Hot Bargain Property August 27th, 2008
Lender Owned, Great Neighborhood!
General: La Mesa, 3 Bedroom plus optional, 2.25 Bathroom
What's Wrong With It: All the surfaces are old, and it needs refurbishing. Floor plan has dividers it doesn't need.
Why It Hasn't Sold: People can't see the payoff
Who it's Not Appropriate For: People who can't handle stairs.
Selling Points: Nice large back yard, lots of storage underneath the house. Has great views of the neighborhood, and sits in an excellent school district.
Who Should be Interested: Anybody looking to buy into a great neighborhood at a bargain price!
Why it's a Bargain: Everything around it is much more expensive. There's nothing cheaper in the neighborhood!
What I think I can get it for: $320,000.
Investment potential: If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $320,000 the property would be worth approximately $530,000. If you held it those ten years before selling, you would net about $250,000 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 $280,000 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
One Stop Lending And Realty, Inc
9025 Carlton Hills Blvd, Suite B
Santee, CA 92071
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