Saturday, January 23, 2010

Crip's HUD Report 1-22-2010: Come Fly With Me Edition

Greetings HUD/Sinatra fans.  A week of solid deals always does wonders for the soul.  What makes it even better?  Putting some of them under contract.  I'm confident more than a few of you will want to float down to a HUD or two after you check out...

click for pics!

Relist: 675 E 4th St Rd, Eaton: $122,000. 3 bed, 2 bath, 1130 over full unfinished basement, 2002.  Again, thanks to the Google Police, my initial description of all our relists is forever gone into the ether of the internets.  But thanks to my razor sharp memory, I can tell you this Eaton Commons ranch is in good shape with an unfinished basement set up for another two bedrooms and a full bath.  Like the other HUD on 4th St Rd (under contract) this one also backs to grain fields.
Expect this to get a bunch of interest once again.  Insured with a repair escrow of $550. Click here for more info, pics or a showing.  Pics:

347 Red Bud Ct, Eaton: $174,000. 3 bed, 2 bath, 1962 sq ft, 2001.  Yet another in Eaton Commons, this one is an extremely clean, fully insured tri-level with a three car garage.  It sits at the end of a cul-de-sac, has a big pie-slice shaped yard and even has all the remotes for the garage door opener and ceiling fans. 
If you want a move-in condition property, complete with kitchen appliances, look no further. Click here for more info, pics or a showing.  Pics:

109 S Washington Ave, Fort Collins: $128,000.  1 bed, 1 bath, 912 sq ft, 1918.  "So let me get this straight Crip," you ask, as I wipe the spit from my face. "This house is exactly one door south of Mountain, and it's just west of Loomis, which basically makes it Old Town.  Shouldn't I be writing an offer of $175,000 on it?"  Well, this isn't your cutesy Old Town property, let me just make that clear.  It's a bizarre, skinny two-story with a tiny kitchen and tinier dining area.  The upper level is home to the bedroom and the bathroom.  If I were writing a fluff piece I might say it has an Upper Level Master Suite.  Then again, it would be hard to fluff the rest of the joint.

A buyer may not be able to get it financed (although HUD says it is 203k eligible) and the list of repairs are substantial.  But I do feel that, based on location alone, this will be a heck of an investment.  Especially when one considers the house next door that is getting completely rehabbed.  Click here for more info, pics or a showing.  Bids due Tuesday 1-26-10.

318 Starling St, Fort Collins: $195,000. 5 bed, 3 bath, 1486 over full mostly finished basement, 1983.  Here's the popular one.  If you are at all interested in this one please know there are several other people/agents looking at it.  The neighborhood is nice and I actually enjoy the layout of the house.  It does suffer from probably the dumbest finish I've yet seen on kitchen cabinets.   Scope the pics and video to see - they look absolutely filthy, but I believe that could be more of the textured spray paint finish than actual grime.
The biggest problem with this house?  There are two: The aforementioned interest in the property and some wood rot I noted around the house.  Please be advised.  Qualifies for the $100 down incentive with a $1760 repair escrow for furnace and balcony (!) repair.  Click here for more info, pics or a showing.  Pics:  Bids due Tuesday 1-31-10.

1725 5th Street, Greeley: $68,000.  4 bed, 1.5 bath + prison bath, 1880 sq ft over partial basement apartment, 1949.  Where do I start with this place?  The main floor is essentially a sprawling bungalow of a house with holes everywhere, a retro-riffic kitchen and about 35 different colors and patterns everywhere.  The roof is toast, as is just about everything else, hence the note: "a mold like substance is in the basement, remediation needed. Heating & plumbing need repair; water heater needs replacement. Soffit, fascia & bedroom window need repair. Subject backs to mobile home park; 5th Street has traffic noise."  And let's talk about that basement, shall we?  There's access to it via a door on the west side of the house, and the access to it from the main floor was left open.  (Watch me contort myself to get down there in the video.)  What's down there consists of a decent-sized kitchen, two smallish bedrooms, a scary, cramped bathroom that I don't think I could physically shower in, a third room that basically serves as the entrance and a dining room/living room.  The entire basement apartment occupies just over 800 sq ft.

  I shall speak no more of this place. Click here for more info, pics or a showing.  Pics:  Bids due Tuesday 1-31-10.

2307 W 24th St Rd, Greeley: $77,000.  3 bed, 1 bath, 1032 sq ft, 1956.  This decent little ranch has wood floors throughout and is in above average condition, evidenced by the repair escrow of $550 for plumbing repair.

It has a nice fenced yard, some storage and a one car garage, and I would call this one a slam dunk if not for 23rd Avenue being a 7 iron from the front door.  If you don't mind a bit of traffic noise with your Chocolate Cheerios, check this place out.  Click here for more info, pics or a showing.  Pics:  Bids due Tuesday 1-31-10.

Relist: 1611 14th Avenue, Greeley: $77,600.  4 bed, 1 bath over 1 bed, 1 bath, 1641 sq ft main level, 1951.  One one hand, I enjoy selling HUDs.  On the other hand, I'm honest to a fault.  And speaking of faults, there's a gigantic one that runs just diagonally across the SE corner of this property.  Because of it I suspect future owners of this property will have perpetual heaving of their sidewalk and perhaps even foundation issues.  The real news here is the basement apartment (which is insanely dark, like being in Jewel Cave when they switch the lights off),  Beyond that, there are other more compelling properties to gather 'round.  Click here for more info, pics or a showing. Pics:  Bids due Tuesday 1-26-10.

Relist: 2431 Arbor Ave, Greeley: $79,000. 2 bed, 1 bath, 1768 sq ft, 2007.  Not a misprint - this is a 1768 sq ft home with only 2 beds and 1 bath.  It is a bi-level, and the entire lower level contains nothing.  Could you finish it off and make a tidy profit?  I don't see how, but if you're an owner occupant looking for such a project over the long haul you may want to consider it. Click here for more info, pics or a showing.  Bids due Tuesday 1-26-10.

Relist: 2441 W 9th St, Greeley: $95,000. 3 bed, 2 bath, 1652 over partial finished basement, 1929.  Initially listed as a fully FHA-insured sale, this one comes back to us UNINSURED because of lead-based paint remediation costs exceeding $4,000 (this is a new rule, if you don't know).  Other than that the house should be fine, and indeed it is a fairly sharp house on the inside with a bit of a funky, old 2-story layout.  The exterior has a quaint Dr. Seuss kind of thing happening with that sloped roof, and because it sits on the corner of 9th St and 25th Ave the massive 2-car garage is accessed from the side street.
I liked it before and I still do. Click here for more info, pics or a showing.  Pics:  Bids due Tuesday 1-26-10.

504 N 28th Ave Ct, Greeley: $98,000. 2 bed, 1.5 bath, 1062 sq ft, 2001.  This townhouse/half duplex sits just north of C Street and is fully FHA insured, meaning it qualifies for the $100 incentive with NO repair escrow.  That doesn't mean it's perfect (it needs carpet and paint as well as a cabinet door) but the repairs are largely cosmetic.
Highlights include the attached 2 car garage and a long fenced yard. Click here for more info, pics or a showing.  Pics:  Bids due Tuesday 1-31-10.

330 E 28th St Rd, Greeley: $100,000. 3 bed, 2 bath, 1082 sq ft over full unfinished bsmt, 2005.  This is yet another fully FHA insured property that qualifies for the $100 down incentive with NO repair escrow.  This one features a master bath, fenced yard, 2 car garage and a pleasant, brown exterior.  And where else can you get a 5 year old house for $100k that isn't trashed? 
And with a $100 down payment, no less. Click here for more info, pics or a showing.  Pics:  Bids due Tuesday 1-31-10.

Price Reductions

1. 507 17th St, Greeley: $24,000. 2 beds, 2 bath, 520 sq ft (!), 1948. Little, yellow, different. It is fairly intact but has a bit of mold growing in the NE bedroom. The living room floor kinda feels like they put the laminate flooring over existing carpet, and you can run from the front door to the back deck in .3 seconds. The detached garage is made of cement block and is about as big as the house, perhaps larger. Did I mention this place is small? Video:
Bids due Tuesday 1-26-10.  Update: Apparently there is a large hole that has been cut into the foundation, as if somebody were trying to tunnel from the cellar to freedom.   Click here for more info, pics or a showing.

2. 4329 Lake Mead Dr, Greeley: $81,000.  3 bed, 1 bath, 1080 sq ft over full unfinished.  Yes I have it listed as a 1 bath but there is a separate operational toilet in the basement, and by that I mean just a toilet all by itself - no walls, not even a magazine to keep you company.  This Hill-N-Park ranch presents with some common HUD home quirks: Bright orange bedroom, nasty carpets, completely trashed insulation in the basement, and you'll certainly play a game of "Which one's the master?"  My last showing of this house elicited laughter.  C'mon, I don't set the prices folks!  And I should point out that this one will likely get reduced next week.  Update:  I was right.   Bids due Tuesday 1-26-10. Click here for more info, pics or a showing.

3. 705 Collins Ave, Eaton: $88,000.  3 bed, 2 bath, 1266 sq ft, 1958.  This brick ranch sits in the geographical heart and center of Eaton, which is right on the main drag.  For you Fort Collins folks, think east east east Harmony.  This one has an amazing view from the front door as it overlooks some fields,

producing some dazzling sunsets.  It doesn't have much of a back yard and is fairly dated,
but I would still check this one out if you're looking in Eaton.  Bids due Tuesday 1-26-10.  Click here for more info, pics or a showing.

That's going to do it for this week!  Please give me a call or drop me an email should you have any questions on these.  And I can't stress this enough: these go fast, so act quickly if you are even mildly interested.  Believe me, I tend to undersell these things.  Most of the HUDs are remarkable deals, and combined with the $100 incentive they are literally the best deals around.  Talk to you soon, Crip