Hot Bargain Property! January 26th, 2007
Nice Lender Owned 3 Bedroom Condo
General: Urban East County, 3 bedroom 2.75 bath. Asking price between $325,000 and $350,000. I don't think they're going below $320k.
Why you should be interested: Attractive 3 bedroom condo in great location for the price of a two bedroom.
Selling Points: Mostly on one level (although it is up half a flight of stairs), each bedroom is good sized, and has at least 3/4 of a bath. Very close to freeway, very close to major park. This would be a great rental unit, or a way for someone just starting out to get their foot on the property ladder by renting out the spare rooms. Nice high cielings, and third bedroom would also be a great private office with its own bathroom!
Why I think it's a potential bargain: Others like it are going for $400k in the same complex. Plus, it's a nice place to live!
Obvious caveats: Kitchen could use an update, second bedroom is painted a funky color.
Why it hasn't sold already: Nobody else has found it?
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $320,000, the property would be worth approximately $520,000. If you held it those ten years before selling, you would net about $250,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1600 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $120,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Laundry in the garage, under the third bedroom.
Obvious way to enhance value or appeal of property: Update the kitchen.
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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