Hot Bargain Property November 28th, 2006
Owners Can't Afford This Great Family Home!
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $425,000 and $450,000. I'd probably offer around $410,000.
Why you should be interested: 1600 square foot home in a nice quiet neighborhood with good public schools.
Selling Points: Large extra room for entertaining or parties, and another extra room in the partially converted garage.
Why I think it's a potential bargain: It's vacant and needs an update. Kitchen looks like something out of the sixties, and there's ugly paneling around the public areas. This thing was originally way overpriced, and now the folks are desperate and need to sell.
Obvious caveats: The extra room in the garage looks like it has the elements for a legal fourth bedroom, but it doesn't look like it's permitted in county records. Roof looks like it might need replacing in a few years.
Why it hasn't sold already: It was overpriced until they dropped the price. Now they're desperate.
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 $2000 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $210,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Most of the back yard has been used for the addition. May be issues with permits for the garage conversion.
Obvious way to enhance value or appeal of property: Update the kitchen!
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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