Hot Bargain Property September 13, 2006 (Second today!)
5 Bedrooms With a Pool!
General: Urban East County, 5 bedroom 1.75 bath. Asking price between $475,000 and $500,000. I'd start somewhere around $420,000 net.
Why you should be interested: This is a pretty nice 5 bedroom home. Vacant and on the market for months, the seller should be getting desperate by now.
Selling Points: Nice wood paneling, and a backyard pool that looks pretty new! The carpet needs replacing, but the owner has even said they'll give an allowance so you can choose your own.
Why I think it's a potential bargain: The fact that they have not replaced the carpet, when their agent knows it would make it more attractive, says volumes. These folks need money.
Obvious caveats: Just needs sprucing up.
Why it hasn't sold already: People like to see things like carpet already replaced.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $420,000, the property 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 $2400 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $280,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Backyard fence could be higher.
Obvious way to enhance value or appeal of property: Water the yard, raise the backyard fence for privacy, replace the 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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