Hot Bargain Property September 20th, 2007
Affordable 4 Bedroom Cosmetic Fixer!
General: Urban East County, 4 bedroom 1.75 bath. Asking price between $350,000 and $375,000. I think an offer of $330,000 net would get it sold.
Why you should be interested: This is a FOUR bedroom house with its own yard in a decent neighborhood with good schools and great freeway access, that a family making $5000 per month can qualify for! (and I'm talking about a thirty year fixed rate loan, too!)
Selling Points: This is an affordable four bedroom home with 100% financing available if you've got not too far below average credit (or better). It has a front yard and a back yard and room for family activities. Master closet is large.
Why I think it's a potential bargain: It really won't cost much to fix this up and have a nice home!
Obvious caveats: The hall bathroom is usable as it sits, but it's not pleasant.
Why it hasn't sold already: People keep looking for the bargain that's already beautiful!
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $330,000 the property would be worth approximately $540,000. If you held it those ten years before selling, you would net about $260,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1800 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: Just that pretty much every surface except the kitchen cabinets needs updating.
Obvious way to enhance value or appeal of property: Paint, carpet, a good cleaning, and re-tile the hall bathroom. Plant some grass, and if you're really ambitious, knock out a couple of dividers.
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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