dollar per square foot range. So taking look at the map, let's see where we're, where we are.
We are in East Austin just off of East MLK, in the East MLK subdivision or neighborhood, excuse me. And where that is in relation to Austin is just a couple miles east of the downtown core, right in between 183 and 35. Zooming in, we can get a better sense of the neighborhood. You can see our subject property here right off of Webberville and the comparable properties are close by in the same subdivision or very nearby. And dropping into street view, you can see our subject property right here, the gated one right here with the large church trees, and the surrounding properties.
So one thing to note though here, is that just going back to the satellite view, our subject property is right off of Webberville whereas the other properties are further in to the subdivision. So it's definitely a good idea as part of the due diligence process is just to see perhaps the average sold prices, or the, perhaps the tax appraised values for these properties that are further in the subdivision compared to those that are just along Webberville. Just to see if there are any notable differences, in terms of the, the appraised values or the average sold prices. But now taking a look at the photos we can get a better sense of the interior and what kind of work would be necessary for the rehab. So here you can see our subject property and a couple of interior shots here. Overall it looks to be fairly well kept, in good condition. However, just lacking some updates. Although it does look like there is, some hardwoods or hardwood-like flooring already in the kitchen, and carpet in the bedrooms. No pictures of the bathrooms, but of course we can take a look at all the comparable properties and obviously see that they have been modernized and updated in all regards across the board. So these are definitely good examples of recent fix and flip properties in the area. So, and 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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