Deal Analysis - Colorado Springs Turnkey Single Family Home

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•March 3, 2021

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!

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

Deal Quadrant: MLS

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

First Year Returns

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.

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