Hot Bargain Property June 22, 2007
Craftsman on Large Lot!
General: Urban East County, 2 bedroom 1 bath, with detached garage and second floor office. Asking price between $375,000 and $400,000. I think an offer of $360,000 net would get it sold.
Why you should be interested: Clean well maintained smaller house with plenty of extra room on the lot. Alley access in the back.
Selling Points: Plenty of room to expand the home and would still have plenty of room on the lot.
Why I think it's a potential bargain: It's got dated fixtures, but they've been well maintained. Whether you don't need more than two bedrooms or if you want to add a master built to your own specifications, this is a great property.
Obvious caveats: Just that the furnishings are not new.
Why it hasn't sold already: Very few people know how to look past old.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $360,000, the property would be worth approximately $580,000. If you held it those ten years before selling, you would net about $270,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1400 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $70,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: nothing aside from the fact that it's well maintained but old.
Obvious way to enhance value or appeal of property: Buff the floors, update kitchen and bathroom, add a master suite if you're so inclined.
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 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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