Hot Bargain Property August 7, 2006
Surprise! Beautiful Interior!
General: Urban East County, 3 Bedroom, 1.75 Bathrooms. Asking price between $425,000 and $450,000. I think $410,000 from a qualified buyer would be enough to get it.
Why you should be interested: Nice middle class neighborhood. The yard is nothing special but the inside is gorgeous!
Selling Points: The first thing that hits you when you walk in is the beautiful cabinets built into the walls and wood floors. The kitchen is in pretty darned good shape also, if not quite brand new. The bathrooms have custom cabinets as well.
Why I think it's a potential bargain: Vacant and the yard needs water. By the time they walk in the door, the average buyer has already decided they are not interested, which is really a pity because the inside more than makes up for it and the outside would be easy to fix, in my opinion.
Obvious caveats: I found a bit of a smell in the laundry room off the kitchen. That could be anything from a dead mouse to mold.
Why it hasn't sold already: The yard is a push away. No grass, no trees.
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. 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: Not much grass.
Obvious way to enhance value or appeal of property: Landscaping.
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. Ask me to find a bargain that fits your needs!
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