Hot Bargain Property August 11, 2005
Fixer, Owner Hearing Footsteps of Tax Man!
General: East County, 3 Bedroom, 1.75 Bathrooms. Asking price between $450,000 and $475,000. I think $400k will get it, and I'd start lower.
Why you should be interested: Basically solid home with a pool and some other nice feaures.
Selling Points: Looks nice from the street, the pool is nice if not recently cleaned, and the quiet central neighborhood.
Why I think it's a potential bargain: Vacant and on the market for months. The owner is about a month away from a tax deadline, and there's just no interest in a property like this. Get it cheap, fix it up, live in it for two years, and you'll be very happy.
Obvious caveats: Inside it's straight out of the 1950s.
Why it hasn't sold already: This property's furnishings are straight out of the 1950s, and as such, are not attractive to the average buyer. On the other hand, if you spend a little money fixing it up, it would modernize very well into an attractive property with great curb appeal.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000, it would be worth approximately $650,000. If you held it those ten years before selling, you would net about $310,000 in your pocket, assuming zero down payment. As opposed to renting the $2000 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $200,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: This place has not been updated that I can see since it was new. There's also a circuit breaker box out in the open.
Obvious way to enhance value or appeal of property: Lots and lots of relatively cheap cosmetic upgrades. Redoing the kitchen would be the hardest.
I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.
Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.
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