• Real Estate Deal of the Day May 14, 2019

    Real Estate Deal of the Day May 14, 2019

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

    MLS Deal Property

    4901 Carsonhill Dr, Austin, Tx 78723

    List Price: $282,100
    Bed/Bath/Pool/Stories: 4/2.0/0/1

    MLS Deal Finder Estimated Value:                          $433,829
    MLS Deal Finder Estimated Discount:                      $151,728
    MLS Deal Finder Estimated Discount%:                   34.97%

    *Based on the following CMA Criteria: 

    ARV- Distance

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    Map View

    Photo View

    Real Estate Deal of the Day May 14, 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 in to the Real Estate IQ Deal of the Day. Today we are in the Austin market looking at a great potential fix and flip opportunity brought to us by the MLS Deal Finder System. The subject property address is 4901 Carsonhill Drive in the 78723 zip code. This property hit the markets at the end of April, and it is listed for 282,000.

    We've pulled up some comps here based on the MLS and as a good starting point, we're estimating the after repair value of this property to be $433,000 so that makes for about a 35% discount off of market value or $151,000 off of that.

    So the subject property is a 4-bedroom, 2-bathroom, single story property, built in 1972. It is 1979 square feet.

    Pulling up the map here, you can see our subject property in the center here. And zooming out, you can see we are just south of East 51st, East of 35, East of Austin or the East part of Austin, just west of 183 and MLK. So zooming in here you can see our subject property, again, the star property here and then several comparable properties, some of which are grayed out and some of which are blue. The grayed ones are properties that were sold. But were not selected to be a comparable for this particular analysis. And we'll get into that in a moment there as to why that's the case. But swimming into the map we can drop into Street View. And get a look at the subject property exterior, as well as the neighborhood as well.

    So dropping back into the comps view again, we've provided sold comparables from the MLS as well as active, leased, and non-active properties. Right now we are just analyzing the sold comparables. And what we can see here on the chart below is a list of all these comparables as well as the ones that were selected automatically by our system. To give you a good starting point from which you can do some further analysis, so the subject property is the first comp here and you can see all the details I mentioned before. And additional information, including things like the construction type, School District subdivision, and so on. But the key here is that we picked out some comparables here. What's notable is that they're not in the same subdivision. However, based on the map view that we saw earlier, we are very close by in terms of the distance. And all the other parameters are very similar, year built, square footage, and the kind of beds, bath and so on, quite similar. So to really gauge the difference here, well, first of all, you can see the difference in the price per square foot between our subject property and the comparables we've selected. The average price per square foot for the comparable properties that sold are, is about $220. Our subject property is priced at 142.

    And then similarly to this comparable number one, which was just down the street. But the reason that was not included in the comparable is that it was it's priced much lower as well. And we can see why by looking at the photos. Here's our subject property. As you can see it's, although it's well kept, it's very dated on the interior, ceilings and what looks to be the original cabinetry from the 70s. Although some updates to the tile countertops, but the appliances appeared to be from the 70s as well. And that's the same case with that comparable property number 1, which was not included. However, you can see the other comparables here, 2, 3, and so on, all are recent rehabs as you can tell by the hardwood floors and the light grey paints and updated appliances. So that concludes the deal of the day video for today. I hope you enjoyed this video and please stay tuned for more.

    I want to invite you to my weekly Real Estate Talk, every Monday and Wednesday at 6 PM. This is an online event so you can join anywhere. But every Monday and Wednesday at 6 PM, I would invite a successful Real Estate entrepreneur to join us and we will interview them and they're gonna share with us their entrepreneurial journey, and you know what they think is what made them successful. I think you will find a lot of really cool stories there, and more stories you know as entrepreneurs we always want to learn from other people what their experiences have been. It's gonna help us be a lot smarter. We'll also talk about anything in real estate. For example, we do real estate deals market update, to kind of talk about a general market real estate market in general and you know where the deals are coming from and all that good stuff. So a very interesting Real Estate Talk. Make sure you join us!

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