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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. Subject property address is 205 Elmo Avenue and this property was listed just yesterday at $85,000 with an after repair value of about $157,000. So that's about $72,000 off of the market value or 46% of a discount. So the subject property is a 3-bed, one bath, single story property, built in 1947. It is a 1472 square foot property, so that's pricing it at $57 per square feet.
Here we have pulled up 2 sold comparables. This is MLS data, and these are comparable in the sense that they're within about a quarter mile radius. They've been sold within the last 200 days or so. And all have a similar year built, although one of these is a 3-bed, 2-bath.
And as you can see, actually, comparable property number 1 is in the same subdivision, that's Palm Heights. And comparable property 2 is in the different subdivision in Brookshire. But that's not the main reason why it's not included in the comparable analysis here. The reason it's not included is that, this is a home that requires repairs, significant amounts of repairs and that's why it's priced at $72 per square feet. So we've not included this property comparable number 2 in the analysis. So it doesn't pull down the actual after repair value.
So taking a look at the map, we are in the 78225 zip code. Our subject property is located right here in the center. And the comparable property that we've selected, number 1. And then the second property, which we deselected. So, this area is located on Highway 90 and 371 or 90 and west of I 35. So that is southwest of the San Antonio downtown core. And what we can do is zoom into
the map and drop into Street View, just to get an idea of what the neighborhood for this property, for the subject property looks like.
So here you can see the subject property and the overall condition of the surrounding homes and neighborhood, which looks to be very well kept, a lot of pride of ownership. And one thing to note, it looks like the comparable properties are on the other side of this street here, West Malone. So even though they're in the same subdivision we definitely recommend, as part of the due diligence process is to make sure that this comparable property, and especially, then the neighborhood and this particular side of the subdivision looks comparable, at least from the exterior to our subject property.
But we are going to move on to the photos of the interior of the property to help us get a sense of what needs to be done on the repair side. Unfortunately, the subject property has no interior photos. We can look at the remarks, which state that it has been a rental for many years. So the interior probably needs some cleaning at bare, bare minimum, paints, carpet and flooring. But given the steep discount, it does seem like there is something else, requiring some attention, which is not obvious immediately by looking at the photos. But we can look at the comparable property here and you can definitely see it looks like a recent fix and flip, with the light gray walls, hardwood flooring, and well-maintained landscape. That gives you at least a general sense of the amount of work that is the standard to which this property needs to be brought up to, in order to be considered a good comparable. Obviously, further due diligence is necessary on site, since there are no photos and no description of the major items that need repair.
But in any case, 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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