Property Overview
The property available is a carriage home in the Meadowview subdivision in Longmont. The carriage homes are a collection of free-standing single-family homes in Meadowview. The subject property is one of a few different layouts, this one being the 3 bed, 3 bath with 1588 sq ft. All of the living space is above-ground, however the main living space of the house is on the 2nd floor. As you enter, you are on the lower level which has a family room-type space, a bedroom and a full bath. Upstairs is the open-concept living room space with kitchen and dining area. This space leads to the huge patio that's elevated well above ground level. Also up here are 2 bedrooms, one with ensuite bath plus an additional full bath off the hall. The home sits on a 3970 sq ft lot with a nice-sized, fully-fenced back yard. There is a 2-car attached garage. There have only been 3 of these carriage homes that have come on the market in the last year, and you'll see all 3 in our comps.
The schools here are in the St. Vrain Valley School District No. Re1J, and the taxes for 2023 were $2,769.
Neighborhood: Meadowview is a neighborhood in SW Longmont that provides easy access to everything in Longmont. Because it's in SW Longmont, it's also very close to Boulder. The homes here are well kept and the neighborhood is a nice, quiet residential area.
Video Walkthrough
To hit the projected ARV, this needs to be comparable to the most recent comps, both of which were nicely updated and one of which was a flip. For that finished product, we are budgeting for exterior paint and work in the yard. On the inside, it's a kitchen refresh as well as the baths, although there are things in each that you could keep. You'll be doing interior paint and flooring. We've budgeted $38k for this work. Another option is to just do the basic lipstick, paint and flooring and get this back on the market at a reduced ARV, maybe 570 - 580. There is a nice margin in that deal as well. Up to you which way to take this.
Total Budget: $37,602
The finished product will be a freshly updated, 3 bed, 3 bath home in the very nice Meadowview development in Longmont.
Nice property. Clean as-is but dated. Could be listed with minimal work at a reduced ARV. This property would be great for a retail buyer who is looking for a sweat-equity project as it's very clean and livable as-is, but mainly needs cosmetics.
Closing is scheduled for 08/30/2024.
3725 Staghorn Dr, Longmont, CO 80503 Zillow
Our first comp is a slightly different and smaller layout versus our subject and the other 2 comps. That said, this one is also the most recent sale of one of these carriage homes. This one is a 3 bed, 2 bath layout with 1528 sq ft. The overall size isn't much smaller, but the lack of a 3rd bath is a big value adjustment. This one has been nicely updated over time. It sits on a 6256 sq ft lot, which is one of the larger for these carriage homes. This one sold on 5/2/24 for $635,000 and it went U/C after 3 DOM
3721 Staghorn Drive, Longmont, CO 80503 Zillow
Our next comp is the identical layout as our subject, the 3 bed, 3 bath with 1588 sq ft. This one was also a flip, having sold pre-flip for $505,000. The finished product here is very nice, with everything being redone. None of it is high-end, but it looks fresh and clean. This one is on a 4312 sq lot and has a 2-car garage. This comp sold on 2/23/24 for $616,000.
827 Thornwood Cir, Longmont, CO 80503 Zillow
Our 3rd comp is also the same 3/3/1588 layout as our subject. This one has also had some nice updates over the years, but it's certainly got the look and feel of being updated 10+ years ago. This one sits on a smaller 3765 sq ft lot than our subject and it also has a 2 car garage. This is also the oldest of the carriage house sales, having closed back on 10/16/23 at a price of $595,000. This one went under contract in 4 days.
