• Real Estate Deal of the Day January 11, 2019

    Real Estate Deal of the Day January 11, 2019

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    MLS Deal Property

    6827 Agua Calientes, San Antonio, Tx 782391

    List Price: $ 80,000
    Bed/Bath/Pool/Stories: 4/2.0/N/1

    MLS Deal Finder Estimated Value:                             $136,954
    MLS Deal Finder Estimated Discount:                        $56,954
    MLS Deal Finder Estimated Discount%:                   41.59

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    Real Estate Deal of the Day January 11, 2019

    [Video Transcription]

    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 property brought to us by the MLS DEAL FINDER system that makes for a great fix and flip opportunity, or a buy and hold opportunity. The subject property address is 6827 Agua Calientes in the 78239 zip code. Now the property just hit the market today, listed at $80,000 with an estimated half to repair value of 131,000. That makes for a $51,000 growth estimated discount or 39% off of market value. So I pulled up the subject property here and comparable properties which were sold on the MLS recently. Most of which were in the same Camelot subdivision. You can see our subject property is a 4-bedroom, 2-bathroom, single story property built in 1979 and it's 1355 square feet. So its price just under $60 per square feet. Now the subject of properties comparables are in the high 90s low 100s, with one outlier here at $86 per square foot. But it's important to note that the property here which is the outlier is in a different school district. And also just looking into the remarks and also the year built, this one was the oldest out of all the comparables and seems to have had the least amount of updates relative to all the other comparables.

    So really this $86 per square foot is kind of pulling down the estimated after repair value and what we can do is deselect this again. If this is in line with the additional due diligence that you would do. Looking at the photos for example, and the location and other details. And if that's what is decided that this indeed is not a good comparable we can dislike that property, recalculate the CMA and see that the estimated price is brought a little bit higher with that by not including that one comparable. But again just to stress, I just want to make it clear that, that was a quick decision made here on the spot but further due diligence should be done to see if that indeed was a good judgment call. Part of that process is to look at the map and understand where the subject property is, and where the comparable properties are located. So here we can see the subject property right at the center here. And zooming out we are in the northeast part of San Antonio. Zooming in, we can see our subject properties comparables that we've selected 1, 2 and 8 are all fairly close by, not separated by any major landmarks or roads. So that's a good sign. And what we can do is zoom in and drop into street view just to see the overall neighborhood style and feel. So here's our subject property and the comparable neighborhood properties. Looks to be a fairly well-maintained neighborhood with overall pride of ownership, which is a good sign. We can now take a look at the photos of the interior to get a better sense of the condition of the inside.

    Here's our subject property, actually not too bad on the inside. Just looks like some tile work. Some minor tile work, some odd coloring schemes for the kitchen cabinets, probably can be repainted. Looks like tile all around for the most part. I do believe we have here a bathroom that requires some finishing in terms of the the wall, the flooring, but other than that looks to be an overall decent shape. So again we can look at the comparable properties here and get a sense of the amount of updates that they've had and actually, not too much. They all look fairly dated in terms of the interior, so it looks like there won't be too much work necessary to get this property, the subject property, up to the level the comparable homes. Okay, so this third comparable does have the most updates. And this is the one that had the highest dollar per square foot. So we've kind of got 2, 2 good datasets we could aim for the high, high $90 per square foot or the low 100s dollar per square foot. We have some comparables to support both cases. So that definitely gives you some options to consider when deciding the level of the rehab that would go into this property. For the rental aspect, the buy and hold aspect, e do have the least comparables as well. And based on the lease comps from the MLS we're estimating an estimated monthly lease of just under $1200 a month. So that concludes the deal of the day video for today. I hope you enjoyed this video and 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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