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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 metro area, specifically in the Taylor Texas area, looking at a potential fix and flip opportunity brought to us by the MLS DEAL FINDER system. The subject properly address is 3006 Bull RUN, again in Taylor. That's in the 76574 zip code. The property hit the market a couple of days after New Year. It's listed at 139,9 with an estimated after repair value of 177,5. So that makes for an estimated gross discount of $37,000 or about 21% off of market value. So this is actually potentially, also a good rental. But as we will see there is a bit of motivation here that might make this a good fix and flip opportunity if, if the price can be negotiated. So the subject property is a 3-bedroom, 2-bathroom, single story property. Built in 1984, sitting on 1,363 square feet, in terms of the size of the house. And it is in the vicinity where we have 4 comparable properties close by. One just down the street and the others within a quarter mile to half mile range. Now, this is a bit further.
These comparables being close to 0.5 miles are a bit further out which typically we tried to stay a lot closer to our subject property. But this might be OK in Taylor. As to get a better idea of that, we can look at the map view. And here you can see our subject property and the comparable properties that we've pulled up. Now again as part of the due diligence process, I probably should be investigating whether or not properties 3 and 4 make for good comparables since they are on the other side of this major road here, Mallard Lane. And of course just to zoom out, to give you an idea of where we are in Taylor, with respect to the Austin metro area, here's the Austin metro and Taylor further northeast. East of Hutto Texas as well. So what we can do is drop into Street View to see the overall condition of this subject property and the neighborhood. Here's our subject property, and the neighborhood. And let's take a look at the photos of the interior to get an idea of what needs to be done to rehab this property. So as you can see the subject property is actually kind of dated on the interior, alder cabinets, kitchen. It's well, needing some updates, but in general, it looks like it's well-maintained, just lacking updates. And as you can see many of the comparables do look like they have been recently updated in terms of the interior. Now the one thing stated about this property is that there is some slab work necessary on the foundation. Of course, based on the due diligence this may or may not be a large, large amount of work. Of course, that needs to be inspected in person. But that definitely factors into the price of the property and might be another leverage, leveraging point for negotiation. So that concludes this deal of the day for today. I hope you've enjoyed this video. Please stay tuned for more.
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