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Good morning Austin & San Antonio! This is Steve Liang and Joseph Sun de la Cruz with Real Estate IQ. And we found a really good real estate deal of the day in the Austin, San Antonio area and we want to share this with you.
Thank you, Steve! And to you our audience, thanks for tuning in to the Real Estate IQ Deal of the Day. Today's opportunity is a great fix and flip in the East Austin area brought to us by the MLS DEAL FINDER system. The subject property is 2611 Oaklawn Avenue in the 78722 zip code. The property was originally listed I believe in August, but just last week November 30th, it went to a dramatic price drop. It was originally listed at 425,000. Now it's been reduced to 310,000 and the estimated after repair value is at 446,000. And that makes for an estimated gross discount of 136,000 or just under 31% under market value. So the subject property is a 3 bed, single bathroom, single story property built in 1955. It's just sized at 960 square feet so it's on the smaller end. And you could see that makes for a $322 per square foot which is quite low for this neighborhooded area given its proximity to downtown Austin. You can see the subject property's comparables that we've selected based on recency and proximity to the subject property. They are all in the high mid to four mid 400's to mid $500 per square feet range. And just to get an idea of where we are on the map. You can see our subject property right here in the center. We are off Main Road and 35. Zooming out you can see that we are in the East Austin area just a couple miles east, directly east of beauty Austin. And zooming in we can get an idea of the look and feel of the neighborhood. This is actually quite a nice neighborhood here. We can see a good mix of recently renovated homes, new constructions, new builds. It looks like mixed with some of the older dated homes which indicate we've got a lot of investor activity in this neighborhood. And looking at the photo's view of the interior we can get a sense of what kind of work we need to go into this property. And unfortunately, there are no photos of the interior. Meaning it's probably nothing, nothing too impressive and needs a lot, probably needs quite a bit of work actually. I'm guessing it's just dated on the interior. We can see the comparable properties though have all been recently updated with what looks to be like hardwood or laminate hardwood floors. Although the bathrooms look slightly dated here. But overall a new remodel of the interior and that also carries to the other comparable properties here. Minus actually it looks like a lot of these comparables have some work done but not a complete overhaul of the interiors so maybe a lot of these were done by the former homeowners and not fully fixed and flip units. This one comparable property No. 8 definitely looks like an investor rehab from start to finish. So that concludes the, the analysis of this deal. I hope you enjoyed this video. And please stay tuned for more.
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