Hot Bargain Property November 17 2006
Clean, Solid Spacious Family Home
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $400,000 and $425,000, and I think it's priced right. I'd probably offer around $380,000.
Why you should be interested: 1600 square foot home in a nice quiet neighborhood with good public schools.
Selling Points: Floors are hardwood and tile, nice private back yard with covered patio, nicely updated, garage partially converted by still has one car capacity, has an extra room for an office. Irrigation system for the lawn. Just a nice home.
Why I think it's a potential bargain: It's vacant, and has been on the market over a year. Originally overpriced, it looks like a flipper got caught short and needs to sell, and this isn't a good time of year for it.
Obvious caveats: Kitchen could use an update - it might be original (late 50s).
Why it hasn't sold already: It was overpriced until they dropped the price this week. In aggregate, they've reduced it almost $175,000 from when it was first listed.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $380,000, the property would be worth approximately $620,000. If you held it those ten years before selling, you would net about $390,000 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 $180,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: closets may be smaller than ou're used to.
Obvious way to enhance value or appeal of property: I'd update the kitchen. I'd probably also undo the partial garage conversion.
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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