Hot Bargain Property October 2, 2006
Rural Living Close to the City!
General: Rural East County (30 mins to downtown or Mission Valley), 3 bedroom 1.5 bath. Asking price between $475,000 and $500,000. I'd start around $400,000.
Why you should be interested: This two level house feels much larger than 1500 square feet, and sits on a third of an acre lot with magnificient views. Country living close to the city.
Selling Points: The views from the living room and two of the three bedrooms are wonderful! Plenty of room for kids to play, or for grown-up projects as well.
Why I think it's a potential bargain: On the market and vacant for months, it has had a major price reduction. Needs to be updated, so they're not seeing offers.
Obvious caveats: The only parking I really saw was the garage, which is the only thing that keeps it from having entertainer's showplace appeal.
Why it hasn't sold already: It was overpriced. It also needs updating - it's not everyday you see that seventies avocado green.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000, the property would be worth approximately $650,000. If you held it those ten years before selling, you would net about $315,000 in your pocket, assuming zero down payment. As opposed to renting the $1800 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $160,000 ahead of the renter, after the expenses of fixing and selling.
Fact you should be aware of: It sits largely above the property. Fence looks like it could use some work, as well.
Obvious way to enhance value or appeal of property: There's some sheet linoleum floors that could stand upgrading. Get rid of the avocado green counters! Update the bathrooms!
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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