9949 S Turkey Creek RD Morrison CO 80465 $ 699,000.00
- Acquisition Price: $ 280,000.00
- Renovation Budget: $ 145,000.00
- Estimated After Repair Value: $ 699,000.00
- Estimated Net Profit:
- Percent Deal: 0.61 %
- Estimated Profit: $ 5,479.98
- Proposed Secured Interest Rate (Annualized): 11 %
- Forecasted equity participation(profit share): 0 %
- Length of Note: 9 months
- Total Forecasted Annualized Return for our Investors: 11 %
Property Description
The subject property is in a very desirable area with the creek running through it.
The home needs pop top on the old farmhouse section with a few push piers. The additional Dormer and raised shed roof will bring the desired vaulted ceilings to the open concept floor plan on the main level. This home is large, 4200 SF, and will have a carriage unit/lockoff, 5 bathrooms, 5 bedrooms, 2 car oversized garage.
Two outbuildings, one barn like, one shed.
Three bridges across the creek and fenced in yard for horses.
Very appealing for multiple niche markets:
Equestrian, Homeowner, 2nd Homeowner that likes the space, Homeowner looking for a lockoff or live in…..
We have the conceptuals and are working toward a 10 week remodel as soon as we close.
Comparables in the area give us a valuation of around $700,000.00
There is not a lot of newer product available so we are excited to be the competition with new product.
Scope of work
We will be doing a complete renovation to this house. There are major foundation issues to this property which we need to fix as well as fix the water well and potentially the septic. We are also dormering the house in 3 different places to raise the ceiling hiehgt, knock down the main wall into the current kitchen, and rebuild the deck out back. This is a large operation but will turn out very well once we are done which includes 2 masters, 2 car garage, a river running through the property, and a large open kitchen.
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