Property Overview
This property is a 943 sq ft single family house less than a mile from historic downtown Olde Town Arvada! It sits on a significant .33 acre lot in the Olde Town Arvada neighborhood in the highly rated Jefferson County R-1 school district. This neighborhood is filled with unique types of properties, single family flips, apartments, and condos surrounding the lot with a train track off the back, which we accounted for conservatively in ARV. It is difficult to miss the size of the large lot when walking up to the property, offering space from the surrounding neighbors and comparatively larger than what is found on the market.
Entering the house you are greeted by the front living room area and brick fireplace. All other rooms of the property branch off from this space, with the full bathroom on the immediate left and the bedroom on the back right. On the back left you will walk through the entrance to the kitchen area. Through the kitchen there is a back open room that currently exists as a living area with the potential for two additional bedrooms. Currently the house has 1 bedroom, the addition of a wall in the living area mentioned in the previous sentence would bring the house to a 3 bedroom.
This property will need a full renovation around 59K to match the other flips in the neighborhood. We budgeted for the exterior paint and lot, floors, bathroom and kitchen updates, new windows, furnace, water heater, and adding two additional bedrooms in the back (this only requires the construction of a wall to separate a large open space). This project is unique in location and hosts major potential for those who take it on, we found the comps in the area range from $360K-$500K and we are conservative with ARV accordingly.
The taxes in 2023 were $2,862.
Neighborhood: Olde Town Arvada is a historic district with highly rated schools in the Jefferson County R-1 district and an array of shopping and restaurants in its downtown main street. The town grew as railroad lines from Denver were built and it continues to offer a small-town feel. You will find apartments, condos, and single family flips in the area. There is currently 3 months of inventory and sold properties show an average of 19 days on the market.
Video Walkthrough
This property projects a 59K fix for renovations. For the exterior, we are budgeting for new windows, a replaced door, landscaping for the lot, and exterior paint for a trendy, modern look on the cement block. On the inside, the house will need a full renovation with the opportunity to add two bedrooms in the back of the property to boost ARV. We budgeted for flooring, paint, updates to the kitchen, updates to the bathroom, and building a wall in the back room for the extra bedrooms. The roof was replaced in 2017, and the water heater will need a replacement as well. The property will need to add a furnace, there is a fix for gas forced air furnace and ductwork as well.
Total Budget: $57,202
The finished product will be a fully updated 3 bed, 1 bath ranch property with 943 sq ft of living space. Similar comps in the area present updated yet older characteristics with renovated floors, older bathrooms and a basic kitchen.
This property sits on a large .33 acre lot less than a mile from Olde Town Arvada, a desirable retail, restaurant and residential location. The lot is situated next to a train track, though there are no commuter trains that pass through it. It sits on a large secluded lot outside of the neighborhood with condos and apartments.
Closing is scheduled for 11/07/2024.
3 bed, 1 bath , 943 sq ft
7620 Barbara Ann Dr, Arvada, CO 80004 Zillow
Our first comp is our closest available to the subject property in terms of size, property type, and proximity. This 3 bed, 1 bath property is located .17 mi away and has a similar living area at 936 square feet. It sold on July 25, 2024 for $413,500. We are not aware of the interior condition of the property, and considered this fact when calculating a conservative ARV for the subject property.
6000 Secrest Dr, Arvada, CO 80003 Zillow
This next comp is located .36 miles away and closed at $500,000 on August 20, 2024. It has the same amount of bedrooms and bathrooms as our final product would at 3 bedrooms and 1 bathroom, but a larger living area at 1,318 sq ft due to the basement, the above grade is a bit smaller at 828 sq ft. Though the lot is significantly smaller at 6,882 sq ft, it backs up to walkway trails. The interior is less intriguing than our final product, and has newer wood floors and a standard kitchen with stainless steel appliances, though it appears to be a bit dated. The bathroom is in a tight space and dated as well. The interior is in worse condition than our fix, but the size and location in a neighborhood rank this comparable a bit higher in value than our subject.
