Hot Bargain Property August 8, 2006
Property Too Good For Neighborhood!
General: Urban East County, 3 Bedroom, 2 Bathrooms. Asking price range in the mid 500s. If they're smart they'd take $470,000, and they might take less.
Why you should be interested: Older neighborhood, but well maintained. The problem is that it stands out too far from the surrounding properties, all of which are much smaller. There is no way it's going to "comp out" above $500,000.
Selling Points: Quiet street, and the living areas are split into the master suite on one side of the kitchen, and the other two bedrooms on the other. Nice roomy property, plenty of room to rattle around in, airy with lots of windows. Cieling fans in most rooms, and a huge garage.
Why I think it's a potential bargain: First off, it needs a little cosmetic maintenance. Water the lawn. Replace the wallpaper. But the big things is just that the properties all around it are half the square footage. It won't appreciate in value like it would in La Jolla or Mission Hills, but it doesn't cost as much as those properties, either, as it is in east county.
Obvious caveats: Could also use paint on the inside.
Why it hasn't sold already: People who'd be interested aren't shopping here. It's expired off MLS twice, and the owners keep re-listing with the same no activity discounter who didn't get the job done last time. Given how many months it's been vacant, their cheapness has cost them at least any difference in fees there would be to hire someone competent. It's a real opportunity to pick a pretty nice property up for way less than it might otherwise be worth.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $470,000, it would be worth approximately $765,000. 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 $2200 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $200,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Yard needs water.
Obvious way to enhance value or appeal of property: Paint. Landscaping.
I'm a buyer's Realtor®. 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, 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.
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