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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 your audience, thank you for tuning in the Real Estate IQ deal of the day. Today we are in the greater Austin area, specifically in Wimberley Texas, looking at a great potential fix and flip or buy and hold opportunity brought to us by the MLS Deal Finder system. The subject property address is 11 Logans Run, in 78676. And this property was originally listed back in October, I believe, but has been sitting on the market for a while and it's gone through a price reduction.
It is now listed at 79,900. The original list price was 99,900 and the estimated after repair value is $128,000 so that makes for about a $48,000 gross discount or about 38% off market value. So this subject property is a two-bed, two-bath, appears to be a townhouse, sized at 1123 square feet. So it's priced at about $71 per square foot. And it was built in 1980 and here you can see we have pulled up a sold comparable right in the same subdivision, similar layout townhouse which sold for 128,000. That's the sole comparable in this area, but it is the exact same subdivision. So that's a good data point here. In terms of the buy and hold scenario, we are estimating monthly lease of about $1,076. We do have leased comparables here, which I will show very briefly. And as you'll see the leased comparables, one is in the same subdivision. The same similar unit and one is in a nearby subdivision. Going back to the map, though, we can get an idea of where we are in Wimberley specifically. And of course, where Wimberley is located in relation to Austin.
So here's our subject property right in the center and the comparable sold property. Zooming out, you can see when really is directly west of Kyle and south of Dripping Springs and makes it southwest of the Austin area. And zooming in, we can drop into Street View, to get in, to get a better idea of the style and the overall shape of the neighborhood. There is our subjects’ comparable property and our subject property is right here. So, it is a corner unit. It only shares with one common wall with the adjoining units. And taking a look at the photos of the interior, we can get a sense of what it will take for a fix and flip scenario. So here is the comparable sold property. Well-kept but definitely older in terms of the updates and appliances and the overall style.
And our subject property doesn't have many photos. But from what we can tell it seems to be in decent, decent shape. The remarks do say that it needs some repairs and TLC. There's no photo of the bathrooms so that's probably where most of the repairs are needed, bathroom and kitchen. And it looks like these sold versus the rental case are probably kind of similar in terms of the amount of repairs. So that should give a general sense of the amount of work that's necessary whether or not the HOA, or if there is an HOA topper, the roof, and other items. That's something that needs to be done as part of the due diligence process. So I hope you've enjoyed this video, please stay tuned for more.
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