Hot Bargain Property March 19, 2007!
Five Bedroom Fixer With Pool Next To Good School!
General: Urban East County, 5 bedroom 2 bath. Asking price between $425,000 and $450,000. I think an offer of $400,000 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 ceilings, back yard pool for the kids.
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 $400,000, the property would be worth approximately $650,000. If you held it those ten years before selling, you would net about $310,000 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 bargains 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, and there is no reason not to sign such an agreement unless you're an agent yourself.
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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