Hot Bargain Property August 28, 2006
Nice Quiet Property With Beautiful Back Yard
General: Urban East County, 3 bedroom 1.5 bath on corner lot. Asking price between $450,000 and $475,000. I'd start somewhere around $400,000, and wouldn't go much above that.
Why you should be interested: Property is in good shape, standard older middle class home.
Selling Points: The backyard is where you want to be! Shade trees, lush landscape! Also has enclosed patio.
Why I think it's a potential bargain: Vacant, and the back yard doesn't show from the curb.
Obvious caveats: No air conditioning. Would be much more attractive with updating the interior, but it's solid as it sits.
Why it hasn't sold already: Built 50 years ago, and you can tell.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $410,000, it would be worth approximately $680,000. If you held it those ten years before selling, you would net about $320,000 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 $130,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: No Air conditioning
Obvious way to enhance value or appeal of property: Air conditioning, carpet
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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