This property closed Q4 – 2020.
- Young couple
- First-ever property purchased
- Listen to the podcast “#10: Deal Analysis – First Rental in Colorado Springs” on the Colorado Springs Real Estate Investing Podcast
- Watch the YouTube video (at the bottom.)
- 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: Townhouse
- 2 bedroom, 2.5 bathroom
- Location: Airport and US-24
- List Price: $185,000
- Purchase Price: $190,000
- Why we liked it:
- Proximity to major arteries and military bases
- End unit
- Move in Ready
- New Appliances
- New Paint
Property Contract Details
- Finding the property: Buyers had submitted very strong offers on similar properties previously but had lost out to cash buyers. This one was under contract with a different buyer, but it came back available so we acted quickly. We were not the highest offer, but the seller liked the buyers’ lending.
- Under contract: Above ask and secret sauce
- Inspection Concerns:
- Inspection negotiation outcome:
Property Financing Details
- Lender: Conventional
- Loan Type: 15% down conventional
- Appraisal: at value, no issues.
- Seller Concessions: 0
- PMI: Monthly
- Interest Rate Buy Down?: Yes
Spreadsheet Rental Analysis
Property Operating Expenses
First Year Returns
We are estimating $1,497 a year in cash flow after accounting for the mortgage, insurance, taxes, vacancy, HOA, and putting money aside for repairs and reserves. The landlords are managing themselves, and they got a well-qualified tenant in the property very quickly (barely any vacancy). Not bad for only putting 15% down!
For more Colorado Springs Deal Analyses including house hacks and multi family properties, check out our Colorado Springs Deal Analyses page.