Hot Bargain Property September 27th, 2007
Remodeled Inside, Great Neighborhood!
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $425,000 and $450,000. I think $400,000 net might get it sold!
Why you should be interested: Doesn't look like much outside, but as soon as you walk in you're going to want that kitchen! Bathrooms are modern, as well!
Selling Points: Very nice inside! Great Location - shopping within five minutes, close enough to walk for a lot of people. Excellent schools! Central to everything, but it's a quiet street!
Why I think it's a potential bargain: Too many people will judge it by the nondescript outside,
Obvious caveats: I am a little concerned that some stucco has been patched. Roof is getting older.
Why it hasn't sold already: It was priced way too high to start with. 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) $6490 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 $400,000 the property would be worth approximately $650,000. If you held it those ten years before selling, you would net about $300,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2000 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $170,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: California room smells like someone used it as a smoking room.
Obvious way to enhance value or appeal of property: Replace the carpet in the bedrooms, or give it a really thorough cleaning. Fully enclose the California room if you're feeling 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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