• Skip to main content

Denver Investment Real Estate

Helping Investors with Denver Residential Real Estate

  • Denver
    • Start Here
    • Deal Analyses
    • Market Updates
    • Denver Podcast
  • Springs
    • Start Here
    • Deal Analyses
    • Market Updates
    • Springs Podcast
  • Education
    • Free Toolkit
    • Podcasts
    • Getting Started Guides
    • Short Term Rentals Course
    • Self Management Course
    • Books
    • Events Calendar
    • Blog
  • Spreadsheets
    • Rental Property
    • House Hacking
    • BRRRR
    • Fix and Flip
    • Return on Equity (ROE)
  • Services
    • Rental Properties
    • House Hack
    • Sell
    • 1031 Exchanges
    • Investment Consultation
  • Portfolio Analysis
    • About Portfolio Analysis
    • Portfolio Consultation
  • About
    • About Us
    • Team
    • Our Process

Deal Analysis – Duplex House Hack in Lakewood

December 3, 2020 • Preston Newberry

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.

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

http://DIRE-244-DA-33-HH-Interview-Ivy-Luis-Lakewood-Duplex.mp3

Podcast: Play in new window | Download (0.0KB)

Subscribe: Google Podcasts | Spotify | Stitcher | Email | TuneIn | RSS | More

About Preston Newberry

Preston is an investor friendly realtor who has been licensed since 2016 and has quickly become and continues to be one of the top producing agents at Your Castle Real Estate each month working with House Hackers, Traditional and Small Multi unit Investors.
(303) 901-5900 | Preston@envisionrea.com | Read more about Preston...

Real Estate Investment Consultation
Creating your real estate investing strategy and putting together your team can be a daunting task. Schedule your free Colorado real estate investment consultation to start creating your personalized plan.

Envision Advisors Logo
Copyright © 2023 · All Rights Reserved

Envision Advisors at Your Castle Real Estate · 2755 S. Locust St #243, Denver CO 80222

Return on Investment Quadrant™, True Cash Flow™ and Nomad™ are trademarks of Real Estate Financial Planner LLC and used with permission.

denverinvestmentrealestate logo

Disclaimer:This information is designed to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that the presenters are not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert advice is required, the services of a competent professional should be sought.

Privacy Policy | Terms of Use | Disclaimer