Hot Bargain Property July 20th, 2007
A Fixer Worth Fixing!
General: Urban East County, 3 bedroom 1 bath, with attached garage, and a nice large lot! Asking price between $325,000 and $350,000. I think an offer of $310,000 net would get it sold.
Why you should be interested: Detached 3 bedroom home for about the same price 2 bedroom condos are going for in the neighborhood, and you can't beat the schools for anything like the price! Plus it's close to everything!
Selling Points: over an 8000 square foot lot, two car garage.
Why I think it's a potential bargain: This property is a great place to raise a family with great public schools in a nice neighborhood, and priced lower than recent comparable sales.
Obvious caveats: Busy street with traffic noise. Furthermore, the place needs work. However, it should repay your work handsomely!
Why it hasn't sold already: It's ugly on the surface. Old everything. On the other hand, there's money to be made by updating it!
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $310,000 the property would be worth approximately $500,000. If you held it those ten years before selling, you would net about $240,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1500 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $110,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: You're going to need to work to see a profit.
Obvious way to enhance value or appeal of property: Update everything! Landscape the yard!
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!
Buy My Science Fiction Novels!
Dan Melson Author Page
The Man From Empire
A Guardian From Earth
Empire and Earth
Working The Trenches
Preparing The Ground
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
Want San Diego MLS?
Add to Technorati Favorites