Property Overview
This property is a very nice 3 beds, 3 baths townhome in a nice area of Centennial. You will notice as you are doing your due diligence that there is not a large number of townhomes in this area and that they do not hit the market very often, so finding a large number of recent comps is a challenge. And the ones that do hit the market sell quickly. Our subject, as currently configured, is a 3 beds, 3 baths with 2,232 sq ft. The main level has a large living room with fireplace, dining room, kitchen and a 1/2 bath. Upstairs is a large loft that should be converted to a bedroom for top value, 2 additional bedrooms and 2 bathrooms, including the en suite in the master. The basement is partially finished and has a non-conforming bedroom. The ideal finished product here is a 4 beds, 3 baths layout (or 4 bath). The home has a large attached 2 car garage and a nice patio space out back. This development, Arapahoe Estates, is a small development with only 12 units, and as far as we can tell, the last one to sell was back in 2020. As a result, our comps are units that are nearby but comparable in terms of overall size, age, etc. Each of the 6 buildings in this complex has 2 units, so each is an end unit. Our subject sits next to a nice large open space. The schools here are in the Littleton 6 district and the taxes for 2022 were $1,983.
Neighborhood : This complex sits in a nice part of Centennial that's close to all amenities, including Southglenn, which is about 5 minutes away. The Tech Center is only about 10 minutes away.
About HomeTrust
There are some options with this one. Our 30k budget assumes you do the full reno. The exterior should be good except for some general work on the patio area. Inside, much of the flooring is newer and the master bath was redone. The kitchen is overall pretty good, with newer appliances, but the counters are granite tile instead of solid and the cabinets could use a coat of paint. The upstairs hall bath is dated, but the main level powder room is nice. The basement needs some work putting it back together. We would suggest closing in the loft to add a 3rd bedroom upstairs, but that's a pretty easy project. The bottomline is $30K should get you a really nice and updated finished product, but you could certainly do the basic lipstick and put this right back on the market. The seller has talked to multiple agents who have said in this area, and with the basement put back together, this should easily sell in the 525 - 535 range. And in looking at the comps in the area, that seems to be about right. Our 560 ARV is based on doing a nice cosmetic reno that freshens everything up.
Total Budget: $30,000
Assuming you enclose the loft, the finished product will be a 4 bed, 3 or 4 bath with 2232 sq ft. The property as-is could be listed with some light updates, so that is certainly an option.
Nice end-unit. A very nice location that is close to everything. There was a water leak from a pipe in the basement, so there is a bit of work needed to put things back together down there, but the cleanup is done
Closing is scheduled for 07/31/2024.
6321 S Harrison Court, Centennial, CO 80121 Zillow
As we said earlier, we don't have any comps in our little Arapahoe Estates complex, so we've got to generally look at what comparable townhomes in the area sell for. Another challenge is that townhomes in general do not come on the market in this area often, so finding 2 or 3 that have sold in the last 6 months is also a challenge. That said, this first comp is a 4 beds, 3 baths with 2,690 sq ft. This one has a 2 car garage. This one is about 1/2 mile north of our subject. Assuming you end up with a 4/3 layout on our subject, the main difference is that this comp is about 400 sq ft larger...and of course that matters. This comp sold for $610,000 back in August of last year, and the estimated current value is $617,000. This comp is nice and clean and has had some nice updates, but it's also dated as well. As-is, it's relatively comparable to our subject in terms of condition.
6375 S Jackson Street, Centennial, CO 80121 Zillow
This next comp is also located nearby, and this one is a 3 beds, 4 baths with 2,086 sq ft and a 2-car garage. Like the first comp, this one is clean with some nice updates. This one is quite a bit smaller than our subject, and it sold for $550,000 back on 6/30/23.
6357 S Filbert Lane, Centennial, CO 80121 Zillow
Overall, this comp is probably the nicest of the comps, and it's also the most recent. This one is currently pending. It went under contract last week, on 5/15/24, while listed at $600,000. This one is a 3 beds, 4 baths layout with 2,532 sq ft. It has a 2 car garage and it went under contract 6 days after being listed.
6515 S Jackson Court, Centennial, CO 80121 Zillow
This one is interesting because it's only a 2 bedroom, 3 bath layout. The square footage is the closest to our subject, at 2,216 sq ft. Like comps 1 and 2, this one is clean and nice and has had some updates, but it's also dated. This one sold in late December for $520,000.
