Hot Bargain Property October 10, 2006 (#2)
Cabin Feel, Needs Update!
General: Urban East County 3 bedroom 1.5 bath. Asking price between $375,000 and $400,000. I'd start around $370,000 because of how dated it is.
Why you should be interested: Flat lot of over a quarter acre with mature trees and a huge garage and workshop! Lots of upscale properties in the area, and you're within about 20 minutes of Mission Valley or downtown!
Selling Points: It has a cabin feel to it! The front yard is very low maintenance, and the back yard is quite lush! Real wood floors!
Why I think it's a potential bargain: This is what $650,000 properties in this neighborhood look like before someone spends $20,000 to $30,000 updating them.
Obvious caveats: Window air conditioning. Put in a modern system if you want to be comfortable - or sell for the best price!
Why it hasn't sold already: Most folks don't see the diamond, only the rough. There has just been a large price drop so I don't think it's going to last long!
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $370,000, the property would be worth approximately $600,000, without taking into consideration updates. If you held it those ten years before selling, you would net about $290,000 in your pocket, assuming zero down payment. As opposed to renting the $1700 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $150,000 ahead of the renter, after the expenses of selling. If you fixed it up right, the difference would be much more.
Fact you should be aware of: The inside of the house looks like something out of the 1940s.
Obvious way to enhance value or appeal of property: Buff the floors, paint the walls, put in a real air conditioner!
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