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List Price: $70,000
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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, thank you for tuning in to the Real Estate IQ Deal of the Day. Today we are in the San Antonio market looking at a great fix and flip opportunity brought to us by the MLS DEAL FINDER system. The subject property address is 1335 Ridgewood Courts in the 78201 zip code. This property hit the market earlier in November, but it just went through a price reduction recently. It is now listed at $70,000. Original list price was 100,000; the estimated after repair value is a 162,000 so that makes for a $92,000 gross discount or 57% off market value. Now the remarks from the realtor indicate that the seller is very motivated and hence the quite significant price drop from 100,000 to 70,000. So the subject property here is a 3 bed, single bath property with two stories. It was built in 1942 and is 1,300 square feet. So as is, it is priced at $53 per square feet and you can see the comparable properties here which are all four sold properties in the same subdivision. And this is 100% MLS data we're seeing. The square footage here is at least in the low hundred per square foot and we'll get a better idea of why there is a bit of a discrepancy between some of these properties when we look at the photos. But before that let's take a quick look at the map. As you can see on the map, our subject property is right in the center here. It's located off of Highway 10 and we are zooming out so you can see we are in the north, northwest part of San Antonio. And zooming in we can get a good idea of the condition of the neighborhood and surrounding homes. So it looks like we've dropped into the back alley way here. So here's our subject property which appears to be one of the only at least on this side of the street. One of the only two story homes. Can swing around the front here. You can see that we are on a corner lot. So that gives you a general sense of the neighborhood here. It might be worthwhile to go back and check for the comparable properties even though we're in the same subdivision. We might wanna check what the neighborhood looks like in these areas. To see if there is anything that may detract or actually improve the property value one way or the other. But looking at the interior, we can check out the photos view to look at the interior. So the subject property has a couple photos here. It appears to be well-kept but just needs to be dated with interesting paint schemes there that definitely needs new paints. Looks like the flooring in the living room area is already good so it might just need new flooring or definitely new flooring in the kitchen area and potentially elsewhere in the house. But overall it looks to be in decent shape. And just looking like it needs some updates. I mean you can see here, this subject property's comparable No. 1 this one was the one priced for a lower dollar per square foot. And you can see potentially the reason for that is that it is kind of a lower end rehab here. Looks to be like laminate countertops whereas the other comparable properties are much higher end in the rehab. So that explains why the comparable No. 1 was in the hundreds and ten dollar per square foot. And the other properties were much higher. But that gives you an overall sense of what's amount of work would need to go into this property. I hope you enjoyed this video and please stay tuned for more.
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