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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 your audience, thanks for tuning into the Real Estate IQ deal of the day. Today we are in the Austin market looking at a property brought to us by the MLS DEAL FINDER system. The subject property's address is 4902 Brassiewood Drive in 78744 that's in the Southeast Austin area. This property was listed at 170,000 just a couple days ago and it's estimated price based on the comparables in the area puts it an ARV of around 234,000 and that's estimated gross discount of 64,000 or about 28% off of market value. So this is a potential fix and flip opportunity or a buy and hold opportunity as well and we'll get into those details later on. So the subject property here I pulled up in our Fast CMA tool as you can see it's a 3 bedroom, 2 bathroom, single storey, single family house, and it is 1,200 square feet, built in 1974, and again listed at 170,000. So all the comparable properties here that we've included in our analysis here are in the South Bend, excuse me, the Creek Bend subdivision, all part of the Austin ISD and you can see that the homes are quite similar in terms of the layout and size. So taking a look at that map, again we are in the Southeast Austin area and you can see our subject property located here and the selected comparable properties within a close radius. You can see two of our comparable properties are here on the same street, and then another two on the other side of the creek. So what we can do as part of our due diligence analysis is to take a quick look at the style of the neighborhood. You can see our subject property right here. And the nice mature trees and overall quite nice neighborhood. One thing I'd like to point out is part of the due diligence process, you might like to repeat that whole Street View analysis for these other comparable properties that fall on the other side of the creek here, and make sure that they are kind of similar and style and in quality of the neighborhood. If not, then these may not be good comparables to include in the analysis but to complete the analysis for this video let's take a look at the photos of the interior. And here's our subject property once again. And actually the remarks indicate that this property does need some work. Need someone who is not afraid to put in hard work. So the photos kind of complete the story and shows that the interior is quite dated. It's got the original based cabinetry, original appliances probably vinyl flooring and carpet that needs updating. But overall not in terrible shape. So what we can do is take a look at the comparable properties and we can see that these are indeed in much better condition or rather I should say that they have been updated to be much more modern. That's definitely looks, these are fix and flip properties. That is a general sense of the amount of work that would need to go into the subject property. To either fix it and flip it or maybe just bring it up to a rental grade level and we set out and of course we do provide the estimated monthly lease based on lease comparables year. So this property would rent out for about 1,400 per month. So that wraps up today's deal of the day video and we've got a potential fix and flip or a buy and hold scenario here. I hope you enjoyed this video. Stay tuned for more.
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