Hot Bargain Property October 16th, 2007
Lender Owned Condo - Great Intrinsics!
General: Urban East County, 2 bedroom 2 full baths. Asking price between $180,000 and $200,000. I think $175,000 net might get it sold!
Why you should be interested: Well designed buildings, very little deferred maintenance. Well kept unit even if it is older inside. Very close to one of the best area high schools!
Selling Points: This property would be great for a starter home, or for single parents!
Why I think it's a potential bargain: Less than $200k for a solid 2 bedroom condo in good neighborhood!
Obvious caveats: Roof has leaked at some point since last painted. Furnishings and surfaces are clean and solid, but not new.
Why it hasn't sold already: Most people want brand new and already beautiful. They end up paying for it. That's not this property.
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) $3342 gross with zero down. If you have 20% down, monthly gross income to qualify will be $2619
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $175,000 the property would be worth approximately $285,000. If you held it those ten years before selling, you would net about $135,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1200 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $92,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: There's nothing new here. But everything I could see looked sold.
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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