• Real Estate Deal of the Day June 07, 2019

    Real Estate Deal of the Day June 07, 2019

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    Update: This property just sold since the recording was made.

    MLS Deal Property

    217 Stafford Street, San Antonio, Tx 78208

    List Price: $157,000
    Bed/Bath/Pool/Stories: 4/2.0/0/1

    MLS Deal Finder Estimated Value:                          $254,966
    MLS Deal Finder Estimated Discount:                      $97,965
    MLS Deal Finder Estimated Discount%:                   38.42%

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    Real Estate Deal of the Day June 07, 2019

    [Video Transcription]

    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 San Antonio market, looking at a great potential fix and flip opportunity brought to us by the MLS Deal Finder System.

    The subject property address is 217 Stafford Street, in the 78208 zip code. This property actually, was listed way back in January. But it's still not sold, then it has just been gone under a price reduction of just about 5%. It is now listed at $157,000 originally listed at $165,000. It has an after repair value estimate of about $255,000 so that's about a 38% gross discount or $97,000 off of the market value. So the subject property is a 4-bedroom, 2-bath. It is a single story, single-family home built in the 1920s and it is sized at 1443 square feet. Let's take a quick look here at the location on the map. Here's our subject property in the Government Hill neighborhood subdivision, just off of I35. East of 281 so it is just northeast, not too far from the city center.

    So here is our subject property. And the comparables 1, 2 and 3 have been pulled up and selected. And you can take a look here by zooming in and dropping into Street View. We can see the front and neighboring property of our subject property here. You see, and at least some newly renovated and some very old homes in this area. And looking at the statistics here, our subject property is priced at $108 per square foot. Again, you can see we are all in the Government Hills Subdivision here for our comps. These are sold comps that have been pulled off of the MLS. You can see all in the same school district. Our subject property has 4 bedrooms, 2 bathrooms, so it's different from the comparable properties. We will take a look at the details in a moment to see the information about that. Lot size, all about the same. And let's see, year built around the early 1920s.

    And so what we can do now is take a look at the photos. Here's our subject property. And it looks pretty rough. But what you can see here looks to be some of the work has been done already. New windows. Looks like plumbing has been recently redone. Let's see, what else, essentially an empty slate. Of course, a blank slate with a bit more work needed to be done. Some flooring, looks like there was some recent HVAC work as well. So it could very well be something that an investor had worked on already and done some of the major items already. But let's take a quick look at the comparable properties here. Yep. You can see these were all fixed up recently.

    Been updated, very recently. That gives you a general sense of the finishing needed. This one, you can still see kind of the ship left type siding on the interior, which there's some of that here in subject property. Let's take a quick look at the details and see if there's any further information here. Yep, it's being marketed to investors. Okay. Yeah. So there's new windows plumbing, electrical, HVAC ducting. Looks like some foundation work has already been done. And originally the home was a 3-bedroom, one-bath and there's room added. Room addition for the master bedroom and master bathroom. Hence, the second bathroom there. So comps on the listing between $230 and $280 so our estimate here based on those 3 comps puts it right in that range, $254. All right, so that includes the deal of the day video for today. I hope you enjoyed this video, 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 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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