Hot Bargain Property October 18th, 2007
Cosmetic Fixer in Good Area!
General: Urban East County, 3 bedroom 2.5 bath. Asking price between $350,000 and $375,000. I think $300,000 net might get it sold!
Why you should be interested: The property has very good basics, but the surfaces are old. Consequently, it should be possible to talk them down off the asking price
Selling Points: 2 car garage with storage and inside access! 2 full baths upstairs, vaulted ceiling!
Why I think it's a potential bargain: A Three Bedroom home in a nicer area, with great schools for this kind of price isn't enough?
Obvious caveats: This is a PUD.
Why it hasn't sold already: Most people just look inside and they see old. They don't see what a small amount of work could bring it up to!
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) $5270 gross with zero down. If you have 20% down, monthly gross income to qualify will be $4020
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 $2200 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $240,000 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: Paint and new carpet. 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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