Hot Bargain Property August 23rd, 2006 (second today!)
Four Bedrooms with a Pool in a Great Central Neighborhood!
General: San Diego, 4 bedroom 2.5 bath asking price between $500,000 and $525,000. I'd start around $460,000 net, and wouldn't go much above that.
Why you should be interested: Property is in good shape and has a nice pool, a courtyard, and both a living room and a den.
Selling Points: All of the above. No deferred maintenance that I noticed.
Why I think it's a potential bargain: This property is vacant, and the sellers have just gotten an idea of the cash outlay of two households. Probably not an investment property, but would be a very good place to raise a family.
Obvious caveats: As I said, its market position is not consistent with buying for investment. This is a place you live in, not flip.
Why it hasn't sold already: Some curb appeal, but it's a lot nicer inside than out. By the time people get inside, their mind is made up. Some updating would be appropriate, and there are upscale properties in the neighborhood, but there would be a limit.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $460,000, it would be worth approximately $750,000. If you held it those ten years before selling, you would net about $360,000 in your pocket, assuming zero down payment. As opposed to renting the $2100 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $190,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: This is not something for flippers.
Obvious way to enhance value or appeal of property: Just clean out some clutter. Kitchen could use an update
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. Ask me to find a bargain that fits you!
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