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!
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