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!
Buy My Science Fiction Novels!
Dan Melson Amazon Author Page
Dan Melson Author Page Books2Read
Links to free samples here
The Man From Empire
Man From Empire Books2Read link
A Guardian From Earth
Guardian From Earth Books2Read link
Empire and Earth
Empire and Earth Books2Read link
Working The Trenches
Working the Trenches Books2Read link
Rediscovery 4 novel set
Rediscovery 4 novel set Books2Read link
Preparing The Ground
Preparing the Ground Books2Read link
Building the People
Building the People Books2Read link
Setting The Board
Setting The Board Books2Read link
Moving The Pieces
Moving The Pieces Books2Read link
The Invention of Motherhood
Invention of Motherhood Books2Read link
The Price of Power
Price of Power Books2Read link
The End Of Childhood
The End of Childhood Books2Read link
Measure Of Adulthood
Measure Of Adulthood Books2Read link
The Fountains of Aescalon
The Fountains of Aescalon Books2Read link
The Monad Trap
The Monad Trap Books2Read link
The Gates To Faerie
The Gates To Faerie Books2Read link
Gifts Of The Mother
Gifts Of The Mother Books2Read link
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
What Consumers Need to Know About Mortgages Books2Read
The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
What Consumers Need to Know About Buying Real Estate Books2Read
Logical failures (straw man, ad hominem, red herring, etcetera) will be pointed out - and I hope you'll point out any such errors I make as well. If there's something you don't understand, ask.
Nonetheless, the idea of comments should be constructive. Aim them at the issue, not the individual. Consider it a challenge to make your criticism constructive. Try to be respectful. Those who make a habit of trollish behavior will be banned.
Leave a comment