Hot Bargain Property September 26th, 2007
Affordable Home - More Than Meets The Eye!
General: Urban East County, 3 bedroom 1 bath. Asking price between $325,000 and $350,000. The owners might come down some, but not a lot.
Why you should be interested: This is a solid family home, in a good neighborhood with good freeway access, close to just about everything, and it's priced fifty thousand below everything similar around it.
Selling Points: How many houses do you find this cheap, with a real back yard, within fifteen minutes of downtown or Mission Valley? Not to mention the park and little league field across the street! The back yard is nice, with a California room and a covered patio and mature shade trees!
Why I think it's a potential bargain: Priced fifty thousand below everything else in a good solid neighborhood, and the schools are above average.
Obvious caveats: A lot of the house is straight out of the fifties. The third bedroom was originally a garage (There's a new detached garage in back)
Why it hasn't sold already: It was priced $50,000 too high. Now that the owners have gotten a clue, they're desperate, but it's been on the market too long to interest most folks.
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) $5550 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 $340,000 the property would be worth approximately $550,000. 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 $1700 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $130,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: The bathroom needs an update
Obvious way to enhance value or appeal of property: Paint inside, new carpet. Update the bathroom. Install another bath and fully enclose the California room if you're ambitious.
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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