Hot Bargain Property November 15, 2006
Older House on a Large Lot with a Great View!
General: Urban East County, 3 bedroom 1 bath. Asking price between $425,000 and $450,000. I'd probably offer something close to $390,000.
Why you should be interested: Decent house on more than a quarter of an acre in an urban area, and close to the freeways, too.
Selling Points: Great view of the area, mature trees in the yard, and plenty of room on the lot. Expansion of the house is a real possibility. New windows throughout. Nice and quiet inside.
Why I think it's a potential bargain: 1) vacant 2) kitchen's a fixer 3) only 1 bathroom right now, but there's lots of room for additions. 4) Back yard is cluttered.
Obvious caveats: 1) I found some dead termites 2) Place needs updating
Why it hasn't sold already: Kitchen and bathroom put most folks off, and the mess in the back yard finishes off the ones that last through that.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $390,000, the property would be worth approximately $630,000. If you held it those ten years before selling, you would net about $300,000 in your pocket, assuming zero down payment. As opposed to renting the $1600 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $110,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Like I said, I found some dead termites, so you really want an inspector.
Obvious way to enhance value or appeal of property: Update the kitchen and bathroom, add another bathroom, clean up the back yard.
This property does 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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