I just went and checked out 2107 South Wolcott Court here in Denver Colorado. It’s a HUD that popped up and is priced at $277,000. The HUD website says it’s a two bedroom one bath,
but they always do that, they only count the upstairs, so there’s a full basement doubling the size of the home. I would consider it a four bedroom two bath and you can pretty much double the square footage of the upstairs (1244) so it’s about 2400 square feet in total.
The roof looks shot but the home has good bones. They have replaced the original windows with some decent double panes. It definitely needs a kitchen. There’s oak flooring upstairs which could be refinished, not all the houses in the area have the oak so that’s kinda nice to take advantage of. These were mostly made in the late 50s – early sixties so there’s certainly a quality of materials you can’t find in newer homes. What I mean is you get real oak flooring, the joists are real 2×10 pine not the particle board I-joists they use now. Being a brick house there is far less painting to do, speaking of which, this house could use paint on the soffit and facia. It has a one car garage and there’s a nice big fenced backyard.
I think $277k is pretty high for the condition. It needs a full remodel. It’s open for owner-occupant bidding right now. These are “as is” so they’re not going to fix anything, even if you get an inspection report they won’t look at it, don’t want to hear it and I don’t want to fix it. They make inspections difficult so you probably won’t get the water turned on or the electric turned on…This eliminates even more buyers, so your chances of getting it priced well are pretty good. From my experience you can come in it 93% of asking and they’ll give it to you if no one else is bidding against you. That puts the price at $257,610. I think it could use about $30,000 worth of improvements and then you’d be sitting on a house that’s worth about…. I’m going to say the mid 300s if it was all fixed up maybe even high 300s if you put in granite and stainless steel appliances.
Yep, I just pulled comps and it’s sitting pretty.
Shoot me an email for the comps. or a copy of the full “property condition report”.
Nick