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Update: This property just sold since the recording was made.
List Price: $74,995
*Based on the following CMA Criteria:
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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 in to 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 419 Stratford Court in the 78223 zip code. This property is listed for 74,900 but it's got an after repair value estimate of 128,000. So this was a home listed earlier this week on Sunday, I believe. It was built in 1950 and it is a 2-story, 2-bed, 2-bath property, built or sized at around 1350 square feet.
So taking a look at the map here you can see our subject property here which backs up to this street, east, south, East Southcross, but it is on Stratford court. Zooming out, you can see that we are just off of 281 here, which is the South East part of San Antonio. But zooming back in, what you can see here, all these pins correspond to sold comps on the MLS but we've picked out the most recent ones, based on distance, recency, and similarity to our subject property. But what we can do here is drop quickly into Street View, to get a view of the subject property. So right here. It is listed as a two-story property, but it looks like a single story. Perhaps it's a, its attic was converted. So we'll take a look at the photos in a little bit. But here is the overall neighborhood.
So looking at the stats on the property here we've pulled up our comps, our sold comps again. And the first column here is our subject property and we've pulled up several comparables here, 4 comparables, 2 out of the 4, which are in the same subdivision of Hot Wells. The average year built is also around the 1950s and you can see the price per square foot discrepancy. Our subject property is priced pretty much half of any of the other homes. So let's take a quick look at the photos. Here's our subject property exterior seems OK. Interior needs a lot of work, it's down to the subfloors. And that second story, let's see if there are pictures of that second story. It does look potentially like an attic was converted to the second story so that should probably be factored into the ARV.
But let's take a look at the other comparable properties. So you can see still a bit, a bit older in the interior with the tile floors. But, and the kitchen cabinet tree and appliances are also a little bit older and these comps looks to be a similar case for most of these comps, so we can definitely see the reason why there's such a large discount. There's a lot of work that's going into that, needs to go into this property but relatively to the other comps, it's not that high end of a remodel. But definitely there are some additional points here on the attic conversion and that might need to be factored into the after repair value, but that's that just goes to show that the property is discounted by a significant amount, almost 42%. So with some additional due diligence and controlling the rehab costs, this might be a great potential fix and flip.
So I hope you enjoyed the video today That concludes the deal of the day, please stay tuned for more. Thank you.
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