Hot Bargain Property August 25, 2006
Estate Sale on Corner Lot, owners want OUT
General: Urban East County, 3 bedroom 1.75 bath on corner lot. Asking price between $475,000 and $500,000. From the agent, I got the definite impression that they were desperate.
Why you should be interested: Property is in good shape, standard older middle class home. It's an estate sale, and the family lives out of state, and they are tired of paying the upkeep!
Selling Points: Very roomy.
Why I think it's a potential bargain: Vacant, estate sale, not much curb appeal.
Obvious caveats: Would be much more attractive with updating, but it's solid as it sits.
Why it hasn't sold already: Nice facade, but once you're inside it's all decades old. Back yard needs grass or a pool or something.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $450,000, it would be worth approximately $650,000. If you held it those ten years before selling, you would net about $300,000 in your pocket, assuming zero down payment. As opposed to renting the $1700 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $140,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Just that everything looks 1975.
Obvious way to enhance value or appeal of property: Landscaping, carpet, paint.
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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