Property Overview
This property is a large partial-brick tri-level on a large corner lot in a nice part of Montbello. This house measures 2,992 total sq ft, making it one of the larger homes built in this area. The 1,969-built home has 5 beds, 3 baths and sits on a 9,000 sq ft lot. It has a nice, oversized 2-car attached garage that measures 520 sq ft. The layout is typical tri-level. The main level is a large living room, dining room and kitchen. The upper level has the master bedroom with en suite bath, 2 additional bedrooms and an additional full bath. The garden level has a large family room space, an additional bedroom and a combo bath/laundry room space. The garage is accessed off this level. The basement has an additional rec room space plus the 5th bedroom space. The house is overall in good condition, it's just very original and very dated throughout and it will need a full inside and out renovation. You'll notice that all 3 of our comps are recent flips, and there is a lot of that happening in Montbello. You'll also see that buyers are paying premium prices for homes that are completely redone to new, modern design standards. The schools here are Denver County 1 and the taxes for 2023 were $1,798.
Neighborhood : Montbello has come a long way in the last 10 years or so. This home is in a nice neighborhood where the homes are well-kept. There is a lot of flip activity happening here, which should serve to keep the market strong as buyers look for move-in-ready options. Montbello is also close to DIA, downtown, and all amenities are nearby.
Video Walkthrough
Our $86K projected fix budget should indicate this is a big project, and it is mainly because it's a larger house that needs pretty much everything. First, what you don't have to do is the furnace and water heater should be good as per seller. The roof was redone in the last 12 or so years, we're budgeting to replace but it may be able to be certified. The rest of the outside we're budgeting for windows, painting the entire exterior, including the brick and work in the yard. On the inside, you're doing everything:kitchen, all 3 baths, paint, flooring, etc. The 5th bedroom in the basement is currently separated from the family room space by a partition, so to get an official 5th bed, you'll need to enclose that space with an actual wall, not a big project, but needs to be done.
Total Budget: $86,234
To hit top ARV, the finished product will be a fully updated 5 bed, 3 bath home with 2,992 sq ft. Looking at the comps, you will see that the highest-priced sellers have done a great job of making the finished products look fresh and modern. They've added some nice, but not expensive, design touches and have mainly used low to mid range materials and finishes, so they create a finished product that looks a lot more expensive than it really is.
Furnace and water heater are less than 5 yrs old as per seller.
Closing is scheduled for 07/30/2024.
This property is a large partial-brick tri-level on a large corner lot in a nice part of Montbello. This house measures 2,992 total sq ft, making it one of the larger homes built in this area. The 1,969-built home has 5 beds, 3 baths and sits on a 9,000 sq ft lot. It has a nice, oversized 2-car attached garage that measures 520 sq ft.
13295 Andrews Drive, Denver, CO 80239 Zillow
Our first comp is a very nicely done flip in Montbello with 5 beds, 3 baths and 2,620 sq ft. This one has a 2-car detached garage and a 11,200 sq ft lot. It's a really nice finished product with lots of modern touches added to the design. Compared to our subject, this house is 370 sq ft smaller, even though it has the same bed/bath count and certainly that 370 sq ft makes a big difference in value. The lot on this comp is bigger, but the garage is detached, so less desirable. This comp was sold on 3/14/24 for $580,000, however there was a $10,000 concession, so the net price was $570,000. Pre-flip, this comp was sold to the investor who did the project for $399,999.
13050 E 48th Avenue, Denver, CO 80239 Zillow
This next comp is also one of the most recent sales of a completed flip. This one is a 4 bed, 3 bath, but it only has 2,477 sq ft, so it's over 500 sq ft smaller than our subject. It has a 2 car attached garage and an 8,000 sq ft lot. The finished product here is really nice, but probably a notch below the first comp. This one sold for $570,000 on 5/6/24. There was a $4,500 concession, making the net sale price $565,500. Pre-flip, this comp sold for $440,500.
4572 Abilene Street, Denver, CO 80239 Zillow
Our final comp is another flip that is also a really nice finished product. Whoever flipped it got a little aggressive with the original list price, putting it on the market at 620. Perhaps things have changed, but listing at a number that starts with a "6" in Montbello would seem to be an iffy proposition...and it was. That's why even though our subject is larger than any of these comps by a pretty wide margin, we're projecting a conservative ARV of 585. Ok, back to the comp...this one is a 6 bed, 4 bath with 2688 sq ft. It has a 2 car attached garage and an 8,090 sq ft lot. This comp sold on 2/6/24 for $575,000. There was a $10,000 concession. It would appear that the problem here was they listed in early December, right during the holidays, at a price that was way too high...certainly seems like investor error in aiming too high on price. Pre-flip, this one sold for 363, but that was all the way back in May of last year.
12980 E 47th Avenue Circle, Denver, CO 80239 Zillow
This flip is active, just hitting the market a week ago (The pics on Zillow are still the before pics). Let's hope this goes U?C soon. It's a 4 bed, 3 bath with just over 2,100 sq ft and it's priced at 469.9. The MLS has the listing pics and it's a really nice finished product. We included it just so you could see another flip that is now active. Pre-flip, it sold for $425,000 in February.
