Hot Bargain Property September 25th, 2007
Great Layout and Gorgeous View, Close to Everything!
General: Urban East County, 3 bedroom 1 bath. Asking price between $450,000 and $475,000. I think an offer of $440,000 net would get it sold.
Why you should be interested: This is a well maintained older home with a beautiful view of the city. It sits on a large lot, fenced in back, so you have a place for kids and pets, and it's private for parties. The kitchen and bathroom could use some updating, but they're quite usable as they sit. Have your friends over and look out over the city at night!
Selling Points: How many houses do you find this cheap, with a real back yard, within fifteen minutes of downtown or Mission Valley? And that's after you've seen the view!
Why I think it's a potential bargain: This is a great neighborhood to live in, and it has some of the best public schools in the county!
Obvious caveats: The road is the main access to the neighborhood. Also, the parking situation for guests may be impacted (you've got a driveway that can trivially fit two cars, plus a garage)
Why it hasn't sold already: Nobody has found it yet.
Monthly Income to Qualify: (assuming no down payment and average credit on a thirty year fixed rate mortgage, full documentation, one total point or less) $7050 gross. If you have a down payment or want to buy the rate down more, it will be less.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $440,000 the property would be worth approximately $710,000. If you held it those ten years before selling, you would net about $330,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2100 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $175,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Just that the street layout makes street parking a concern.
Obvious way to enhance value or appeal of property: Update kitchen and bathroom. Install another bath if you're ambitious. If you're really ambitious, the yard has all kinds of possibilities.
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. If your current agent was finding properties like this, you wouldn't be interested.
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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