Property Overview
This property is a quick and easy flip in the desirable Chambers Ridge townhome complex in Aurora. Our subject unit is a 1982-built, 1 bed, 1 bath end unit with 1,308 total sq. ft. and 824 sq. ft. of actual above-ground living space. The layout is efficient and simple. Enter the front door off the front patio deck into the hallway. Down the hall on the main level is the large, open main living space with a vaulted ceiling. At the back of the unit is the dining area and kitchen. Off the kitchen is a utility closet with the furnace and A/C.
Upstairs is the main bedroom and a full bath. There is also a stacked washer/dryer upstairs. The lower level is dedicated to storage and the 2-car tuck-under garage. Overall, the unit has been well-maintained by the current owner. You have the option of doing a full renovation, or you may choose to keep much of what is there and just address the necessary fixes.
We’ll let you know in advance that we’ve gone back three years and haven’t found another 1-bedroom unit that has sold in that time. Therefore, all of our comps are slightly larger 2-bed, 1-bath units, as they are the closest to our subject. In the last 12 months, the sale price range for the 2-bed, 1-bath units has been $320,000 on the low end and $368,000 on the high end. We're setting our ARV at $295,000. The two most recent sales of 2/1 units include a well-updated unit that sold on 12/30/24 for $353,500 and another that was very clean but not updated, which sold for $320,000 on 12/23/24.
The taxes for 2023 were $1,545, and the schools are part of the Adams-Arapahoe 28J district. The HOA fee is $185/month and covers all exterior building maintenance, snow and trash removal, common area maintenance, and access to the community center with a pool. Water and sewer are also included.
Neighborhood Description: Chambers Ridge is a welcoming community in the Meadowood neighborhood in Aurora, conveniently located near Hampden and Chambers. All amenities are nearby, including shopping, schools, freeway access, and light rail.
Video Walkthrough
We are allocated a $20,000 renovation budget for this project. The windows look original and should be replaced. On the inside, you'll see that overall, it's in pretty decent condition. There is a bunch of newer hardwood flooring, although there are some gaps in the butt joints of some boards, so the install may not be great. However, it looks like that wouldn't be too hard to correct. The carpet is overall in good condition. We're budgeting for some flooring, but not everything. We are also budgeting for full interior paint.
The kitchen has a range, microwave, and dishwasher that may be usable. The cabinets could also be usable, so the kitchen is one of the areas where you could do a complete redo or just address the necessities. The same applies to the bathroom. The vanity is old and dated, but the tub and surround could be professionally cleaned and kept, or you could update the tile.
Our $20,000 budget probably isn't enough if you decide to gut everything and start over, but it is enough to keep some of what's there and update the rest. The seller states the roof was done in the last couple of years, as was the water heater. We are told the furnace is good, but the A/C unit isn't working properly and needs service.
As you can imagine, at this price point, anything you do simply has to look clean and modern, but you'll be using basic materials and finishes. One other decision point, although it's not a huge budget impact: The main bedroom has an opening where it overlooks the main level. It's up to you if you leave that as-is or close it off. Closing it off adds a few bucks to the renovation budget, but it's not a big opening, so it shouldn't be much.
Total Budget: $20,348
The finished product will be a freshly renovated 1 bed, 1 bath home with 1,308 total sq. ft. and 824 sq. ft. of above-ground finished living space. It is a nice corner unit with mature trees and a 2-car attached tuck-under garage.
The seller said that the roof was replaced in the last couple of years and that the water heater is less than two years old.
The HOA fee is $185/mo and covers everything on the outside...exterior building maintenance, snow and trash removal, common area maintenance and the community center with pool. Water and sewer are included as well.
Closing is scheduled for 02/17/2025.
1 Bedroom, 1 Bathroom, 1308 Sq Ft
2041 S Helena Street Unit A, Aurora, CO 80013 Zillow
Our first comp is not only the most recent sale in the Chambers Ridge complex, but it is also the nicest unit in terms of condition. While this unit looks like it may have been a flip, it appears to be a unit that was nicely renovated by its owner. This one is a 2-bed, 1-bath unit with 1,648 total sq ft, per the county records, and 1,068 sq ft of above-ground living space. The space difference between this unit and our subject is obviously the second bedroom it has versus our subject. This comp is also the nicest unit and is probably the best comparison to what your finished product will be like with our subject following a nice renovation. Being an "A" unit, this one is also an end unit, like our subject, and that appears to add a premium to the value in this complex. This one sold on 12/30/24 for $353,500, which was a bit above the $350,000 asking price. There was a concession of $8,500, bringing the net sale price to $345,000. It went under contract after three weeks on the market.
2015 S Helena Street Unit D, Aurora, CO 80013 Zillow
Our next comp is the most recent sale in the complex. This one is a larger version of the 2/1 layout, with 1,452 sq. ft. All of the comp units have 2-car garages, like our subject. This one is really clean and has had a few updates over the years, but it’s still a bit dated. It sold on 12/23/24 for $320,000, with $9,600 in concessions, bringing the net sale price to just under $311,000. This one is a middle unit, so it seems that location and the fact that this unit wasn’t fully updated created a pretty significant price difference compared to our first comp.
2032 S Helena Street Unit C, Aurora, CO 80013 Zillow
When you look at the smaller units in this complex, there really haven’t been many sales in the last couple of years. This suggests that: a) a smaller percentage of the total units in the complex are on the smaller, starter-home-sized end of the scale, and b) those that do exist don’t come on the market very often.
This third comparable sale is a bit older, having closed back in June, but it’s also the next most recent sale of a 2/1 unit after our first two comps. This unit has a layout with 1,548 total square feet and 1,016 square feet of above-ground living space. Interestingly, it appears to be in completely original 1982 condition. From a condition standpoint, it’s nowhere near comparable to our first two comps or what our subject property will be like after a full renovation.
This unit sold for $350,000 on 6/3/24, although there was a $10,000 concession, making the net sale price $340,000.
