Hot Bargain Property September 29th, 2006
Move in Ready in Terrific Neighborhood!
General: Urban East County, 3 bedroom 1.5 bath. Asking price between $450,000 and $475,000. I'd start around $420,000.
Why you should be interested: This is a small but beautiful house in a great neighborhood, convenient to everything! If you've got kids, great schools at all levels!
Selling Points: Manicured front and back lawns, covered patio in the back with a very nice view of the hills.
Why I think it's a potential bargain: On the market and vacant for months, just had a major price reduction.
Obvious caveats: House and lot are kind of small
Why it hasn't sold already: It was overpriced. It's probably worth what they're asking for it now, but if you're willing to buy in this market, we can get it for less.
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 $1600 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $110,000 ahead of the renter, after the expenses of fixing and selling.
Fact you should be aware of: This home's in pretty good shape. Short of major additions, there's not much to make it worth more.
Obvious way to enhance value or appeal of property: There's some sheet linoleum floors that could stand upgrading. They look good, but people hate sheet linoleum One scuff or tear and the whole thing looks like excrement.
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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