Deal Analysis – Duplex House Hack in Lakewood

This is a great up/down duplex near West Colfax in Lakewood. It’s in a quiet neighborhood in an up-and-coming area with strong rental potential. This older property has good upside with sweat equity potential and plenty of parking. Listen to the podcast to hear the full deal analysis for this Denver rental property.

This property closed Q3 – 2020.

Investor Profile

  • First time buyers
  • Moved to Denver a few years ago and looking to start building real estate portfolio through house hacking

Three Learning Options!
  1. Listen to the podcast “#244: Deal Analysis – Duplex House Hack in Lakewood” on the Denver Real Estate Investing Podcast
  2. Watch the YouTube video (at the bottom.)
  3. 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
68% of the rental properties we buy are found on the MLS

Read about the deal quadrant and finding Denver Investment Properties.

Investment Property Details

  • Type: Duplex
  • 2 bedroom, 1 bathroom in each unit
  • Location: Lakewood & West Colfax
  • List Price: $435,000
  • Purchase Price: $435,000
  • Why we liked it:
    • Great Location, west side of town
    • Upside of sweat equity
    • Layout of unit very open
denver real estate map
Duplex House Hack in Lakewood near W 10th Ave and Garrison

Property Contract Details

  • Finding the property: Found on the MLS
  • Under contract:  At list price even with multiple offers because of agent relationship and strong offer (Secret Sauce)
  • Inspection Concerns:
    • Sewer line root issues
    • Ungrounded electrical
    • Other minor items
  • Inspection negotiation outcome:
    • Seller cleared sewer lines
    • Seller provided concession for other items

Property Financing Details

  • Lender: FHA
  • Loan Type: 30 year FHA
  • Appraisal: Above.
  • Seller Concessions: $3,500
  • PMI: Monthly
  • Interest Rate Buy Down?: No

Spreadsheet Rental Analysis

Deal Analysis spreadsheet
Deal Analysis spreadsheet
Deal Analysis spreadsheet

Property Operating Expenses

Property Operating Expenses analysis spreadsheet

First Year Returns

Property First Year Returns analysis spreadsheet

Conclusion

Finding a duplex on the west side of town at this price point was awesome! The clients were willing to put some work in and wanting to have a real duplex for their first property.

To see more house hack deal analyses like this one, check out our other house hack Deal Analyses.

YouTube Video: Rental Property Analysis – Duplex House Hack in Lakewood

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
Preston Newberry
Similar Post You Might Also Like
Denver
First Responder to Financial Freedom: Paul DeSalvo’s Mission to Help Others Achieve Financial Freedom
Most of us don’t face the prospect of forced early retirement like first responders do, and that’s the issue Paul
Denver
Interest Rate Drop Unlocks Home Buying Potential | Colorado Real Estate Market Update
Keep up with the latest Colorado’s Housing Market: October 2023 trends, home prices, and the game-changer – a slight interest
Sign Up For Our Newsletter
What do you want to learn today?

All registrants get the recording sent to them automatically.