Hot Bargain Property May 24th, 2008
Great Entertainment Property - Partial Fixer in Highly Desired Area!
General: Unincorporated area (La Mesa Zip), 2 Bedroom 1.75 Bathroom 1 extra room
What's Wrong With It: Outside needs paint. One door needs replacing, as does carpet in both bedrooms. Some tile needs repair. One bathroom is straight out of 1965.
Why It Hasn't Sold: Most people can't see past what it needs to what it's got.
Who it's Not Appropriate For: It is going to take some work for most folks to be happy here.
Selling Points: Combination living room family room with great light and great visibility. Kitchen is freshly redone, and the front bathroom is in attractive as well. Outside has sparkling pool and nice brick courtyard for outdoor gatherings, and a large lot with plenty of room left to do whatever you like. Lots of parking in front of the house, and everything you see around it is more expensive, some of it much more expensive.
Who Should be Interested: This is what opportunity looks like, whether for a fix up profit or for a place to live for ever and ever.
Why it's a Bargain: Worst house in the best neighborhood is the classic recipe for bargains and it's not that bad.
What I think I can get it for: $375,000.
Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 5.75% with one point, or 100% VA financing at 5.75% for the same cost.
With no down payment: VA 30 year fixed rate loan at 5.75% (FHA 97% financing) payment $2188, (APR 5.935)
With 20% down: Fully amortized payment of $1751 (APR 5.899).
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 $375,000 the property would be worth approximately $610,000. If you held it those ten years before selling, you would net about $300,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2100 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $260,000 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, Buyer's Agent
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116
CategoriesBargains I've Found
Buy My Science Fiction Novels!
Dan Melson Author Page
The Man From Empire
A Guardian From Earth
Empire and Earth
Working The Trenches
Preparing The Ground
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
Want San Diego MLS?
Add to Technorati Favorites