Deal Analysis – Colorado Springs Turnkey Single Family Home
This deal analysis looks at a turnkey single family home in Northeast Colorado Springs. The client was able to exchange an out of state property that consistently gave him headaches (evictions and things breaking down) and was able to utilize the gain he realized on the value of that property and 1031 exchanged it into a 3 year old, tenanted (with highly qualified tenants) property in a growing section of town. Listen to the podcast to find out how this investor made the move to a stable, cash flowing asset.

This deal analysis is for a turnkey single family home in the Northeast part of town.

This property closed Q1 – 2021.

Investor Profile

  • Owns multiple rental properties, and has owned them for several years.
  • Sold out of state rentals and is bringing his equity to Colorado, did a 1031 exchange.

Two Learning Options!
  1. Listen to the podcast “#19: Deal Analysis – Colorado Springs Turnkey Single Family Home” on the Colorado Springs Real Estate Investing Podcast
  2. Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.

Deal Quadrant: MLS

Real Estate Deal Analysis Quadrant

Investment Property Details

  • Type: Single Family Home, 4 bed, 3 bath, 2 car garage
  • Location: off Dublin and Marksheffel, near Stetson Hills
  • Initial Offer Price: $385,000
  • Purchase Price: $385,000
  • Why we liked it:
    • Turnkey
    • Built in 2017, tenants were solid and had a lease signed through end of 2022 (no vacancy)
Colorado Springs real estate map
Turnkey Single Family in Northwest Colorado Springs

Property Contract Details

  • Finding the property: MLS
  • Under contract:  Buyer acted quickly and strongly, secret sauce.
  • Inspection Concerns/Negotiation Outcome:
    • None

Property Financing Details

  • Lender: CornerStone Home Lending
  • Loan Type: Conventional
  • Appraisal: At Value
  • Seller Concessions: N/A
  • PMI: N/A
  • Interest Rate Buy Down?: Yes $3,600 for 1.125%, to 3.5%

Spreadsheet Rental Analysis

Deal Analysis spreadsheet turnkey single family

Property Operating Expenses

Property Operating Expenses analysis spreadsheet turnkey single family

First Year Returns

First year returns analysis spreadsheet turnkey single family

Conclusion

The client was able to exchange an out of state property that consistently gave him headaches such as evictions and things breaking down and was able to utilize the gain he realized on the value of that property and 1031 exchanged it into a 3 year old, tenanted (with highly qualified tenants) property in a growing section of town.  He was able to do this with not much out of pocket (used the full gain) to procure this property, and now he has a cash flowing, stable asset.  I would make that trade any day!

For more Colorado Springs Deal Analyses including house hacks and multi family properties, check out our Colorado Springs Deal Analyses page.

Analyze Before You Buy
Start Evaluating Properties Today with Our Free Toolkit
In a rapidly changing market, having the tools you need to help you analyze the data is critical. Know what the numbers will look like ahead of time so you don't buy a bad deal. Our toolkit is designed to help you thoroughly analyze any kind of deal so you can invest with confidence.
Start analyzing your Colorado investment properties today
Rental Property Spreadsheet • House Hacking Spreadsheet BRRRR Calculator Spreadsheet • Fix and Flip Deal Analyzer Investing Maps • Rehab Pricing Estimator
Start analyzing your Colorado investment properties today
Rental Property Spreadsheet • House Hacking Spreadsheet BRRRR Calculator Spreadsheet • Fix and Flip Deal Analyzer Investing Maps • Rehab Pricing Estimator
Authors
Jenny Bayless
Jenny Bayless is an investor-friendly agent with Envision Advisors, Colorado real estate investor, and the host of the Colorado Springs Real Estate Investing podcast.
Similar Post You Might Also Like
Deal Analysis - Denver
How to Combine House Hack Strategies to Live for Free
One of the great things about house hacking is its versatility—house hackers aren’t locked into just one strategy. In this
Colorado Springs
October 2022 Market Updates: Take Advantage of Dropping Rates and Seller Concessions
The October 2022 market stats for Denver, Colorado Springs, and Pueblo are now out, and our roundtable is back to
Sign Up For Our Newsletter
What do you want to learn today?