Hot Bargain Property September 27th 2006
Beautiful 4 Bedroom at a Great Price!
General: Urban East County, 4 bedroom 2 bath. Asking price between $425,000 and $450,000, and the comps actually support something higher. I'd start at $410,000
Why you should be interested: Beautiful, low maintenance yard! Most of the house has tile floors. Nice quiet street in an excellent neighborhood.
Selling Points: Front room is gorgeous. Low maintenance front yard, huge deck in the back.
Why I think it's a potential bargain: Just had a major price reduction. These people need to sell.
Obvious caveats: Kitchen could use some updating. Garage is full of stuff currently.
Why it hasn't sold already: It was overpriced. I doubt it's going to be there much longer.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $410,000, the property would be worth approximately $660,000. 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 $1900 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $180,000 ahead of the renter, after the expenses of fixing and selling.
Fact you should be aware of: This is not a fixer. The only work that really suggests itself to me is modernizing the kitchen cabinets.
Obvious way to enhance value or appeal of property: Modernize the kitchen cabinets.
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!
Buy My Science Fiction Novels!
Dan Melson Author Page
The Man From Empire
A Guardian From Earth
Empire and Earth
Working The Trenches
Preparing The Ground
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
Want San Diego MLS?
Add to Technorati Favorites