4546 Lancaster Dr Colorado Springs CO 80916 For Sale MLS#6141453 $165,000
4546 Lancaster Drive Colorado Springs CO 80916 MLS#6141453
It’s that moment when there’s an opportunity before you – if you hesitate you’ll miss it! Marion Meyer from the peakdream team has just listed this single family home in Southeast Colorado Springs for $165,000. The 3 bedroom, 1 bathroom, 2 car garage home is located in a neighborhood called Heritage, not far from Highway 24 and Powers Boulevard. And it will soon be buzzing with traffic with prospective buyers, investors, and house-flippers.
The home is being sold as-is which typically means there is work that probably needs to be done and the seller isn’t interested in doing anything but selling it. In this case, the home is an estate, so most likely family members are simply wanting to move on. Whatever the reasons, a buyer can definitely benefit from the low price and step into a great investment.
Certainly there is some work to be done on this 1192 square-foot tri-level home. The yard will need some maintenance and landscaping, carpets will probably need replaced and the home needs some basic TLC with cosmetic changes like a fresh coat of paint. The large, open kitchen could quickly become the highlight of this house with some updated cabinetry and counter tops. Luckily, the roof has recently been replaced and the exterior has been newly painted, both of which tend to be large costs that the new buyer won’t have to worry about.
So who should think about buying this home? Anyone who wants to step into equity with just a bit of elbow grease and a few weekends of being a handyman. Whether you’re a single person or family looking to purchase a primary residence or an investor looking to rent or flip the home, there is money to be made. Similar homes in this area are listed for as much as $157 per square foot and have sold for nearly $200,000 in the past few months. Plus, the rental market is hot throughout Colorado Springs, and we estimate this home could rent around $1250 per month. That’s a pretty hefty return on your investment when you consider your 30-year conventional loan payments would probably be around $830 per month, and that includes homeowners insurance and property taxes!
Take a moment to consider what it might look like for you to make this investment – but just a moment or it’ll be gone before you know it!
