First and foremost today, Happy Birthday to my father!! If he has his way today, the sailboat is out or he is on a bike ride enjoying the day.
Today’s daily Denver Bank Foreclosure For Sale is in the foothills of Denver. The property is a two story with a walk-out basement, 4b/2b’s, 2255 total sq ft. The property sits on half an acre, with a great wrap around deck to enjoy a great view of the Front Range Mountains. You’d really never know this was a foreclosure, as stainless appliances are in the property, all new windows, carpet and paint are in good condition too. With that being said, the property is listed at $218,900; however, past sales could support a $205-210k sales price. Assuming the main items are in tact, 10k to spruce this place up would probably be sufficient, then allowing for a 300k ARV. This property would not be the best candidate for hard money, as DOM (days on market) tends to be on the higher side in the foothills and your holding costs with hard money has potential to eat into the profit spread. If you are going to take on a mountain property, this is the time of year to do so! Placing this home back on the market, fully updated, in June, will give you the best exposure and best chance to keep the DOM on the low end.
Interested in this property? Contact Me for more info, or to get placed on my “daily hotsheet” of homes that I email off every weekday with deals just like this one: