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Hi, this is Steve Liang from Real Estate IQ and I'm with Joseph Dela Cruz from Austin. And this is our Deal of the day and we found a deal here in Austin.
Thank you Steve. And to you our audience, thank you for tuning in and welcome to The Real Estate IQ deal of the day. Today we are back in the Austin market looking at a property with an address of 11800 Tedford Street in this 78753 area. And this deal was identified by the MLS DEAL FINDER system over the weekend. So the subject property is a 3 bed, 3 bath, 1,600 square foot property built in the mid 50's. The list price is 205,000 and the estimated price is just shy of 300,000. So that makes for an approximate discount off market value of about 30%. So many of you are probably familiar with the Austin market and where that, that entry point for a 3 bed, 3 bath is quite low and quite rare. So let's dive in to this particular deal with the Fast CMA tool and see what we can find. So as you can see in our tool all the comps that we're pulling belong to the same subdivision. Similar size anywhere between 1,400. One Of them is down at 1,300 square feet. All the way up to 1,700 square feet. Similar layout, although our subject properties' unique in that it has an extra bathroom compared to the other properties. They were all built in the late 50's or early 60's. So let's take a look at the map view just to get a sense of where we are in the Austin area. And as you can see we are just west of the I-35, between Braker and Parmer that is in North Austin. And zooming in. We can take a look at our subject property here right off of Lamar Boulevard and all the comparable properties in the quarter mile radius. So what I'd like to do is drop into street view as well to take a look at the neighborhood and also the appearance of the subject property. You can see that it is quite unique. There's a lot of of trees, a large front lots. There is our subject property. So going back to the map view. I'm just gonna zoom out again and take a look at all the other comparables. You can see that we are highlighting the key features in terms of the sold comparables. We're seeing the recency for all the selected comparables. This one is within the last month and a week. This one was bit further back at 114 days. This one is about 2 months old and this one is about 3 months old. So we're looking at fairly recent data which is always good to do so in your analysis. So let's drop into the photos view to get an idea of the interior of this property. So as you can see our subject property is on top here. And quickly scrolling through, you can gauge the condition and the age of the property. And start to formulate, you know, what it would take to rehab the property and bring it up to the market value. So we can look at our comparable properties as well. And see the condition that looks like this one's a flip as well. This comparable property has no photos so that's, oh no remarks either so that's something that might be interesting to dig into further to see perhaps this property was sold also at a discount and we should not include that in the comparable. And if that were the case what you could do is simply dislike that property here and recalculate the CMA. And you'll see the estimated price update. And lo and behold the estimated price went up so that property we did not include was obviously slightly under market value and we can we can probably infer that the interior condition was not great and that's why there were no photos. So just completing the analysis here on these subject properties for the comparables you can get a good sense of the condition of the interior that you would need to bring the subject property up to, to be considered a comparable to these properties. So that concludes today's deal of the day video. I hope you enjoy this. Stay tuned for more. And we hope to hear from you soon. [00:04:34]
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