Ronald P. Barranti and Stephanya M. Barranti - Page 3

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          California.  Less than 3 weeks later, the grandmother died, and             
          petitioner became the sole owner of the property.                           
               At the time of the grandmother's death, the property was in            
          a state of disrepair.  For instance, mildew had grown on the                
          interior walls around the windows; the awning over the patio had            
          fallen down; the garage door did not open; the yard required                
          landscaping; and the fence surrounding the property required                
          mending.  Furthermore, the house was located in a neighborhood              
          that was not safe at night.                                                 
               After several months spent considering whether to sell or to           
          rent the property, petitioner decided that she would repair the             
          house and offer it for rent.  However, petitioner did not know              
          the amount of the rent to charge for the property.                          
               As a starting point in determining how much rent to charge,            
          petitioner sought to determine the fair market value of her                 
          property.  To determine the property's value, petitioner had                
          several real estate agents come to the property and provide her             
          with estimates.  A Century 21 real estate agent performed a                 
          thorough market analysis of the property on June 6, 1991.  The              
          agent estimated the fair market value of the property was between           
          $219,500 and $275,000, and that it would sell quickly at                    
          $229,000.  To determine how much to charge for rent, petitioner             
          researched a trade magazine and several newspapers which listed             







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