Hot Bargain Properties October 12th, 2007
Lender Owned in Good Shape!
General: Urban East County, 2 bedroom + 1 optional, 1 bath. Asking price between $325,000 and $350,000. I think $300,000 net might get it sold!
Why you should be interested: Large well kept lot, white picket fence front and back, with alley access. Close to the freeway!
Selling Points: This cottage like home would make a great starter, and is in very good shape considering the age. Detached garage!
Why I think it's a potential bargain:Nice pleasant place in an area that most people wouldn't even look for a residence in, on a large lot!
Obvious caveats: Facade needs paint
Why it hasn't sold already: Most people won't look for a home in this sort of area. But it's still nice!
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) $4940 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 $300,000 the property would be worth approximately $480,000. If you held it those ten years before selling, you would net about $230,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1650 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $150,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: This is the sort of home most children grew up in a generation ago!
Obvious way to enhance value or appeal of property: Just update the kitchen and bathroom. If you're feeling ambitious, add another bathroom or expand the garage
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. 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!
CategoriesBargains I've Found
Buy My Science Fiction Novels!
Dan Melson Author Page
The Man From Empire
A Guardian From Earth
Empire and Earth
Working The Trenches
Preparing The Ground
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
Want San Diego MLS?
Add to Technorati Favorites