Hot Bargain Property December 13, 2006
Five Bedroom Fixer With Pool Next To Good School!
General: Urban East County, 5 bedroom 2 bath. Asking price between $450,000 and $475,000. I think an offer of $420,000 net would get it sold.
Why you should be interested: Five bedroom home on a quiet street. Walk around the corner for elementary school, and the high school is one of the best going. Back yard deck and vinyl bottom below ground pool.
Selling Points: Five bedrooms, nice open family room with high cielings.
Why I think it's a potential bargain: It's dated, and the carpet needs replacing and the walls need painting. If these folks had the money to do it, they could get a lot more money. They haven't, and so they can't.
Obvious caveats: Back Yard is essentially filled by pool and deck. Front yard could be used for play, but is not currently fenced.
Why it hasn't sold already: Not attractive in appearance.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $420,000, the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $330,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2200 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $240,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Dark inside and needs updates
Obvious way to enhance value or appeal of property: Carpet, paint, modernize kitchen and bathrooms, fence the front yard so kids have a place to play.
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!
Buy My Science Fiction Novels!
Dan Melson Author Page
The Man From Empire
A Guardian From Earth
Empire and Earth
Working The Trenches
Preparing The Ground
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
Want San Diego MLS?
Add to Technorati Favorites