Property Deal Analysis Overview
This deal highlight shows a traditional single family rental property opportunity on the MLS. This home is centrally located close to Memorial Park. This property has a little bit of immediate equity potential too with comps selling for up to $225,000 for very similar homes nearby.
- Listen to the podcast "#197: Deal Analysis - Colorado Springs Memorial Park Single Family Rental" on the Denver Real Estate Investing Podcast
- Watch the YouTube video (at the bottom.)
- Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.
Read about the State of the Market for Colorado Springs real estate Q3 2020.
Find other Deal Analyses of Denver and Colorado Springs properties.
Deal Quadrant: MLS
Read about the deal quadrant and finding Denver Rental Properties.
Investment Property Details
- Type: 2 bed, 1 bath, ~750 square feet
- Location: Near Memorial Park, short commute to downtown
- List Price: $195,000
- Why we like it:
- Very simple bread and butter small rental home, with some room for immediate equity
- Jenny has a similar rental just down the street, it has been a solid rental property
Agent Property Description Remarks: Come see this cute little home in a great neighborhood that is quiet and tucked away. The home features a spacious living room and an eat in kitchen with a sliding glass door that opens up to the back yard. There are 2 bedrooms and a remodeled bathroom. There are likely hardwood floors under the current flooring but not confirmed. Come and see this home that is waiting for your updates and personal touches.
- interior paint job
- a little bit of landscaping tidying
- spruce up the kitchen (possibly paint the cabinets, new laminate countertops, stainless steel appliances)
Spreadsheet Rental Analysis
Property Operating Expenses
First Year Returns
This property is ideal for a long term buy and hold rental opportunity, that already has room for equity potential. This home sits on a good-sized lot central to town and is a detached single family home, something that is desirable to tenants. We budgeted for an interior paint job, some landscape improvements, and to spruce up the kitchen (paint cabinets, new countertops, stainless steel appliances, etc.) with an estimated $10,000 budget to accomplish this.