Property Overview
Check out this expansive foothills property of 0.7 acre with mountain views and a 3 bed house that is a hybrid with it’s reasonable proximity to the city as it’s just minutes South of Red Rocks Ampitheater, but it is literally in the middle of a network of the private recreation trails of the foothills. It’s a special property with pros and challenges. The house sits close to the road and we recommend building a privacy fence with a nice water feature to create some privacy. The architecture reflects its history as the character of the original 1900s structure expanded over time to include features like a newer sunroom. The kitchen is big enough for modern use including a butler’s kitchen kind of area, and the laundry room is large enough you might decide to add a second bath there or upstairs. The space upstairs has a sloped ceiling, but you might squeeze a little 3/4 bath up there to have a loft type en suite bedroom. On the property there are multiple outbuildings in various states from a 2 car garage to a canning shed to a workshop or creative studio plus a chicken coop. There are couple of ways to make money with this property. First, when you buy it for $126k, you have a fix budget of $150k to bring the upgrades and features that will appeal to the end buyer. At that point you are in it for $275k with call it another $25k in holding costs. This is still a commutable distance to Denver so you would be offering a the least expensive remodeled house with .7 of an acre available in the region. If you put the full $150k into the renovations it will sell for $500k+. The second option is to scrape the existing house and build a new 2500sf 4 bed 4.5 bath house on the lot and that would sell for $750k+. That puts the land cost at only 16% of final ARV. Both ways highlight that with such a low buy price your options all lead to a significant profit for a big project.
Video Walkthrough
There are a couple of work scope options here. The first is focused on making this existing property fully renovated and adding some significant money in the yard and outbuildings to make it a desirable big picture property. Add a fence or wall along the front to create a private courtyard with bushes and a fire pit and water feature and hammocks. Think of it as creating the ideal outdoor mountain space. Tidy up the yard and create desirable paths to wind around to the various buildings and give those buildings a freshen up with some paint and repairs to create spaces that can be used for hobbies and visitors. We expect you will spend around $75k outside and you can have a really epic space with that big budget. Inside we expect you will spend $75k making it really nice with some new flooring, paint, new kitchen and 2 new baths, new mechanical, new roof. You should be able to put in a second bathroom and the existing floorpan would work fine. For some it might be worth evaluating bringing in a modular addition to increase the square footage and add another bedroom. Bring your tape measure. We expect it to measure in closer to 1300-1500sf finished, old records indicate it’s just under 1000. Come and take a look, it feels special and promising when you look past its age. We have access scheduled out a week to give everyone time to do some research on this unique property so plan on seeing it around April 29 at noon. Let us know you’re interested and we will reach out to get you on site. Property is occupied so please do not go over to walk around without an appointment. The septic system is old so we are working on identifying the credit you would receive toward septic system. The property has well water the seller currently drinks and it will be tested prior to close. Propane tank is on site. Look at the comps for the compelling evidence of high value. All of this is yours for $126k.
Total Budget: $150,000
It will be 3 bed, 2 bath with multiple outbuildings and an unusually nice yard with recreation features not normally found in a typical flip like water feature and outside entertainment area.
The house is right on the busy road. This could easily turn into a 500k+ house in the foothills. The septic would possibly be newer, the outside would be appealing and the interior would be all updated with new roof and furnace. This is superior to the unimproved land selling for $300k.
Closing is scheduled for 06/02/2025.
3 Beds, 1 Bath, 1300 sq ft
6473 S Ross Road, Morrison, CO 80465 Zillow
3 bed, 1 bath - Sold for $578,000 on 10/23/24
This comp is an example of the floor of what we expect an older house can sell for. This 1925 Build has some of the updates we expect to include for our $150k budget but doesn’t have the extensive yard improvements we have budgeted for. This comp never added a second bathroom and didn’t fully renovate the whole property like your budget allows.
6708 S Turkey Creek Rd, Morrison, CO 80465 Zillow
3 bed 3 bath 1953sf Sold $640,000 on 8/24
The main home was built in 1944, with various additions along the way (just like subject property). This property is only a tenth of a mile away, on the same road with the same elevation. This property is well maintained over the years, yet with the potential fix budget for the subject property, you can see from this comp that the ARV we have set at $500k is super achieveable. Subject will be around 500 sq ft less than this property unless you add modular sf though you do have similar acre and the subject property has the addition of two outbuildings. If you add up all of subject sf and add 500sf you would yield a payoff of an additional $140k from what we propose. In other words, this represents an option to add $140k in value add for the cost of putting on another 500sf bed and bath. It also demonstrates that fixed up older properties do well on this street.
7049 S Turkey Creek Rd, Morrison, CO 80465 Zillow
2 bed 1 bath 1383sf Sold $570 6/23 lot is ~1 acre
This incredibly basic and not nicely upgraded home is less valuable than our subject. It does not have any garage or outbuildings. It only has one bedroom on the main level and only 1 bath. The yard is not wooded. The house is clean but nothing special. Note they say they have a 4 car garage on the listing but it is just off street parking for 4 cars, no garage.
