Hot Bargain Property January 24th, 2008
Cleanest Lender-Owned Property I've Ever Seen!
General: La Mesa, 3 Bedroom, 1.75 Bathroom
What's Wrong With It: Not wrong, but there is a shingle facade obscuring the stucco, so I can't see whether there are structural issues underneath.
Why It Hasn't Sold: It's listed a little above most other similar size properties in the neighborhood.
Who it's Not Appropriate For: Very large families is about it - not that anyone with six kids is looking for a 3 bedroom.
Selling Points: Quiet street, served by excellent to top notch schools. Polished hardwood floors in most of the house, with modern tile in the kitchen and dining room. The kitchen and dining room are quite large, clean, and remodeled fairly recently. The master suite gets great light, and appears to be pretty new. The back yard is private and reasonably large, with concrete block walls and a covered patio with grill. RV parking is available, and a one car garage.
Who Should be Interested: People with a family looking for a place to raise kids, anybody looking for a clean, quiet place to live.
Why it's a Bargain: The lender may have listed it a little too high, but it's worth at least what the surrounding properties are.
What I think I can get it for: $415,000.
Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 5.25% for less than one total point.
With no down payment: Fully Amortized Payment $2627 including financing insurance (APR 6.635), dropping to $2292 when you have 20% equity (APR 5.361)
With 20% down: Fully amortized payment of $1833 (APR 5.371).
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 $415,000 the property would be worth approximately $675,000. If you held it those ten years before selling, you would net about $325,000 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 $250,000 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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