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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 thanks for tuning in to the Real Estate IQ deal of the day. Today we are in the Austin market looking at a great fix and flip opportunity brought to us by the MLS DEAL FINDER system. The subject property is located at 1023 45th Street East in Austin that's in the 78751 zip code. Now this property hit the market just a couple of days ago and it is listed at 275,000 with an estimated after repair value of 475,000 that makes for an estimated gross discount of about $200,000 or 42% off of market value. So this subject property here is a 3 bedroom, 2 bathroom, single-story property built in 1950, with a square footage of just under 1,400. So you can see here we've pulled up the comparable properties recently sold all in a similar subdivision or very close by to the subject property and all the properties are built in the same time frame around the same size. But as you can see right away they all have a dollar per square foot at least in the 300’s with the, with the few exceptions here, but definitely none in the sub $200 per square foot range like our subject property. So if we take a look at the remarks here it does tell us that the reason for this is that the home needs a major remodel. And what, another thing we can tell here, looking just at the icons here, we are not comparing, you know, an old home, built in the 1950s to a new, you know brand new construction. These are all what appeared to be existing just rehabs of the older homes, 1940’s and 1950 homes. So in that sense we are comparing apples to apples. But let's take a quick look at the map to see what else we might be able to glean from that.
And right away you, you will see our subject property is right off of I-35. We are surrounded by a lot of the rapidly growing areas here in Austin, Hyde Park, Windsor Park, Mueller, and we are just north of the UT Campus. One thing to note though that I-35 does kind of run down the middle here so some of our comps are off to the east and some are to the west. So that is something that should be factored into the due diligence process. Even if they are geographically close together there might be some differences in the neighborhoods on both sides so that's definitely something to check out. One thing we can do here is just drop into street view and get a, get an idea of the neighborhood. So here's our subject property right here. And here's where 45th Street kind of branches off into two, to give a bit more ease of, of frontage access to this subject property. So let's drop into the Photos View to see what the interiors of these properties look like, both for the subject property and the comparable properties.
Now as you can see since this property was advertised as needing a lot of remodeling work, not surprisingly there's no photos of the interior aside from this one-bathroom shot here definitely does seem to indicate that nothing has been done for a while in terms of updates. Here’s a backyard shot as well, photo of the frontage. But what we're really interested in seeing what kind of work would need to be done to bring it up to the comparable level of the neighborhood. Here are some good examples of flipped homes, flooring, paints, appliances, very well done exteriors and landscaping. A similar story with this property here. You can see interestingly there seems to be some window air conditioning units here. Potentially in perhaps a garage conversion. But overall you get the sense of what would need to be done to this property in order to bring it up to a comparable standard to the neighborhood. So that concludes the deal of the day for today. I hope you enjoyed this video and please stay tuned for more.
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