This is a great up/down duplex near West Colfax in Lakewood. It’s in a quiet neighborhood in an up-and-coming area with strong rental potential. This older property has good upside with sweat equity potential and plenty of parking.
This property closed Q3 – 2020.
- First time buyers
- Moved to Denver a few years ago and looking to start building real estate portfolio through house hacking
- Listen to the podcast “#244: Deal Analysis – Duplex House Hack in Lakewood” 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.
Deal Quadrant: MLS
Read about the deal quadrant and finding Denver Investment Properties.
Investment Property Details
- Type: Duplex
- 2 bedroom, 1 bathroom in each unit
- Location: Lakewood & West Colfax
- List Price: $435,000
- Purchase Price: $435,000
- Why we liked it:
- Great Location, west side of town
- Upside of sweat equity
- Layout of unit very open
Property Contract Details
- Finding the property: Found on the MLS
- Under contract: At list price even with multiple offers because of agent relationship and strong offer (Secret Sauce)
- Inspection Concerns:
- Sewer line root issues
- Ungrounded electrical
- Other minor items
- Inspection negotiation outcome:
- Seller cleared sewer lines
- Seller provided concession for other items
Property Financing Details
- Lender: FHA
- Loan Type: 30 year FHA
- Appraisal: Above.
- Seller Concessions: $3,500
- PMI: Monthly
- Interest Rate Buy Down?: No
Spreadsheet Rental Analysis
Property Operating Expenses
First Year Returns
Finding a duplex on the west side of town at this price point was awesome! The clients were willing to put some work in and wanting to have a real duplex for their first property.
To see more house hack deal analyses like this one, check out our other house hack Deal Analyses.