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List Price: $ 275,000
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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 market looking at a potential fix and flip opportunity brought to us by the MLS Deal Finder System.
The subject property address is 6203 Middleham Place in the 78745 zip code. This property just hit the market earlier last week. It's been on the market for just a little less than a week, and it is listed at 275, with an estimated after repair value of 383. And that makes for an estimated gross discount of about $108,000 or about 28% off of market value. The subject property is a 4-bedroom, 3-bathroom, single family home, built in 1971. It is 2140 square feet. As you can see here, we've pulled up comparable properties all in close, in a close vicinity
You'll note that one of, only one of these is in a similar subdivision. And we'll take a look at the map and discuss some of the considerations there. But most importantly, all the homes are built around the same time frame with the same approximate layout and square footage.
So taking a look at the map here, we can see where our subject property is and where the comparable properties are. As you can see our subject property is right here in the center. Zooming out, you can see we are in South Austin, off of I-35 and south of 290. Zooming back in you can see that one of the comparables is on the other side of South 1st. So on the other side of a major street here so that needs to be looked at a bit more carefully to see whether or not this is a good comparable. We do have one comparable here, comparable number 1, which is very close by our subject property. So that is a good comparable in terms of the location. So what we can do, though, just to verify what our subject property and the comparable properties look like, we can drop into Street View and take a look at the overall neighborhood. And of course, match it against the neighborhood of our comparable properties as well. So here you can see our subject property right here, and the surrounding area. And again, the same process can be followed to analyze the neighborhood and the overall look and feel of the other comparables from the outside.
Concerning the interior, we can take a look at the photos and as you can see our subject property has a full range of photos, despite the remarks here claiming that the home is being sold as is. There appears to be no visual, at least from the photos here, no visual indication of any deficiencies, obviously. Further due diligence needs to be done and does look like the listing agent does have an inspection report available, for review. But we can take a look at the comparable property, especially the one in close vicinity, which is comparable number 1. You can see that overall the amount of work that appears at least on the surface that needs to be done is not too significant, maybe some updates on the countertops in the kitchen, and maybe repainting, resurfacing of the cabinets, in order to bring it into a comparable states, to the sold comparables here. So that concludes the deal of the day video for today. I hope you enjoyed this video, please stay tuned for more.
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