I have been buying distressed property for over 15 years and I am still constantly surprised at some of the deals you can find. There was nothing extraordinary about this particular project. It represents your average flip. There are a few things I noticed regarding this particular property. First, it was in a great central location in Colorado Springs. Within the neighborhood, it was on a cul-de-sac. I spoke with both neighbors and they were very nice. When I got inside, I noticed it had a great layout. It also had newer windows and a very awesome view of the mountains. It had a massive back yard. And finally, it had an unfinished basement…which is rare for a tri-level.
This is what the property looked like (for the most part) when we purchased it at the auction.
Here is the quick analysis we did and a look at the final resultsl
Again…nothing special. This is what an average deal looks like.