Property Information
1515 11th St, Boulder, 80302
6 bedrooms and 3 baths
Purchase price 749,000
Appraised for $800,000!!!! Buyer makes $51,000 by buying property.
Rents total $4500.00
Seller pays all real estate commissions
Remarks
Dynamite rental on Uni-Hill. Never a vacancy. Upstairs leased to great tenants until August 2008 for $3500/month. Some deferred maintenance but recent expenditures on exterior and interior. Also, 950 sq.ft. basement has two separate entrances and has been fully remodeled as 2 bed/1 bath apt. with potential for up to $1000/month additional income. NOT A LEGAL DUPLEX but could use basement as a laundry room or extra bedrooms – not legal to use as a separate rental.
Needs about $30,000 worth of improvements which would result in an immediate finished value of $875,000. Seller would provide seller contribution so the costs of improvements are rolled into the loan. Optional purchase price increase to buy down rate.
For investor
….95% CLTV with 5% down at 7%..one loan interest only and advice getting a 30 year/10 year interest only loan. Ask for 6% seller contributions which would allow buyer to show up with only 3.5% of the purchase price which includes closing costs and when security deposits and other funds from current renters are applied. Taxes and insurance included allow for a break even scenerio.
This property would be for a long-term hold which would breakeven for the first one to two years and cash flow with increase of rents and appreciation of 5% to 10% per year based upon overall appraised value in the property yearly.
Buyer invests approximately $35,000 and makes $126,000 with suggested improvements.
Telecommunications
Buyer has the option to rewire property to accommodate for all telecommunications services and work with Boulder Financial Telecom to resell services to renters and split revenues. This option increases value and additional income monthly in turn increasing the value of the property and maximizing gains.
Colorado Loans | Colorado Home Loans 