Hot Bargain Property October 13th
Pay A Little, Get A Lot!
General: San Diego, 3 bedroom 1.75 bath. Asking price between $475,000 and $500,000. It could use some updating, but it's nice. I'd probably offer about $430,000 to start.
Why you should be interested: Nice home on a quiet street with a lot of features, including a great view, near excellent schools and close to everything.
Selling Points: That view! Nice covered backyard patio for entertaining or just watching the sunsets! Indoor greenhouse! Nice high cielings! Lots of storage space plus a workbench and room for 2 cars in the garage! Nice low maintenance front yard with irrigation system!
Why I think it's a potential bargain: All of the hard work that can't be rushed has been done. If you want to update it, it's mostly cosmetic work. Furthermore, it is vacant and the owners have owned it over thirty years. Given the realities of the situation, they are going to get a lot of money, even if it sells for a low price by today's standards - but they do have to sell to cash in!
Obvious caveats: One side effect of them having lived in it so long is that it looks like it was last updated in the seventies.
Why it hasn't sold already: It was severely overpriced. Comps support something close to the current ask - and it's a nicer property than those comps.
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 $335,000 in your pocket, assuming zero down payment. As opposed to renting the $2000 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $180,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Just that the lot is a little smaller than some.
Obvious way to enhance value or appeal of property: Update the bathrooms and kitchen.
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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