Hot Bargain Property August 4, 2006
Everybody Gets Their Own Room!
General: East County, 5 Bedroom, 2 Bathroom Asking price between $425,000 and $450,000. I think $410,000 would be enough.
Why you should be interested: End of the street in a nice suburban neighborhood. Good schools. FIVE Bedroom home for less than the price of most fours and some threes.
Selling Points: Five bedrooms!
Why I think it's a potential bargain: The reason it has such a low price is it needs work, but everything I saw was cosmetic. Just removing the current occupants clutter would help. Paint and carpet and fixing the fence should get you a house that's worth a little more than anything around it, rather than considerably less.
Obvious caveats: I did not see any of the usual signs of foundation trouble, but the terrain is right for it. You'll want a good building inspector and soil report. The good news is that it's thirty years old. If there's no trouble yet, odds are good there won't be.
Why it hasn't sold already: Curb appeal is nonexistent and the presentation is awful. Clutter everywhere. The grass is dying. The fence has boards missing and others broken. All this leaps out at you. I'd be surprised if prospective buyers even got out of the car.
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 $665,000. If you held it those ten years before selling, you would net about $315,000 in your pocket. As opposed to renting the $2300 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $295,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: There are some fairly nice properties around, but nothing really upscale.
Obvious way to enhance value or appeal of property: Just those cosmetic things that make all the difference in perception.
I'm a buyer's agent. I find places like this that can be gotten at bargain prices. I save you money without costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, all I ask for is 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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