Deal Analysis – Colorado Springs Fourplex West Side

Property Deal Analysis Overview

This deal highlight shows a recently listed multi-family property on the MLS.  This will give an example of an “off-the-shelf” multi-family rental property for purchase.

This property is available.

Read about the State of the Market for Colorado Springs real estate Q3 2020.

Deal Quadrant: MLS

Read about the deal quadrant and finding Denver Investment Properties.

Investment Property Details

• Type: Four-plex
• Two x 2 bedroom, 1 bathroom units
• Two x 3 bedroom, 1 bathroom units
• Location: West Side
• List Price: $620,000
• Why we like it:
  • Location!
  • Amazing rents in place

Agent Property Description Remarks: West side great location for an investment. Highly desired area …The configuration is set up for high rents…Owner pays for gas, sewer and water, common electric and trash. Units are individually metered for electric and tenants pay electric.

Spreadsheet Rental Analysis

Property Operating Expenses

First Year Returns

Conclusion

This is a really decent property!  Per the listing agent, the average owner utility costs are $400 per month.  Further, one of the units is vacant, but we can assume the $995 for the vacant unit’s rent, which is a fair rent given that the West Side continually commands high rents in comparison to the rest of the Springs.  For a first year ROIQ reflecting 32% return, this is an easy win.

YouTube Video: Rental Property Analysis – Colorado Springs Fourplex West Side