Hot Bargain Property October 17th, 2007
4 Bedroom Home in a Nice Community!
General: Urban East County, 4 bedroom 1.75 bath. Asking price between $350,000 and $375,000. I think $320,000 net might get it sold!
Why you should be interested: Well kept property, good to excellent public schools, nice place to raise a family!
Selling Points: One bedroom and 3/4 bath downstairs, vaulted ceiling, master has own balcony!
Why I think it's a potential bargain: A Four Bedroom home in a nicer area, with great schools for this kind of price isn't enough?
Obvious caveats: Some traffic noise outside, noticeable when it's quiet.
Why it hasn't sold already: It's hard to find in MLS.
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) $5620 gross with zero down. If you have 20% down, monthly gross income to qualify will be $4300
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $320,000 the property would be worth approximately $520,000. If you held it those ten years before selling, you would net about $240,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2200 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $230,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Most of the furnishings are original, but solid
Obvious way to enhance value or appeal of property: Just update the kitchen and bathrooms.
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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