Hot Bargain Property March 5, 2007
Great Open Floor Plan in Quiet Neighborhood!
General: Urban East County, 3 bedroom 2 full baths. Asking price between $400,000 and $425,000. I think you might get it for $370,000 or possibly a little less.
Why you should be interested: Solid house (with two car garage!) in quiet neighborhood with good schools for an affordable price. Neighborhood is stable, and the few that come on the market sell quickly.
Selling Points: Large kitchen and dining room, 2 full baths. Walled, covered patio could be easily enclosed for more space. Side yard for boat or RV parking!
Why I think it's a potential bargain: This is a solid property at a great price. Last sale on the street was over $550,000.
Obvious caveats: The inside garage access is through a bedroom. Kitchen could use an update, as could both bathrooms.
Why it hasn't sold already: I don't know. But the neighbors are trying to get friends interested, and that's always a good sign of a bargain!
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $370,000, the property would be worth approximately $600,000. If you held it those ten years before selling, you would net about $290,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1700 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $160,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Just that this house does not appear to be a good candidate for expansion.
Obvious way to enhance value or appeal of property: Update the kitchen and bathrooms, enclose the patio.
This property appears 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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