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With courtesy of Telluride Realty, LLC Posted by CREN (Colorado Real Estate Network)
The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange ('IDX') program of CREN (Colorado Real Estate Network), Inc. listings held by brokers other than RE/MAX Masters Millennium, Innc. are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified.
1020 16th Street
Delta, CO 81416
Residential$219,501Active MLS# 767014
Investment liquidation! 65k in price drops! 3 homes on 4.7 acres with views to Grand Mesa, inside city limits! (4.8 shares of irrigation deeded water UVWUA) The Main home is 1,792 feet (3/2) 2 stories - Adobe/stick built, All new flooring, paint, new roof - 10K, a new $4000 furnace, and new Hot Water Heater! The 1st rental/mobile is 650 sq feet 1/1. New Flooring, Paint, Water Heater. (estimated rental $600+/mo) The 2nd rental /mobile is over 1,100 feet 2/2 . New Flooring, Paint,(estimated rent $1,000/mo) Both mobiles' roof's have had full waterproofing and paint work. All 3 units have W/D hookups and are currently vacant. Delta, CO, Western slope of Colorado. 1.75 hours to Telluride. 20 min to Montrose or 40 to Grand Junction. Great income potential - Live in one, rent out the other two...or extended family, or straight up rental. Newly Remodeled 2019. 3 sewer and 3 water taps - so tenants can pay their own way (40k value right there) 3 separate addresses per assessor!! (for mail and taxes etc) Room to farm or subdivide in the future for more lots. Develop. Park and RV? Plenty of room. 3-4 out buildings/sheds on this parcel! Estimated $2,600 per month in potential rental income for all 3, or live in one for free, with the other two paying the mortgage plus some!! Other Upgrades/Notes: 2 out of 3 NEW hot water heaters! New stone and wood interior upgrades. 2 granite counters. New vanity's! Homes are old but have a vibrant modern feel. Exceptional value for the price point. Huge lawn on the East and acres to work on in the back with irrigation ditches. The west border is an alley for even more privacy. Irrigation water cuts thru the property, easy for distribution - "ditches and off shoots canals" - plenty of water! In town convenience with out of town space and views! Some new fencing to help with separation. Showers in all bathrooms. Both mobiles have tubs, No Tub in stick built home. Potential gross annual income $31,000+YR, if fully rented + Built in value with future development potential/farm/water rights. Projected Cap Rate Over 12%!! Possible owner carry with 20%+ down (depending on variety of factors including rate/term/monthly etc) The mobiles are older 1979 ish, the home will easily appraise as "just the home with the 4.7 acres and water.( the mobiles would just be a major bonus , as it might cause issues with a loan , as it might switch it to "mult-family". The seller has had multiple offers higher than the current list price, but they all had loan issues as they wanted 95-100% LTV / FHA /RURAl, and the mobiles caused issues. At the discounted price the sale is more geared to an investor.