Hot Bargain Property October 16th, 2006 (Second Today!)
Minor Fixer with Lots of Room for the Family
General: Urban East County, 4 bedroom 2 bath. Asking price between $475,000 and $500,000. I'd probably offer about $430,000 to start.
Why you should be interested: Minor fixer needs updating in a great neighborhood! Decent sized lot, RV Parking, detached garage, living room and den!
Selling Points: You want to live in a great neighborhood? Want your kids to go to great schools? You don't mind doing a little work to get a great bargain? This is it!
Why I think it's a potential bargain: Vacant and on the market for months, these people need to stop paing two mortgages!
Obvious caveats: A lot of the yard has been taken up by additions.
Why it hasn't sold already: It was overpriced. It isn't any more.
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 $320,000 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 selling.
Fact you should be aware of: Some points are really nice, others are a little dated.
Obvious way to enhance value or appeal of property: Just updating some stuff that needs it.
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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