Hot Bargain Property April 30, 2007

Beautiful Older Home with Large Lot on Quiet Street!



General: Urban East County, 3 bedroom 2 bath, and two extra rooms. Asking price between $475,000 and $500,000. I think an offer of $460,000 net would get it sold.



Why you should be interested: 1) It's gorgeous 2) Quiet Neighborhood 3) Large back yard 4) Great Schools 5) It's close to just about everything.



Selling Points: Throughly modernized kitchen and bathrooms, water efficient front yard, back yard is large enough for kids to play. The ceiling is a little low on the extra rooms for them to be legally bedrooms, but people have obviously used them for that.



Why I think it's a potential bargain: This is one of those pleasant surprises you find every once in a while if you look at enough properties.



Obvious caveats: I do want to slap whoever it was that put pergo down on top of hardwood in the front section of the house.



Why it hasn't sold already: The listing agent is basically acting like a bump on a log.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $460,000, the property would be worth approximately $750,000. If you held it those ten years before selling, you would net about $360,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2100 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $190,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Evidently, school buses use the street in the morning.



Obvious way to enhance value or appeal of property: Other than get the pergo off the hardwood, not much.



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!