Property Overview
Today we are offering a very nice townhouse in the Little Turtle community of Denver. There are a couple of options with this one as far as the scope of the remodel project goes, and we'll cover those here. The unit is a two story layout with 3 beds, 3.5 baths and 1,980 sq ft, nearly all of which is finished living space. The unit has a private backyard and a two car attached garage. The layout is good, with a large living room with a stone fireplace at the front as you enter. Down the hall towards the back of the unit is a half bath, then the family room, dining area and kitchen at the back. A sliding patio door accesses the backyard. The upstairs consists of two large bedrooms, each with its own large closet and full bathroom. The basement has a large living area, laundry, an additional bedroom and a full bath.
The HOA is $650 monthly and includes Insurance, exterior maintenance, grounds & common area maintenance, water, sewer, trash and snow removal. Amenities of the complex are clubhouse, fitness center, visitor parking, pool, tennis court(s). Dogs and cats are allowed.
To meet our target and top ARV we have budgeted for doing more of a full cosmetic renovation...work in the kitchen, baths, paint and flooring. The unit is actually is good condition as-is, albeit a bit dated. This is certainly a project where you could reduce the fixes to the necessary cosmetic items and put this back on the market. Given the sale prices of other not-really-updated units, you could still hit an ARV well north of 360 with this approach. The taxes were $1,701 in 2023 and the school district is the highly sought after Cherry Creek 5.
Video Walkthrough
The 2 options that seem to make the most sense here are to either give this place a significant cosmetic update and go for the $400k ARV or just do the easy lipstick fixes and get it back on the market quickly. Our 400 ARV is based on doing a roughly 40k fix. With this project, you'll be doing the kitchen and baths plus doing paint and carpet, plus other general cosmetics as you see fit. As you look at the comps, 10340 Jewell is the nicest by a pretty wide margin. That unit sold for 420k, yet our subject is going to be a whole lot nicer finished product after a 40K renovation, so we're probably being conservative with our 400k ARV estimate. The lipstick option keeps your fix budget well under 20K, and probably lowers the ARV more into the $370k range. The comp that sold at 367k is less of a property than our subject is currently just the way it sits there, and after some basic cosmetics and 10 - 20K in updates, you'll have a far nicer unit than that one. Given the current market conditions we are in, there could be an argument made for turning this one quickly with an easier and less expensive project. Either way, at the listed buy price, there is some nice margin in this deal on the back end.
Total Budget: $40,000
Nicely updated two story townhome with 3 beds, 3.5 bathrooms and a two car attached garage in a great Denver community located in the Cherry Creek school district.
Quick flip two story townhome with 1980sf containing 3 beds, 3.5 baths with a two car attached garage and private backyard in the Cherry Creek school district. Located in the Little Turtle community of Denver that offers a clubhouse, fitness center, pool, and tennis courts.
Closing is scheduled for 10/14/2024.
2 Beds, 4 Baths,1,980 sq ft
10341 E Evans Avenue Unit #158, Aurora, CO 80247 Zillow
This town home in the same subdivision is currently active at $389,000. This is a 4 bed 3 bath with two car attached garage with 2390sf. We choose this comp because it is the closest comp in sf and beds and baths. Subject will be a nicer finished product after fix showing how we set our target ARV conservatively. This comp was recently pending at $400,000 and buyer backed out, no fault of property. Our subject has one more bathroom and one less bedroom than comp but you could just do paint, carpet and appliances to be a similar finished product with much smaller fix budget. We think there is more money to be made with a little more remodel.
10208 E Jewell Avenue Unit #15, Aurora, CO 80247 Zillow
This is a fixer-upper with a lot of work needed. Located in the same subdivision this comp with fewer beds, 2 fewer baths sold for $367,000 on 6/14/2024 with concessions. This is a 2 bed 2 bath 2416sf with a two car attached garage with 1965sf finished. Subject has similar finished sf with one more bedroom and bathroom. This unit was an estate sale needing a full cosmetic remodel. We choose this comp to show the value of subject that will be a much nicer product after included fix.
10340 E Jewell Avenue Unit #81, Aurora, CO 80247 Zillow
Located in the same subdivision this comp is currently pending at $325,000 needing everything. It went pending on 8/20/2024. This is a 3 bed 2.5 bath unit with 2496sf but the basement is unfinished so the finished sf is 1728sf. Subject in a 3 bed 3.5 bath unit with a finished basement with 1980 finished sf and both have two car garages. This unit is very dated and being sold as needing updating showing the value of our subject that is already in better condition and we have this offered at a much lower price.
10330 E Jewell Avenue Unit #67, Aurora, CO 80247 Zillow
This has a bigger remodel and a higher price sold. We discounted our ARV $20k for size difference. Still located in the same subdivision this comp sold for $420,000 on 6/7/2024. This is a 3 bed 2.5 bath unit with 2482sf and a two car attached garage. Subject is same 3 bed but our house has an extra full bath with the same two car attached garage but ours is 400 sf smaller with only 1980sf. This comp has an updated kitchen and some newer flooring. The unit still has some dated features like pop corn ceilings and the bathrooms have painted vanities but are mostly original. Do check the details because this is evidence that you can reach or exceeds our $400k ARV.
