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4695 Pine Marten Dr. Colorado Springs, CO 80922

105000 3 2

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Property Information

  • Property ID: 5018
  • Property: Sold
  • Price: 105000
  • Property Type: Single Family Home
  • Bed: 3
  • Year Built: 2001
  • Bath: 2
  • Listed on (date): 2/7/2018
  • Half Bathrooms: 1
  • Sold on (date): 3/1/2018
  • Home Size: 1,428
  • Garages: 2
  • Stories: 1

Description

This is a relatively turnkey rental in a well-managed community with an established tenant and a flawless payment history. $87k - $182k Sold comps. Broker price opinion $173k.

PROS:
1. Valid lease in place through September 2020
2. Turnkey - only needs carpet and paint to acquire at 79% ARV with a low-end rehab, 73% ARV high-end
3. Instant equity
4. "Guaranteed" cash flow - long-term tenant pays (above market) $1,517 rent, plus land rent increases!
5. 24% Y-o-Y growth - 31 homes sold in the subdivision this past year
6. 57 average DOM, 24 DOM at price point.
7. Manufactured homes on a permanent foundation appreciate like "stick-built".
8. Eligible for financing - ask for details

CONS:
1. Manufactured home
2. $527 monthly HOA
3. Leasehold estate - land is leased with 5% annual increases baked in
4. Improvement cannot be sold without written approval
5. Valid lease in place through September 2020

Subject to standard Buyer inspection period, viewings are limited to accepted, offers. Fast close necessary, cash preferred. Contact me for details!

This communication is from a Colorado licensed real estate broker. The information offered is reliable but not guaranteed. The recipient is advised to seek the advice of legal, tax and/or other professionals as may be required for all information not related to the sale of this property.

Norberto Villanueva, Residential Investment Specialist
422 E Vermijo Ave. Ste 11 Colorado Springs, CO 80903
Office: 719-424-4652 Phone: 719-453-8690
Email: norberto@realatlas.com



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