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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 in to the Real Estate IQ deal of the day. Today we are in the San Antonio market looking at a great fix and flip opportunity brought to us by the MLS DEAL FINDER system. The subject property address is 212 Baylor West in the 78204 zip code. Now, this property was originally listed back in Thanksgiving of last year and has gone through a price reduction. It is now listed at just under $100,000, at 99,7 with an estimated after repair value of almost $200,000. That makes for $99,000 gross discount off of market value, or 50% off.
So the subject property is a 4-bedroom, 2-bathroom, single story property. Built in 1930, and sized at 1361 square feet. So that makes for $73 per square foot value. And as you can see, we have pulled up the sold comparables off the MLS. We’ve got 3 pretty solid looking comparables here, within a quarter mile radius. One of them within the same subdivision, all built in the same time frame. And as you can see, the dollar per square foot for these properties is double that of the subject property. And just looking at the thumbnails, we can see that these are, may look to be like investor fix and flips as well. But before we get into the interior photos let’s take a look at the map. So our subject property is located right here in the center and we are at the intersection of I-10 and 35, just not too far from the downtown San Antonio core. And one thing to note, the comparable properties are actually on opposites sides of either interstate here for comparable no. 2 or on the other side of the creek here for comparable no. 3. So even though they’re close together, there might be some differences in home values for comparables 2 and 3. So as part of the due diligence process, as a very basic step, what you can do is drop into Street View and just get a visual, just look at the neighborhood to see if there are any differences. So this is our subject property right here. And definitely, as you can tell, it needs a lot of work. That’s a huge discount, but it kinda sticks out compared to all the other houses in the neighborhood. Just often what we are looking for as investors. And of course, what we can do is repeat the same process for the other comparable properties as part of your due diligence, which I will not go into right now. Rather, let’s take a look at photos here, to see what we can gain from the interior. So not surprisingly, the subject property has no interior photos. We can see there some boarded up windows, roofing work as well as a lot of landscaping for the rather large looking backyard. So we can pretty much assume that there’s a lot of work that needs to be done to this property hence the large discount. And let’s see if the remarks offer any other details. And so definitely due diligence on site is necessary to get an idea on what exactly on the interior needs to be done if there’s any foundation issues. But we could pretty much assume that new flooring, new fixtures everywhere, definitely paint, and roofing as well. But to get an idea of the comparable properties we can look to the photos here and these definitely do indicate what used to be like investor fix and flips. So that gives us a general sense of the amount of work that we need to go into the property. But of course, due diligence by looking at the interior of the subject property is necessary. So I hope you’ve enjoyed this video. That concludes our deal of the day for today and please stay tuned for more.
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