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List Price: $58,000
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This is Steve Liang from Real Estate IQ. And this is your real estate investment deal of the day.
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 property brought to us by the MLS DEAL FINDER system. Now this property address is 339 Southcross Boulevard East in the 78214 zip code, and you might be noticing right off the bat that the days on market is close to 100 days and you might be wondering why this is a potentially good deal. Well the catch here is that the original list price was $75,000 and just recently the price has dropped to 58,000 and that makes for an estimated gross discounts of about $30,000 or a 34% discount off market value. But as we'll see later on in this video the story actually gets a bit better. So stay tuned. So our subject property is a 2 bed, 1 bath single story property just under a thousand square feet. It's in the Harlandale subdivision and part of the Harlandale ISD. And you can see that all our comparable properties 1 thru 4 here are in a same or similar situations, a subdivision, school district, very similar year built and square footage. But what you'll see by looking at the dollar per square foot, we have kind of two pockets or two ranges of dollars per square foot. These two here for comparables 1 & 2 around $40-45 per square foot and then these two here which are much higher $126-152 per square feet. So the story behind these as we can see in the photos and also in the remarks, comparables 1 & 2 are actually were sold as is and required a lot of updates whereas properties 3 and 4 where updated. So from the point of view of trying to figure out the after repair value, actually properties 1 and 2 are not good comparables so deselecting them from our comparables and recalculating we can see that the estimated price of this property is actually a closer to 130,000 which makes for a significantly larger gross estimated discount of 57%. So let's take a look at the map view just to get a better sense of where we are. And we'll follow that up with some photos to make sure that our analysis is on point. As you can see our subject property here is right in the center. We are located just a couple of miles south of the city center in San Antonio. So we can drop into street view here to get a sense of the style and layout of the neighborhood. Here's our subject property and here is the surrounding area so you can see mixed with some commercial properties, some potentially recently rehabbed and fixed up properties, and generally a much older neighborhood. So going back to the map view, another part of the due diligence here might be to check the style of the neighborhood for the comps that are west of this major street, South Flores St versus the comps that are to the right of that street. So you could also drop into street view on both sides of the street to make sure that there's no significant differences in the style of the neighborhood. Taking a look at the photos we get an idea of the interior. We can see the subject property definitely needs work. New kitchen cabinets, base cabinets, flooring, potentially some windows, needing updating walls and some drywall or potentially with a new, definitely needing a new bathroom. So that definitely is a property needing a lot of work as indicated by the public remarks here. Cash, it's a cash only as
is sale, no repairs are going to be done by the owner. But let's take a quick look at the 4th comparable that we selected and as you can see this indeed is a fully renovated home based on the photos of the interior. So we did select a good comparable there. Not quite sure why property comparable No. 3 doesn't have photos but based on the description you can see that a lot of work has gone into this property as well. So that concludes today's deal of the day video. Hope you enjoyed this video and stay tuned for more.
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