Title: Colorado City Homes For Sale: A Versatile Investment Opportunity
Nestled in the captivating landscapes of Colorado City, a unique real estate opportunity awaits. This expansive 15-bedroom home offers tremendous potential as it can be converted into three separate rental units, making it an attractive investment for those seeking lucrative rental income streams. While the property requires some tender loving care (TLC) and minor renovations to become loanable, its current occupancy and attractive lease agreement adds further appeal to prospective buyers. With a picturesque mountain view, ample outdoor space, and additional detached features, this property is listed under the current appraised value, making it an enticing prospect for potential investors.
Versatility and Rental Potential:
The standout feature of this Colorado City home is its versatility. The property can be transformed into three separate rental units, allowing the owner to maximize their return on investment. Such a configuration presents an opportunity for multiple tenants, including families or individuals seeking comfortable and affordable housing options. By converting the home into three distinct units, investors can tap into the high demand for rental properties in the area and secure a stable, long-term income stream.
Minor Renovations Required:
While the property requires some work before it becomes loanable, it should not deter savvy investors looking for a promising opportunity. A little TLC can go a long way in restoring the property’s appeal and enhancing its market value. The current occupancy indicates that the property is habitable, making it an ideal option for buyers who prefer to make improvements gradually while already generating rental income.
Attractive Lease Agreement:
One of the floors within this expansive home is currently occupied by a tenant with a lease agreement until July 31, 2023. Generating $1350 per month, inclusive of utilities, this existing tenant provides a steady income stream that can help offset renovation costs. Additionally, the presence of a reliable tenant offers potential buyers the flexibility to plan and execute renovations at their own pace without the immediate pressure of finding tenants for the entire property.
Priced below the current appraised value, this Colorado City home presents a fantastic opportunity for investors seeking a favorable deal. The lower price tag allows buyers to secure the property with a potentially higher equity position, setting the stage for future appreciation and profitability. With the added advantage of being situated on a 1.07-acre corner lot, the property offers ample space for outdoor amenities and expansion possibilities.
Apart from the main dwelling, this property boasts a detached school room and workshop, further enhancing its appeal. These additional spaces open up possibilities for various uses, such as home offices, studios, or hobby areas, catering to a wide range of tenant preferences. Moreover, the property’s many decks offer breathtaking mountain views, providing an idyllic setting for tenants to relax and enjoy the surrounding natural beauty.
In the competitive real estate market of Colorado City, this 15-bedroom property stands out as a unique investment opportunity. With the potential to convert into three separate rental units, the property allows investors to tap into the high demand for affordable housing options. Though some minor renovations are needed, the fact that the property is currently occupied and generating rental income adds further appeal. Priced below the appraised value and featuring additional detached spaces and stunning mountain views, this property offers tremendous potential for those seeking a versatile and profitable investment in the area. Contact the listing agent today for more information and take the first step towards securing this Colorado City gem.
185 N Homestead St, Colorado City, AZ 86021