Hot Bargain Property July 23, 2007
Low Maintenance With a View!
General: Urban East County, 3 bedroom 1 bath. Asking price between $400,000 and $425,000. I think an offer of $370,000 net would get it sold.
Why you should be interested: Well maintained 3 bedroom home with a view on a quiet street in a nice area
Selling Points: Hardwood floors, nice backyard patio, newer kitchen.
Why I think it's a potential bargain: Very pleasant property in a very pleasant neighborhood, and inexpensive to boot. If you have kids, the schools are excellent!
Obvious caveats: Back yard is small.
Why it hasn't sold already: It's a little on the small side for kids.
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 $280,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1600 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $120,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: May be a little small for some.
Obvious way to enhance value or appeal of property: Just update the bathroom.
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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