Hot Bargain Property for November 10th, 2007
Solid Top Floor Condo in Great Neighborhood
General: La Mesa, 2 Bedroom 2 FULL bathrooms.
What's Wrong With It: Entryway is narrow.
Why It Hasn't Sold: Kitchens and bathrooms are original. Wall covering from the book of "What were they thinking?"
Who it's Not Appropriate For: People who have difficulty climbing stairs
Selling Points: Location is a nice clean complex with a pool and clubhouse. Served by great schools. Central to everything. Larger than most 2 bedroom condos.
Who Should be Interested: Smaller families and single parents. People looking for great investments.
Why it's a Bargain: The unattractive surfaces tend to drive most folks off, and it's lender owned.
What I think I can get it for: $160,000 or maybe a bit less.
Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 6% for one total point.
With no down payment: fully amortized payment $959 plus $129 temporary PMI based upon $160,000 loan. (APR 7.172 includes temporary PMI)
With 20% down: fully amortized payment of $784 (APR 6.202)
Other financing options are available, potentially lowering the payments, but I'm quoting real loans that real people can get, that will stay exactly the same until you pay it off.
Investment potential: If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $160,000 the property would be worth approximately $260,000. If you held it those ten years before selling, you would net about $120,000 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 $90,000 ahead of the renter, after the expenses of selling.
To learn more: Agree that you'll use me as a buyer's agent if you buy it. If you don't like it or don't buy it, no obligation is incurred. If you're not working with someone who will go out and find properties like this, maybe you should consider working with me instead!
Dan Melson, Realtor
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116
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