Get more deals like this post: Sign up for our exclusive Daily Deal of the Day Publication so you can receive a notification as soon as a fresh deal is published.
Update: This property just sold since the recording was made.
This is Real Estate IQ’s Deal of the Day. And today we found a fantastic deal for you in the Austin and San Antonio market.
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 great potential fix and flip opportunity brought to us by the MLS Deal Finder System. The subject property address is 1806 Parkwood Drive and this is in Leander in the 78641 zip code. And this property is listed at $124,000 and it's got an after repair value of $256,000 so that makes for about a 52% discount off of the market value or a gross discount of $132,000.
This property hit the markets June 8, but it was originally listed at $200,000, has gone through a price reduction down to $124,000. And the stats on this property, it is a 3-bedroom, 3-bathroom, 2-car garage, two-story residential property built in 1986. It is sized at 1905 square feet. And what's notable about this property here, there are no photos, unfortunately. But there's a pretty good description here.
The home has gone through some fire damage in the garage and the bedroom above the garage. There's no insurance money available to combine with the sell. And there are no official estimates on the repairs. They're saying up to $75,000. Unfortunately, since there are no photos, we can't really assess that. But at least we can look at the comparable sales in the area to validate these other numbers and to get an idea of the level finish on the interior and the comparable properties. So let's take a quick look at the map. And you can see zooming out here, our subject property right at the center, and we are in Leander. Zooming out, we could see we are off of Highway 183, to the northwest of the Austin City center. And zooming back in once again, our subject property here in the center and the 3 comparable properties that were pulled up in the same neighborhood and likely in the same subdivision, which we will see in a moment. But here we can drop into Street View and see our subject property and the neighborhood. And can't quite tell from this photo if these are boarded up windows or just wood-like blinds on the interior. But in any case, we can get a good idea of the neighborhood and the surrounding areas of these. Again, our home's built in the late 1980s. And scrolling further on down, we can see the numbers and the stats on the deal. So here's our subject property on the first column and then 3 comparable properties. And this info has been pulled off of the MLS and these are sold, recently sold properties. You can see most of them are in the same subdivision and Mason Creek. And you can see the list price, the sold price, things like the bedrooms and bathrooms. But what's very notable here is that our price per square foot for the subject property, $65, and pretty much would double that on average for the comparable properties here. Look at the photos of the comparable properties. And here you can see the condition of comparables here.
Kitchen, nothing too significant here. It looks like original builder-level finish cabinets and countertops. The bathrooms appear possibly, probably have been redone, at least in the tiling and flooring and the walk-in shower here.
Looking at the other comparables they are of similar finish here. Builder-level
Finish. And yes, definitely, with the third comparable here as well, builder level finish. And again, unfortunately, there are no photos for the subject property. So that does mean due diligence on site is definitely necessary to assess that the level of that damage, but there is a significant discount on this property. And according to the remarks all offers are being considered. So I hope you've enjoyed this video for today. Please stay tuned for more.
I want to invite you to my weekly Real Estate Talk, every Monday and Wednesday at 6 PM. This is an online event so you can join anywhere. But every Monday and Wednesday at 6 PM, I would invite a successful Real Estate entrepreneur to join us and we will interview them and they're gonna share with us their entrepreneurial journey, and you know what they think is what made them successful. I think you will find a lot of really cool stories there, and more stories you know as entrepreneurs we always want to learn from other people what their experiences have been. It's gonna help us be a lot smarter. We'll also talk about anything in real estate. For example, we do real estate deals market update, to kind of talk about a general market real estate market in general and you know where the deals are coming from and all that good stuff. So a very interesting Real Estate Talk. Make sure you join us!
DISCLAIMER: INVEST AT YOUR OWN RISK. DEAL FINDER LLC DISCLAIMS ALL RESPONSIBILITY FOR ANY LOSS, INJURY, CLAIM, LIABILITY, OR DAMAGE OF ANY KIND RESULTING FROM THIS BLOG SITE; DEAL FINDER LLC SHALL NOT BE LIABLE FOR ANY SPECIAL, DIRECT, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES) IN ANY WAY.