All Forum Posts by: Colin Smith

I like the idea, however, I think your idea on whom you would attract may be a little too grand. You could make it a retiree area, however, it would need to be close to major hospitals and other amenities that attract the retiree community and being off the beaten track, that may be out of reach. Younger millennials, while they may have piles of student loans with low wages, I find would rather rent in places like downtown or near centralized shopping/restaurant areas than buy somewhere they don't want to live. In fact, it's more common for millennials to jump jobs in their careers so they avoid buying to not feel "tied-down". I believe you would likely attract more blue-collar low-wage/low-education individuals. I too don't mean to rain on your parade, but I understand the feeling of picturing one thing only to have something the complete opposite be the end result.

Hi Joseph,

I am a Realtor in Colorado Springs that primarily works with investors. My bread and butter is working with the fix & flip and wholesale investors, but I still work quite a bit with the buy & hold guys too. I'll connect with you as well so I can help you get started!

Colorado Springs definitely sounds like the city for you then! There are hiking trails all over and really great mountain biking if you're into that. In about 2-2.5 hours you can get to both Breckenridge and Monarch ski resorts. The city is at the base of one of Colorado's 54 fourteeners. We are also home to the US Olympic training center. If you love the outdoors then this is place for you as Colorado Springs has been ranked in the top 5 most athletic / fit cities to live in. Every Tuesday evening there is the Jack Quinn run that goes through the downtown area. Tons of people attend every week. 

I'm going to go ahead and throw my 2 cents in. 

First of all I am a Realtor here in Colorado Springs who primarily works with investors. So if you are looking for a fixer upper, I am your go to guy for that. I also do retail residential sales for any buyer or seller. 

Looking at Front Range Colorado... Your lifestyle may depict your city. 

Colorado Springs: Great if you have an adventurous spirit as there are awesome hiking trails all over town and less than 20-30 minutes to super popular hiking areas like the Manitou Springs Incline, Cheyenne Canyon, Palmer Park, etc. You'll also get the most house for your dollar here. 

Denver: If you're all about city life with a good night life, tons of unique restaurants, and your looking for a job in the higher paid tech industries, this will be your best option. Homes cost the most here and its not surprising to see small homes go for $400k+ in a matter of days. 

Fort Collins: If you're close to retirement or going to college this is a great town. Fort Collins has been ranked multiple times as best city to retire in. Home prices are slightly less than the Denver area. 

Greeley: Another college town. Greeley is really started to grow and is very well known for their agriculture. You won't find much for hiking there. Home prices are slighlty less than Colorado Springs. 

As for Colorado Springs: This is a very unique town. I would suggest avoiding the south side of town. The west side is a highly desirable place to live as you are right up against the mountains, near hiking, and great views. Homes are older,  smaller, and a bit more money per sq ft here. The east side of town is booming. You can easily get a 2000+ sq ft house for less than $225k. The north side is nice with mid to high end homes. What type of lifestyle you want may help you pick what side of town you want to live on. 

The reapr estimate for the foundation alone was 75k-100k and the structure had to be proven safe by a structural engineer before any work could be done. To say the least the numbers don't work out and the property still sits on the market today. 

Let me descibe the situation...

Property conditions:

The house was built on a steep incline and appears to be falling down the fill. So much so that cracks are all throughout the house, it feels slanted when you walk through it, and the roof has come detached in one area that is allowing water to leak in. It has some serious foundation problems. As far as cosmetics go, it would need some drywall repair, roof repair, stucco repair, paint, carpet, closing off a loft to turn into a bedroom. For the most part it actually looks quite nice had it not been for the foundation falling down the hill. 

The numbers:

It's definitely the nicest house on the block so determining a good ARV is really tough as nothing compares to it. Just from its unique location it feels like a cabin the woods where as the rest of the properties are standard typical neighborhood. It's listed as a raised ranch but is more of a 4 level with the garage as the lowest level and more sq ft than most surrounding properties. Selling through HUD. It was last sold in 2009 for $280,000 and it is currently listed at $158,000.

What are your thoughts and would you do it?