  We have examined a probable soft X-ray transient source in the M31 bulge at
R.A.=0:42:41.814 +/- 0.08", Dec. = 41:16:35.86 +/- 0.07". On the three
occasions we observed the source, its spectrum was soft (kT_{in} ~1 keV). The
brightest detection of the source was 2004 July 17 with a 0.3-7 keV luminosity
of ~5 X 10^{37} erg/s. The only previous detection of the source was in 1979 by
the Einstein observatory. The multiple detections over 25 years suggest the
duty cycle of the source is in the range 0.02-0.06. Coordinated HST/ACS imaging
before, during, and after the outburst revealed no variable optical source
within the position errors of the X-ray source. The optical data place a firm
upper limit on the brightness of the counterpart of the X-ray outburst of
B>24.7, suggesting the binary has a period <5.2 days. The X-ray spectrum and
lack of bright stars at the source location indicate the source was a soft
transient event occurring in a low-mass X-ray binary, making this source a good
black hole candidate in M31.
