Hot Bargain Property September 21, 2006 (#2)
Nice Home On A Quiet Street!
General: Urban East County, 4 bedroom 1.75 bath. Asking price between $475,000 and $500,000, and the comps actually support something close to that. I'd offer 430,000 net.
Why you should be interested: This is just a nice house with a decent sized lot on a quiet street that goes to good schools.
Selling Points: Travertine floors in kitchen, covered patio in backyard, enough room to move around.
Why I think it's a potential bargain: It's been vacant for months due to a transfer. If these people didn't have to sell, it would be rented.
Obvious caveats: I found cracks in the driveway. Might mean the foundation is in trouble, might just mean that most potential buyers get scared off for no good reason. A building inspector will know.
Why it hasn't sold already: Cracks in the driveway scare people off, and sometimes they don't mean anything.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $430,000, the property would be worth approximately $700,000. If you held it those ten years before selling, you would net about $330,000 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 $230,000 ahead of the renter, after the expenses of fixing and selling.
Fact you should be aware of: Like I said, a building inspector is a necessity here.
Obvious way to enhance value or appeal of property: Get rid of room dividers. Landscaping.
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