Hot Bargain Property November 13, 2006
Forced Sale in Great Area with Huge Yard!
General: Urban East County, 4 bedroom 1.75 bath. Asking price between $425,000 and $450,000. I'd probably offer something close to $410,000.
Why you should be interested: Four bedroom house 10 minutes from Mission Valley at an affordable price and that goes to some of the best schools in the county.
Selling Points: Hardwood floors, huge back yard for the kids to play in, feels roomy.
Why I think it's a potential bargain: These folks have to sell, and in the mean time it is sitting vacant. Bad time of year for sellers, but great for the buyers who will get off the sidelines!
Obvious caveats: Older home, could use some updates. Floor in one bathroom is visibly uneven. Roof probably going to need to be done soon.
Why it hasn't sold already: Those updates and that work put most buyers off. Do it, and the property will be worth more.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $410,000, the property would be worth approximately $660,000. 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 $1900 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $170,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Older home, like I said.
Obvious way to enhance value or appeal of property: Update the fixtures and even out that bathroom floor.
This property does not appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.
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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