Hot Bargain Property November 29th, 2006
Huge Opportunity Fixer on a Large Lot!
General: Urban East County, 4 bedroom 1.75 bath. Asking price between $475,000 and $500,000. I'd probably offer around $430,000.
Why you should be interested: Almost 2000 square feet on a lot over a quarter of an acre in a quiet neighborhood.
Selling Points: Lots of room in the house and in the yard. It has a pool, and you almost don't notice the space it takes up!
Why I think it's a potential bargain: This thing sold for over $600,000 less than a year ago. It's vacant and needs an update, the carpet is missing, and it's generally not visually attractive inside.
Obvious caveats: There are some known issues with permits. This will obviously be a short sale.
Why it hasn't sold already: Same story, different property: The market turned and it was overpriced. 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 $430,000, the property would be worth approximately $700,000. If you held it those ten years before selling, you would net about $340,000 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 $200,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: I saw one roof tile that might be coming up, but the rest looks ok.
Obvious way to enhance value or appeal of property: Put in carpet, update the kitchen and bath, clean up the yard, refill the pool and put a fence around it.
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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