Property Overview
Today we are offering a very nice two story condo in the Peachtree Homes at the Lakes community of Thornton. There are a few options with this one as far as the project goes, and we'll cover those as we go. The unit is a two story layout with 3 beds, 2.5 baths end unit and 1,680 sq ft, 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 fireplace, dining area, large kitchen, laundry room and guest bathroom. A sliding patio door accesses the backyard that backs to green space and there is a door to the attached garage. The upstairs consists of two bedrooms, full bathroom and a primary bedroom with a balcony and full bathroom.
The HOA is $355.95K monthly which includes Capital Reserves, Maintenance Grounds, Maintenance Structure, Snow Removal, Trash and Dogs and Cats are Okay. There is a potential 10k assessment according to the seller for roof replacement that we have adjusted our price to include that is not confirmed yet.
To meet our target and top ARV we have budgeted for doing more of a cosmetic renovation, work in the kitchen, bath, paint and flooring. The unit is actually in good condition as-is, albeit a bit dated. This is certainly a project where you could reduce the fixes to the necessary lipstick 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 $400K with this approach. The taxes were $2,295K in 2023 and the school district is the highly sought after Adams 12 5 Star.
Neighborhood: Peachtree Homes at the Lakes is a well kept community close to EastLake Shores Park with trails and nature preserve, shopping, restaurants, schools, parks and easy access to freeways.
Video Walkthrough
The 2 options that seem to make the most sense here are to either give this place a nice cosmetic update or just do the easy lipstick fixes and get it back on the market quickly. Our $430,000 ARV is based on doing a roughly $40K fix. With this project, you'll be doing work in the kitchen and baths plus doing paint, carpet, water heater, windows plus sliders and other general cosmetics as you see fit. As you look at the comps there is little to no updating. The unit that sold for $420K is dated so our subject is going to be a whole lot nicer finished product after a $40K renovation, so we're probably being very conservative with our $430K ARV estimate. The lipstick option keeps your fixed budget well under $20K, and probably lowers the ARV more into the $400K range. The comp that is listed at $389K is less of a property than our subject is currently just the way it sits there, and after some basic cosmetics and $10K - $20K in updates, you'll have a far nicer unit than that one with more sf and an additional bedroom. 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 3 bed 2.5 bath two story end unit with 1,680 sq ft, fireplace and a two car attached garage that backs to green space in the well kept Peachtree Homes at the Lakes community.
3 bed 2.5 bath 1,680 sq ft two story end unit with fireplace and a two car attached garage. This unit backs to York Street Pavilion in the well kept Peachtree Homes at the Lakes community.
Seller said there may be an upcoming 10k assessment for roof replacement. We have discounted our price 10k so you are covered if that happens in the future.
Closing is scheduled for 10/21/2024.
3 bed, 2.5 bath, 1,680 sqft
2212 E 129th Avenue, Thornton, CO 80241 Zillow
This identical unit .1 miles from the subject sold on August 28, 2024 last month for $420,000 and went U/C in 5 days over the asking price. This is a great comp due its recent sale and being the same unit. This unit is the same size with the same beds and baths but is not an end unit like subject and does not back to green space. This unit is clean but original with only some updated flooring unlike the subject that will be a much nicer finished product showing our very conservative ARV.
2261 E 129th Avenue, Thornton, CO 80241 Zillow
This identical unit right next to the subject sold for $410,000 on May 22, 2024. This unit is the same size with the same beds and baths but is not an end unit like subject and does not back to green space. This unit has an updated kitchen with laminate countertops and some flooring. The rest of the unit is circa 1984. Subject will be a much nicer finished product after including a fixed budget.
2249 E 129th Avenue, Thornton, CO 80241 Zillow
This unit is currently active at $389,000 since August 16, 2024. This is a smaller unit right next door to the subject with 1,464 sq ft, 2 beds and 2.5 baths. Subject is 1,680 sq ft with one more bedroom and an end unit. This unit is original with no updates unlike subject after included fix budget will be a much nicer finished product.
