Hot Bargain Property May 23, 2007
Beautiful Private Showplace
General: Urban East County, 3 bedroom 1.75 bath. 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: This is a beautiful property on a quiet street in a great school district close to everything.
Selling Points: Gardenlike front and side yards, with privacy hedge. Private gated drive into two car detached garage. Back yard has plenty of room for entertaining, or you could put in a pool. Thoroughly modern master bedroom and bath. Second and third bedrooms open on other bathroom. Kitchen is beautiful and modern, with lots of room. Tile roof, even!
Why I think it's a potential bargain: This sort of property doesn't go for this low of a price here. It's priced more like most fixers.
Obvious caveats: The second bathroom needs a little updating.
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 $460,000, the property would be worth approximately $740,000. If you held it those ten years before selling, you would net about $350,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2000 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: I didn't see anything.
Obvious way to enhance value or appeal of property: Other than a minor update for the second bath, I really can't see anything.
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 am looking to represent buyers, so 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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