Hot Bargain Property September 25, 2006
Lender Owned Fixer!
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $375,000 and $400,000, and the comps actually support $450,000. I'd start at $330,000
Why you should be interested: This is a lender owned fixer property, and the owner vandalized it before leaving, but it appears that the damage is cosmetic. It does have an excellent view of the valley below.
Selling Points: Nice high ceilings, quiet street, the view from the kitchen and backyard!
Why I think it's a potential bargain: Buy it. Fix it. Have $450,000 home for maybe $350,000.
Obvious caveats: You're going to need to pay your own closing costs.
Why it hasn't sold already: It looks ugly inside, and people are driven off.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $330,000 and a fixed value of $420,000, the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $400,000 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 $350,000 ahead of the renter, after the expenses of fixing and selling.
Fact you should be aware of: You're going to have to fix some stuff.
Obvious way to enhance value or appeal of property: Clean, paint, carpet, water the grass, repair the damaged stuff.
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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