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List Price: $ 145,000
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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 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 312 Quitman street in the 78208 zip code. And it's currently listed at 145,000 but was originally listed a couple of weeks ago at $190,000. So it's gone through a significant price reduction over a short period of time. The estimated after repair value is 240,000, so that makes for $95,000 gross discount or about 40% off of the market value. So we are in the Government Hill Subdivision and we've pulled up these sold comparables from the MLS here and we've picked for properties that are close by and our own same subdivision again and they'll have a similar year built and square footage.
So our subject property is a, 1930s home, with 2 bedrooms and 2 bathrooms. It's 1,270 square feet, so that price is just at $114 per square foot. And you can see our comparable properties here are all priced much closer to $200 per square feet. We've got one that's a bit lower, um, but we'll take a look later at the photos to see if that gives us a better sense of the reason why they're priced a little differently. Obviously our subject property, based on the remarks, it's an investor as-is property or it's being sold to investors. So we can definitely anticipate that there's gonna be some amount of work necessary on the interior which we will verify in just a moment. But looking at the map, we can get an idea of where we are in the city of San Antonio.
As you can see, we are just off I35 to the south and located in the northeast part outside of the San Antonio core. And our subject property is located right here in the center with all the comparables except for one of them being on the other side of 35. Naturally, that property was not included in the analysis, so dropping into street view, we can get a better idea of the look and feel of the neighborhood. So here is the neighborhood, subject property is actually on the other side of this house right here. Interesting, seeing some scaffolding here on this photo. This was not sure when this one was taken, but it looks like over time there has been some work on this property, but to tell to get a better sense of the condition of interior, let's take a look at the photos of the interior and as you can see our subject property, immediately we can see that it does need quite a bit of work. You can see the bare walls here, and some subflooring, missing base cabinets in the restroom. And I can't tell if that's flooring, what kind of flooring that is, but I'm all in all definitely looks like quite a bit of work is necessary. Obviously, from the pictures, we can't tell what condition they foundation or roof or any of the other major items are in. But at least we can get an idea of the comparable properties as well in terms of the finish level. So these are all very recently updated homes. So obviously being onsite and doing the due diligence is necessary, and given just the photos were looking at, it does look like there's some work necessary and of course you need to factor that into the, to the offer that you make if you're interested in this property. But the one thing we have uncovered is that there is some level of motivation here due to the dramatic list price dropping over just a couple of weeks. Anyway, 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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