838 S Patton Ct, Denver, CO, 80219
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Style: Wood frame / 1 Story / Duplex
Year: 2004 Bedrooms: 2 Bathrooms: 1 Parking: 2 spaces off street Main SqFt: 897 Basement: None Purchase price: $110k Value: Assessed 9/2013 for $119,000 Repairs Needed: None Closing: By June 30th Earnest money: $2,000 |
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This property is being sold by a fellow investor. I'm passing it along to my buyer's list because I think it may be good deal for someone. It's tough to find a property in this good of shape and at this price point. This one will go fast!
This 1/2 duplex is in very good condition (only 10 years old) and is in an excellent rental location. Currently, there is a tenant in place at $950/month, although $1,000/month seems to be reasonable for the area. It doesn't need any work and requires little maintenance (scroll down to view pictures and videos).
Take a look at the rental analysis below. The analysis spreadsheet is also available for you to download so you can play with the numbers. Feel free to hang onto the spreadsheet to use to analyze future deals- my gift to you! Note that you should only change numbers in the gray boxes- the rest are auto calculated based on those numbers.
This deal very conservatively produces a 7% cap rate with the current tenant and rent.
The other side of the duplex is currently in foreclosure and scheduled to go to auction on June 26th ($116,500 deficiency)- Click here for updated info. Could be a good opportunity to own the entire building. The owner can help navigate the auction process if you're interested. I'm available as a resource, as well.
The investor will also entertain a partnership (at a lower basis) for the right person and the right terms.
Please contact the owner directly if you have questions or would like to schedule a viewing.
Pete Ditmon (720) 272-1728 / [email protected]
*Do not disturb tenant.
This 1/2 duplex is in very good condition (only 10 years old) and is in an excellent rental location. Currently, there is a tenant in place at $950/month, although $1,000/month seems to be reasonable for the area. It doesn't need any work and requires little maintenance (scroll down to view pictures and videos).
Take a look at the rental analysis below. The analysis spreadsheet is also available for you to download so you can play with the numbers. Feel free to hang onto the spreadsheet to use to analyze future deals- my gift to you! Note that you should only change numbers in the gray boxes- the rest are auto calculated based on those numbers.
This deal very conservatively produces a 7% cap rate with the current tenant and rent.
- Vacancy is calculated at 5%, but is actually more like 2% right now. if you have one day of vacancy these days, you're doing something wrong!
- Management is calculated at 10%, but you should be able to get it done for 7%. Manage it yourself and your return goes up significantly!
- Leasing commission in years 2 and 3 can be eliminated by retaining the tenant or screening applications yourself.
- Water is currently being paid by landlord but could (and should) be eliminated by charging the tenant.
- Maintenance is calculated at 10%, but actually was half that last year. Not many repairs to do on a 10 year old property!
The other side of the duplex is currently in foreclosure and scheduled to go to auction on June 26th ($116,500 deficiency)- Click here for updated info. Could be a good opportunity to own the entire building. The owner can help navigate the auction process if you're interested. I'm available as a resource, as well.
The investor will also entertain a partnership (at a lower basis) for the right person and the right terms.
Please contact the owner directly if you have questions or would like to schedule a viewing.
Pete Ditmon (720) 272-1728 / [email protected]
*Do not disturb tenant.
| 838_s_patton_rental_analysis.xls |
