• Real Estate Deal of the Day May 17, 2019

    Real Estate Deal of the Day May 17, 2019

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

    MLS Deal Property

    101 Briarcliff Drive, Castle Hills, TX 78213

    List Price: $324,900
    Bed/Bath/Pool/Stories: 5/5.0/0/2

    MLS Deal Finder Estimated Value:                          $559,245
    MLS Deal Finder Estimated Discount:                      $234,345
    MLS Deal Finder Estimated Discount%:                   41.90%

    *Based on the following CMA Criteria: 

    ARV- Subdivision

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    Map View

    Photo View

    Real Estate Deal of the Day May 17, 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 your 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, the subject property address is 101 Briarcliff drive in the 78213 zip code is in the castle hills subdivision of San Antonio. So this property is listed now at 324,900. It was actually has actually gone through a price reduction. It was listed originally back in April, beginning of April for 339,000 but the estimated after repair value based on sold comparables is 559,000 so that makes for about it 41% discount off of the market value or a $234,000 discount so the subject property is a five, 5-bed, 5-bath, 2-story single family residence built in 1958 is just shy of 5000 square feet.

    More precisely, it's 4944 square feet in size. And as you can see, based on the map here that I'm pulling up..zoom out here..are subject properties here, right in the center. We are located in the north part of San Antonio just off of 410 and between 281 and highway 10. So here you can see that we've pulled up several sold comparables. Some are on the same side of 410, some are on the other side. What's important to note is that they're all in the same subdivision. But what we can do here is drop into Street View to get an idea of the overall look of the neighborhood. Here's our subject property. And you can see for 10 right there. So it is a corner lot with very quick access to the interstate. And going back to the map again you can see we've got a comparable property here on this side as well.

    You can pull up the picture here just by clicking on, on this pin right here. But before we get into the interior photos. Let's take a look at the actual listing details. So here is our property here on the first column and all the columns here and blue are the sold comparables that we've pulled off of the MLS and selected as a starting point for the comparable so what you can notice is that the subdivision is Castle Hills for all of these, they are all they all sold fairly quickly, within less than two months on the market. You can pull up the details here, the sold dates and the sold price for these properties. You can see they are all on the larger end around 4000 to 5000 square feet as well.

    So let's take a quick look at the photos because that will give us a real good idea of the amount of work that's necessary. So here's our exterior view.

    And the interior of our subject property overall looks to be very well kept but just simply dated with very old fixtures, countertops, and so on. So you can see the bedrooms here no clear pictures of the bathrooms, but probably those need to be updated as well. The garage looks to be in very good shape there and you can see the, the overall interior just needs some updates, there..kind of looking like paints and flooring.

    So let's take a look at the comparable properties here. So here is a comparable property no. 1, similar on the same side of the interstate also looks to be also definitely in a bit more of an updated look but still not entirely redone or at least parts of it to be redone and other parts look like they need some updates. So this one, if you recall from our pricing here. It did sell for a lower dollar per square foot because the, the remodel wasn't as high end as the other comparables which we will see here. So this is an example of one that's been completely redone on the interior

    Paint, flooring, appliances, carpets, everything and this one does have a much higher dollar per square foot. And that's the same for all these other properties here. So that kind of gives you a couple data points from which to calibrate. We've got one property that sold for a little less because of the kind of mid-range rehab and then all the other properties at a higher end complete rehab.

    And again, our subject property. Although is a very large property almost 5000 square feet, meaning that the cost that the rehab will be significant. It does. It is being listed with about $234,000 off of the, the market value. So there's appears at least at the surface to be quite a bit of room for rehab. Of course, we always recommend doing the due diligence on site to verify all your numbers. So in any case, that concludes the deal of the day video for today. I hope you enjoyed this video, please stay tuned for more.

    So if you want to learn more about what a good real estate deal looks like, make sure you come to our monthly training. Every month we are throwing several events in each metropolitan area near you. Make sure you follow the link below to register. Basically what we do at the event is that you know, we will show you how to analyze deals and how to find deals and most importantly what's really cool is that we use the system to find a good real estate investment deals that you can bring home and do more homework on. And so make sure you come to these deal finding training. It's gonna be a really good educational event for you. Also, there are all kinds of networking opportunity at the events as well. So we look forward to seeing you there.

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