Fixer upper in Denver. Large lot with favorable zoning
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $236,500
Cash invested: $15,000
SIngle Family rental in Denver, with huge lot and favorable zoning
What made you interested in investing in this type of deal?
We liked the fact that this lot was 6250 Sq Ft and zoned for a duplex. Although currently it's a single family home, we have the potential to build it out in the future and add either a second unit, or a garage with an accessory dwelling unit on top.
How did you add value to the deal?
This property didn't show well when we first saw it. The previous owners had exposed drywall/studs, chipping paint, and some other minor deferred maintenance. The property was getting a lot of foot traffic but no offers. We decided to purchase it as is, fix it up (around $15k in repairs) and then rent it.
What was the outcome?
Once we patched up the drywall, added new carpet, and a fresh coat of paint, the house showed very well. We were able to rent it quickly with good monthly cashflow.
