There are fewer homes on sale for under $250,000 in Denver today than there were just a few months ago, and those currently listed are being promoted as scrapes or major renovations as opposed to places a buyer could comfortably live in as is.
For our May 17 post "What Kind of Home You Can Buy for Under $250K in Denver Right Now," we explored the Homesnap real estate website and discovered six Denver single-family detached residences available for less than a quarter of a million dollars — just barely in the case of two, which were going for $249,000.
Since then, prices for such dwellings in the Mile High City have continued to ratchet upward, with one study identifying Denver as having the second-worst home affordability in the entire country. And a return visit to Homesnap confirms that the number of such properties available at the lower end of the market is shrinking.
At this writing, just four single-family detached residences can be had for under 250K. And while the least expensive of them sports a lower price tag ($187,000) than May's cheapest joint ($204,900), its listing doesn't include a single photo of it, substituting instead a pic of Westwood Park.
To get a sense of what's on the plot, we turned to Google Maps and captured two images from June 2017 shared here. Just over a year ago, as you can see, the home at the address was boarded up and surrounded by weeds.
Of the other three properties, two of them are on the same block in the Montclair neighborhood and prompt the warning "not for the faint of heart," and the description of the third, in Villa Park, begins with this admission: "Structural issues, not suitable as a flip."
Continue to get more details about what $250,000 will buy you in Denver right now, complete with links and text from the original Homesnap listings.
Number 4: 990 King Street
Denver, CO 80204
$240,000 (price dropped $10,000 on August 17)
Estimated mortgage: $917
1,690 square feet
Built in 1880
Structural issues, not suitable as a flip. Dwelling is a scrape investor/developer special OR get in ahead of the developers and be part of the exciting redevelopment of the Villa Park area! Prime location, double corner lot with alley access. The value is in the land, mere minutes from the Knox Station, bike trails and downtown. Scrape and build your dream home or request a variance and build urban contemporary townhomes. The time is now to turn your vision into reality! Take a drive past this property to see the potential for yourself! The dwelling is in disrepair, showings will be limited, per seller's request. Property to be sold "AS IS."
Number 3: 1186 Roslyn Street
Denver, CO 80220
Estimated mortgage: $898
1,000 square feet
Built in 1942
Attention flippers, ready for your next project?!! Here it is!! Scrape or renovate? You can't go wrong either way! Loads of potential. Scrape and build on this corner lot or polish this gem and watch it shine! Located in the highly sought after Montclair neighborhood, this property is one block away from Lowry to the south and five blocks from Mayfair to the west. Potentially very California cool with the right updates! Great property but not for the faint of hearts, seasoned investors only. Earnest money will be non-refundable after a three-day inspection period once under contract. Strictly sold as-is. Don't miss out on this goldmine of an opportunity!!! Check the comps, this one makes sense! Won't qualify for FHA or conventional financing due to condition. Seller needs to find replacement home and will be actively looking once under contract. May need a 30-60 day post-occupancy depending upon possession of the seller's new home.
Number 2: 1180 Roslyn Street
Denver, CO 80220
Estimated mortgage: $819
1,082 square feet
Built in 1933
Return to the market and presentable for showings. Renovate or scrape, you can't go wrong. Loads of potential and options with this unique property. Home is ready for you to flip or a perfect site to scrape and build on this 7,500 square foot lot that's one block from Lowry to the south and five blocks from Mayfair to the west. Seasoned investors must see, not for the faint of heart. Strictly sold as-is. Don't miss out on this great opportunity!! Won't qualify for FHA or conventional financing do to condition. Buyer and/or buyer's agent to verify all information. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.
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Number 1: 842 South Hazel Court
Denver, CO 80219
$187,000 (price dropped $5,000 on July 20)
Estimated mortgage: $714
650 square feet
Built in 1942
This property consists of two existing structures on one lot. Major renovation or scrape. Westwood's adopted neighborhood plan allows for a 2.5 story duplex to be built on this 8,120 square foot corner lot. The lot at 3156 West Ohio will be redeveloped and there is also another duplex coming out of the ground a couple blocks north. You won't be the first new build in this hood. Estimated resale is $380-400K/side. Back unit is rented to a long time tenant at $400/mo with no lease. Cover costs while you go through the permitting process. See this link for new neighborhood plan. Specifically pages 49 and 51.