Bargains I've Found: September 2007 Archives

Remodeled Inside, Great Neighborhood!



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $425,000 and $450,000. I think $400,000 net might get it sold!



Why you should be interested: Doesn't look like much outside, but as soon as you walk in you're going to want that kitchen! Bathrooms are modern, as well!



Selling Points: Very nice inside! Great Location - shopping within five minutes, close enough to walk for a lot of people. Excellent schools! Central to everything, but it's a quiet street!



Why I think it's a potential bargain: Too many people will judge it by the nondescript outside,



Obvious caveats: I am a little concerned that some stucco has been patched. Roof is getting older.



Why it hasn't sold already: It was priced way too high to start with. Now that the owners have gotten a clue, they're desperate, but it's been on the market too long to interest most folks.



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) $6490 gross. If you have a down payment or want to buy the rate down more, it will be less.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000 the property would be worth approximately $650,000. 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 $2000 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $170,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: California room smells like someone used it as a smoking room.



Obvious way to enhance value or appeal of property: Replace the carpet in the bedrooms, or give it a really thorough cleaning. Fully enclose the California room if you're feeling ambitious.



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!

Affordable Home - More Than Meets The Eye!



General: Urban East County, 3 bedroom 1 bath. Asking price between $325,000 and $350,000. The owners might come down some, but not a lot.



Why you should be interested: This is a solid family home, in a good neighborhood with good freeway access, close to just about everything, and it's priced fifty thousand below everything similar around it.



Selling Points: How many houses do you find this cheap, with a real back yard, within fifteen minutes of downtown or Mission Valley? Not to mention the park and little league field across the street! The back yard is nice, with a California room and a covered patio and mature shade trees!



Why I think it's a potential bargain: Priced fifty thousand below everything else in a good solid neighborhood, and the schools are above average.



Obvious caveats: A lot of the house is straight out of the fifties. The third bedroom was originally a garage (There's a new detached garage in back)



Why it hasn't sold already: It was priced $50,000 too high. Now that the owners have gotten a clue, they're desperate, but it's been on the market too long to interest most folks.



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) $5550 gross. If you have a down payment or want to buy the rate down more, it will be less.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $340,000 the property would be worth approximately $550,000. If you held it those ten years before selling, you would net about $260,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1700 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $130,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: The bathroom needs an update



Obvious way to enhance value or appeal of property: Paint inside, new carpet. Update the bathroom. Install another bath and fully enclose the California room if you're ambitious.



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!

Great Layout and Gorgeous View, Close to Everything!



General: Urban East County, 3 bedroom 1 bath. Asking price between $450,000 and $475,000. I think an offer of $440,000 net would get it sold.



Why you should be interested: This is a well maintained older home with a beautiful view of the city. It sits on a large lot, fenced in back, so you have a place for kids and pets, and it's private for parties. The kitchen and bathroom could use some updating, but they're quite usable as they sit. Have your friends over and look out over the city at night!



Selling Points: How many houses do you find this cheap, with a real back yard, within fifteen minutes of downtown or Mission Valley? And that's after you've seen the view!



Why I think it's a potential bargain: This is a great neighborhood to live in, and it has some of the best public schools in the county!



Obvious caveats: The road is the main access to the neighborhood. Also, the parking situation for guests may be impacted (you've got a driveway that can trivially fit two cars, plus a garage)



Why it hasn't sold already: Nobody has found it yet.



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) $7050 gross. If you have a down payment or want to buy the rate down more, it will be less.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $440,000 the property would be worth approximately $710,000. If you held it those ten years before selling, you would net about $330,000 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 $175,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Just that the street layout makes street parking a concern.



Obvious way to enhance value or appeal of property: Update kitchen and bathroom. Install another bath if you're ambitious. If you're really ambitious, the yard has all kinds of possibilities.



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!

Affordable 4 Bedroom Cosmetic Fixer!



General: Urban East County, 4 bedroom 1.75 bath. Asking price between $350,000 and $375,000. I think an offer of $330,000 net would get it sold.



Why you should be interested: This is a FOUR bedroom house with its own yard in a decent neighborhood with good schools and great freeway access, that a family making $5000 per month can qualify for! (and I'm talking about a thirty year fixed rate loan, too!)


Selling Points: This is an affordable four bedroom home with 100% financing available if you've got not too far below average credit (or better). It has a front yard and a back yard and room for family activities. Master closet is large.



Why I think it's a potential bargain: It really won't cost much to fix this up and have a nice home!



Obvious caveats: The hall bathroom is usable as it sits, but it's not pleasant.



Why it hasn't sold already: People keep looking for the bargain that's already beautiful!



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $330,000 the property would be worth approximately $540,000. If you held it those ten years before selling, you would net about $260,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1800 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $190,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Just that pretty much every surface except the kitchen cabinets needs updating.



Obvious way to enhance value or appeal of property: Paint, carpet, a good cleaning, and re-tile the hall bathroom. Plant some grass, and if you're really ambitious, knock out a couple of dividers.



This property does 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.



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!

Large Lot with a View!



General: Urban East County, 2 bedroom 1 bath with two optional bedrooms. Asking price between $275,000 and $300,000. I think an offer of $240,000 net would get it sold.



Why you should be interested: Truthfully, the structures probably need to be bulldozed. But it's a large lot with a great view. Over a fifth of an acre, and while it's on a hillside, the lot itself is mostly flat! Once the existing structures are gone, build your dream house in an area with a great view, good location, and good schools.


Selling Points: Large lot with a great view, and the existing structures are ripe for demolition! I'd expect to pay a lot more than this for a vacant lot of this size without the view - and the fact that it already has a residence on it renders it eligible for residential financing!



Why I think it's a potential bargain: Most people will see only the ugly current structures, not what it could become



Obvious caveats: This is not a million dollar neighborhood, and R-1 zoning further limits the possible investment profit. But if you want to build your own middle class home, this is a good place



Why it hasn't sold already: Three words: Ugly Old House



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $240,000 the property would be worth approximately $390,000. If you held it those ten years before selling, you would net about $1800,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1500 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $160,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: I wouldn't want to live in this house as it sits



Obvious way to enhance value or appeal of property: A bulldozer and a building permit.



This property does 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.



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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About this Archive

This page is a archive of entries in the Bargains I've Found category from September 2007.

Bargains I've Found: July 2007 is the previous archive.

Bargains I've Found: October 2007 is the next archive.

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