Crip's HUD Report 11-20-2009: The Duplex That Won't Die Edition

Hey folks. I'm taking a few minutes away from my turkey brine experiment to bring you an early holiday gift - The Return of THE HUD REPORT! After your name go ahead and enjoy...

NEW HUD LISTINGS FOR 11-20-2009!
▲ Click for ordered pics of this week's new listings!
Clicking on the small pictures below takes you to MCB's property page with the condition reports, as if you didn't know that.▼

1. 1317 E 1st Street, Loveland: $110,000. 3 bed, 1.5 bath, 1385 sq ft, 1902. You want to love this place, mostly because the superhero paintings on the bedroom walls are actually high-quality. It is basically an old bungalow-style house with a handful of updates and an attic that has been transformed into a bit of a master suite. During the walkthrough, you'll hear the narrator say this place is zoned business. Ignore him; he's an idiot. (UPDATE: YouTube suggested I add an audio soundtrack. After a couple of poor suggestions, i.e. Drowning Pool, Plain White T's, I settled on what you now hear.) This property is actually surrounded by residential homes and businesses, and the zoning for this property is HIGH DENSITY RESIDENTIAL, which supports up to a 4 plex. Alley access, one-car detached garage, in-floor jetted bathtub, potential galore. And the driveway is big enough I was able to do a U-turn in it.
Assessed for $153,900. Pictures of the house START HERE.

2. 2508 Park View Dr, Evans: $99,000. 2 bed, 2 bath, 1040 sq ft over full unfinished, 2002. I like this joint. Simple as that. It isn't an awesome family home, but then again it isn't trying to be. The master bedroom is huge, while the 2nd bedroom is fairly narrow but will work for the occasional guest. I also like the door into the back yard, which is something of a rarity in this subdivision. Price is right too! Totally FHA insured. Assessed for $116,824. Pictures of the house START HERE.

3. 2101 36th Street, Evans: $90,000. 4 bed, 2 bath (listed as a 2 bed, 1 bath), 1700+ sq ft, 1976. This bi-level is located on the corner of 36th and Marigold and as such has a nice, roomy lot. If you can put the hideous colors aside there's a lot to like here (and a lot to work on). MCB's remarks belie the seemingly "almost there" appearance: Plumbing system is not in working condition, possible leak in the system. Floor covering and vinyl siding need to be repair/replaced. No real surprises there, but what's shocking is that this place is uninsured. It is eligible for 203k financing so it will go $100 down. Just don't expect it to be easy (or quick).
Assessed for $103,844. Pictures of the house START HERE.

4. 2447 Arbor Ave, Greeley: $97,000. 3 bed, 2 bath (listed as a 3 bed, 1 bath), 1056 sq ft, 2000. The fire sale continues in east Greeley. There is technically nothing wrong with this ranch over half-finished basement, but (excuse my candor) it smells like a fart in the house. It's simply the best way to describe it. Was someone in there before me? Perhaps. Will the smell go away with some Plug-Ins? Hopefully. Is it there to stay? You've been warned. Smell aside, this place is fully insured, and the basement has been finished with a big ol- living room and a full bath. An obvious spot for a 4th bedroom exists as well. All for under $100k. And what's your house like?
Assessed for $110,949. Pictures of the house START HERE.

5. 705 Collins Ave, Eaton: $110,000. 3 bed, 1.5 bath, 1266 sq ft, 1958. My camera died right as I was about to shoot the video. Sony! Never again. This typical late-50's ranch has what you'd expect - small bedrooms, a retro-riffic kitchen that was probably huge at the time, and wood floors throughout much of the house (the living room has been carpeted). There is one cool design feature - a half bath just off of the kitchen. This has a tiny $385 repair escrow for replacement of the door between the garage and house. Beyond that it's in great shape (if dated). So why the cheap-o price? In case you don't know, Collins Avenue is essentially CR-74, or the main drag through Eaton (east, east, east Harmony for you Fort Collins folk). Also, take a good look at the pictures of the front yard because that's all the yard you'll get. Ah, but the views from the front are spectacular, and since it faces south you'll have killer sunsets AND sunrises. I've just realized this house could literally be in the geographical center of town. Assessed for $110,135. Pictures of the house START HERE.

6. Relist: 507 17th Street, Greeley: $30,000. 2 bed, 1 bath, 520 sq ft, 1948. Yet another smokin' deal. This one qualifies for the $100 down incentive, with a $220 repair escrow for "remediation of mold-like substance". I mention this in the video - it's present in the smaller bedroom. This place has laminate flooring throughout most of the house, and it is pretty soft in the living room, as if they put it over carpet. It has a large but boring wood deck and a cinder block garage that will survive Fallout 4. Expect some mean overbidding on this one. Assessed for $55,813. Scope the video walkthrough:
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7. Relist: 3604 Montrose, Evans: $67,000. 4 (or 5) bedroom, 2 bath, 958 square feet (1440, according to county records which is probably more accurate), 1964. First of all, I have no idea how HUD's appraiser lost track of almost 500 sq ft. or a bedroom. Secondly, I have no idea why the previous owners chose to put their toilet next to a window. Or do I? Fifth, this place is a good deal. Assessed for $93,159. Video walkthrough:
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8. Relist: 233-235 W 3^rd ST, Loveland: $156,000.4 beds, 2 baths, 1800 sq ft*, 1965. Ah yes, the DUPLEX is BACK! Some lucky person could actually get into this place for $100 down, do a 203k loan on the property to fix the place up and STILL rent out the other side.If you’re that person you should be calling me ASAP. Each unit is 900 sq ft, 2 bed, 1 bath and has its own w/d hookups and storage shed. One has hardwood floors and granite tile, the other has (mostly) ceramic tile and Berber carpet. Each unit also has its own storage shed and the duplex sits just a few doors east of Bill Reed middle school. I mention on the video that I assumed the repair escrow was for plumbing; it isn't. The $770 is actually for smoke detector replacement, repairing exposed wires and soffit repair. UPDATE: The property is now considered UNINSURED but is still eligible for 203k financing. Assessed for $201,900. HUD/MCB’s property details can be found HERE. Scope the video walkthrough:233-235 W 3rd ST, Loveland $156,000! from Crip Erickson on Vimeo.
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PRICE REDUCTIONS

1. 3619 Ponderosa Ct, Evans: $53,100. 1 bed, 1 bath, 888 sq ft, 2006. Believe me, if there were space for it on the MLS I should have liked to list this place at "A mere $53,100" because it is in fact move-in condition, with a double sided fireplace that serves the living room and master.

There's no master bath, but does there really need to be if there's only one bathroom? Think about that for a minute. And then think about why you should continue renting when payment, interest (at 5%), taxes and HOA on this place add up to a paltry $435 (without mortgage insurance). How much are you paying to live with that guy that leaves snotty tissues all over the house? I thought so. Bummer: gotta go conventional on this one, so no $100 down for you (which is undoubtedly why it is still available). Assessed for $78,435. Scope the PICTURES RIGHT HERE.

2. 411 16th Avenue, Greeley: $22,400. 3 bed, 1 bath, 936 sq ft, 1954. Funky, blue, smelly, and with an estimated remaining economic life of 20 years. It features the world's oldest furnace which apparently needs to be replaced. The garage was converted into the biggest bedroom once upon a time and the back yard is fairly decent. However this too is uninsured, so cash or conventional loan only, folks. Because I don't have a whole lot to say about this place, I'll simply ask you this: 411 16th Ave? Or a kiss from the dude that was killed in Goblet of Fire? Thumbs up simply because it's cheap.

3. 1212 30th St Rd, Greeley: $45,000. 3 bed, 1 bath, 1008 sq ft, 1952. I haven't mentioned this joint before because I just didn't like it. It's a trailer, and now thanks to HUDs revision of their lead-based paint policy, it's uninsured. Pay cash or don't bother folks. Assessed for $89,561.

4. 632 37th Ave, Greeley: $87,300. 5 bed, 2 bath, 962 sq ft over full mostly finished basement, 1971, 1 car attached. It's a bit dated and 2 of the bedrooms and a bath lie in the basement (it is therefore listed as a 3 bed, 1 bath) but your worries will disappear when you see the fridge sunk into the wall. And it's no small bar fridge either.

The fenced yard is nice and the price redeems what is otherwise a fairly forgettable property with an unattractive hole cut into the wall above the stairs.

Assessed for $109,319. Qualifies for the $100 Down Incentive with a small repair escrow of $935. Scope the PICTURES RIGHT HERE.

Remember, the HUDs are a small part of what we do, and nobody does them better. But we deal with all areas of real estate: resells, listings, short sales, REOs of all types, property management, income properties, etc. If you have any questions at all, just ask. We live and die by referrals, so any you pass along are appreciated.

That's going to do it once again, hope you enjoyed reading and watching! Suggestions are always welcome and I look forward to hearing from you if you are looking to buy OR sell! And if you know anyone that would benefit from our service and would like to receive notice when the HUD Report is updated, please contact me. Thanks for reading, have a wonderful week!


Crip Erickson
Broker Associate
Realty Executives
208 S College Avenue
Fort Collins, Colorado
970.988.5634 cell
970-221-3627 fax

Crip's HUD Report 11-6-2009: The Old Town HUD Edition

Greetings folks! When it rains it pours. I'm not sure I've been busier with transactions, and yet we're getting record numbers of HUDs. I'm hoping to stay busy with showings and calls from y'all because once again there's a pile of deals. Deals like...

The NEW HUD LISTINGS FOR 11-6-2009!
▲ Click for ordered pics of this week's new listings!
Clicking on the small pictures below takes you to MCB's property page with the condition reports, as if you didn't know that.▼


3512 Settlers Rd, Laporte: $160,000. 4 bed, 1.75 bath, 1613 sq ft, 1977, 2 car attached garage. This bi-level is a quirky combo of cool and not-so-cool updating, but there's more hits than misses. The biggest miss is the lack of a deck. Instead, there's the appearance of a deadly drop-off from the sliding glass doors, made worse by the overall appearance of the dilapidated kitchen. The lower level fares better, with the more recent tiled floor and bathroom. If you want a big ol' yard but don't really want to buy a cow to keep it in check, consider this place.
Assessed for $(please call). Pictures of the property RIGHT HERE.

1220 Eilene Pl, Loveland: $117,000. 4 bed, 2 bath, 1515 sq ft, 1978 sq ft, 2 car garage. This striking house sits on the corner of Diana and the small Eilene cul-de-sac and has an attractive lot. The niceties end there. Inside it is a mishmash of lame-o design, terrible pee smell, trashed floors and drug-induced color choices. Very rarely do I have The Sight of a finished fix and flip, but in this case it is literally all I can bear to see. Budget for a complete overhaul cosmetically; nothing shall remain. All walls must be painted, all carpet and flooring must be replaced, every single piece of hardware must go, for that matter every door needs to find a landfill. New light fixtures are needed, etc. Get the idea? Fortunately, the adjacent houses are in good shape and will, hopefully, support your massive fix and flip undertaking.
Assessed for $. Pictures of the property start RIGHT HERE.

1256 22nd St SW, Loveland: $112,000. 3 bed, 2 bath, 1216, 1977, 2 car garage. This tri-level in south Loveland is completely FHA-insured, but would benefit largely from paint inside and out. You could certainly move in and repair as needed, so anyone looking for a solid buy in Loveland should check this out. This one sits just blocks from our recent HUD on S Custer, which is nearly identical (if not totally identical) to this one.
Assessed for $. Pictures of the property start RIGHT HERE. (Please note they are mislabeled as 926 Paloverde.)

926 Paloverde Dr, Loveland: $137,500. 4 bed, 1.5 bath, 1744 sq ft, 1963, one car attached. This big yellow bi-level is a good opportunity buried underneath 45 different and horrible color choices. The back yard is huge and has one giant tree in the middle of it, and there's a small deck with a makeshift railing. The neighborhood is solid (it's three blocks north of Eisenhower and 4 blocks west of Madison) and most of the issues are simply cosmetic. The other 'serious' issues concern repairing the siding and adding a sink to the lower half-bath.
Assessed for $. Pictures of the property start RIGHT HERE.

4394 W 2nd St, Greeley: $127,000. 3 bed, 2.5 bath, 1350 sq ft 2 Story over finished basement, 1979, 2 car attached garage. Many of you think I'm joking when I urge you not to paint your house the colors you see here. This house, with its Band-Aid main color and dark brown trim, features the most common HUD home exterior palate. Just don't do it. Inside, there's turquoise. Don't do that either. As far as the rest of the home, I like it quite a bit. Sure it needs carpet (like most of this week's inventory, it smells like mistreated dog) and suffers from a lack of updating throughout, a LOL stainless steel kitchen sink in the bathroom, and a dark kitchen. On the upside, this house would look sharp with simple paint, the fenced backyard is spacious, and the basement hides a really cool office with a 3/4 bath. Looking in west-ish Greeley? You'd do well to check this out.
Assessed for $. Pictures of the property start RIGHT HERE.

2425 W 9th St, Greeley: $57,000. 3 bed, 1 bath, 936 sq ft, 1941, 1 car detached. This little bungalow is two doors down from the "Dr. Seuss" house at 2445 from two weeks ago. However, they couldn't be more different in terms of condition. Where 2445 was quirky but updated and clean, 2425 is a conventional (read: boring) layout and is fairly grungy, particularly the kitchen. Watch this one get a price reduction and then consider it.
Pictures of the property start RIGHT HERE.

2306 Apple Ave, Greeley: $67,000. 3 bed, 2 bath, 1572 sq ft, 1996, attached 2 car. Why the disgusting, awful carpet remains throughout this house I don't know. I will say this: 3 years ago this house would have been listed (and sold) over $100k. I shall say no more.
Assessed for $. Pictures of the property start RIGHT HERE.

608 Campbell, Kersey: $150,000. 3 bed, 2 bath, 1726 sq ft, 2005, 2 car attached. This place appears to be in move-in condition and it could almost pass for a new build. But alas, this may be the smelliest of the bunch in terms of dog pee. Budget for carpet and some air fresheners and little else. Features a super-dope ceiling fan, a fenced back yard with a kennel, and an intact kitchen.
Pictures of the property start RIGHT HERE.

166 20th Ave Ct, Greeley: $80,000. 3 (easily a 4) bedroom, 2 bath, 1464 sq ft, 1994, attached two car garage. This is but a block away from the 19th Ave Ct property we had two weeks ago, and this one also features a bizarre converted-covered-patio plywood room that somehow doesn't eliminate the property from being completely FHA-insured WITHOUT a repair escrow. Incredible. Even more so, this house isn't half bad, with attractive wood floors on the small main floor and the oversized garage. You could do worse. And boy was the neighbor kid apologetic (and totally frightened) when he hit my car with his Nerf football. Do I really look that sinister?
Pictures of the property start RIGHT HERE.

Relist: 41616 Highway 125, Cowdrey: $99,000. 3 bed, 2 bath, 1999 sq ft over 1499 mostly unfinished bsmt, 1975. Where's Cowdrey you ask? It's south of Walden. Have I been to this property yet? Nope. Because it's 3 hours away and the previous listing agent tells me it needs "$70,000 worth of work" I'll probably wait until somebody wants to buy it before I head out there. This one sits on 3/4 acre, and I can't tell you what it's assessed for because Jackson County has very little info available. In fact, the house still shows some church as the owner of record. Hmm, a church with an FHA loan? Isn't lying a sin?

109 S Washington Avenue, Fort Collins: $128,000. 1 bed, 1 bath, 912 sq ft w/ 200 ft cellar, 1918. Many of you have already heard about this little gem one door south of Mountain. At first glance it appears to be a run-down scraper next to another neglected 2-story. But word on the street is the neighboring property is getting some flip love, which bodes well for whomever picks up this massively under-priced (but small) HUD. It won't be easy, however. HUD writes: "Repairs exceed $5000. Remove damaged fiberglass porch cover. Repair soffit, garage window, floor settlement, garage door, roof shingles." Eligible for FHA 203k financing, but my crystal ball is telling me this one will go to whomever can secure conventional financing and endure overbidding. Assessed for $. Pictures of the property start RIGHT HERE.

Relist: 2400 Arctic Fox, Fort Collins: $168,000. 3 bed, 1.5 bath, 1202 sq ft (I disagree), 1981. Here's the bargain of the bunch. It could very easily be a 4 bedroom with the addition of a closet, and it certainly feels more like 1600+ sq ft. The house is in need of cosmetic repair, but it's limited mostly to paint and carpet. The exterior of the house is sharp and the neighborhood is awesome. Assessed for $181,200 but fixed up this is, in my opinion, more like a $200k house. UPDATE: This place was relisted with a handful of new repairs, namely: "Replace water heater; repair water damage in bathrooms; remediate mold like substance." It is also now eligible for only the 203k variety of an FHA loan (or conventional or cash, obviously). Investors, be prepared to pounce on this one. Video: Pictures of the property start RIGHT HERE.

Relist: 210 20th Ave Ct, Greeley: $57,500. 4 bed, 2 bath (listed as a 3 bed, 1 bath), 988 sq ft over full basment, 1975. This brown house has brown brick, brown vinyl siding, brown trim, brown gutters and a brown roof. There's 3 fairly small bedrooms and a nicely tiled bathroom on the main floor; a big bedroom and a nice 3/4 bath are in the basement as well as a long living room with a bar. This place also has a nice fenced yard, and after reviewing the place and looking at the stats I've determined this one hits the brown note as a good deal. Assessed for $83,667. Pictures of the property start RIGHT HERE.

Relist: 1012 31st Ave, Greeley: $62,000. 3 bed, 1 bath, 1026 sq ft, 1960. Scope the video walkthrough (it might be my finest ever): The pictures for the property start RIGHT HERE. Two or more thumbs DOWN on this dump a door or two away from busy 10th Street. Mold, bad tile, bad vibes, you name it. Avoid. UPDATE: Apparently, whomever had this under contract came to their senses.

208 E Park Ave, Pierce CO: $80,000. 3 bed, 2 bath, 1716 sq ft, 1998. This is a "Manufactured home. Property is located within 100 year floodplain, flood insurance is required. Roof replacement needed. The decks have deteriorated & warped boards. Exterior paint is deteriorated, scraping & new paint needed." Their words, not mine. I'd probably have a few more to add as well. Like how at this price you'd think it sat on some acreage. It doesn't - in fact, the lot is basically similar to a move-in condition current Greeley HUD for half the price and 10x the financibility. Pictures of the property start RIGHT HERE. Get it? There aren't any.

Price Reductions

Relist: 1226 4th Street, Greeley: $27,180. 2 bed, 1 bath, 756 sq ft, 1918. Another uninsured property. No longer eligible for 203k financing. And if anyone cares, HUD has reduced the dollar amount of LBP they will abate to under $4000. HUD writes: "Repair/replace - furnace; toilet; plumbing system." The bedrooms are connected via a single closet, and the living room/dining room is a large single area. There's Death Stairs that lead to a cellar, but the draw here is the transformed garage that was obviously a second house. The remnants are two makeshift bedrooms, what's left of the kitchen (nothing) and a bathroom. Assessed for $41,199. Scope the video walkthrough:

2537 9th Avenue Ct, Greeley: $55,800. 3 bed, 1.5 bath, 940 sq ft, 1945. This little ranch is actually in better than average condition with a minor repair escrow for furnace blower fan.* It has a big ol' backyard and it is quick cleaning away from being in move-in condition. It also may shock you to know this much house may actually sit on the market at this price.

323 Grant Ave, Nunn: $50,400. 2 Bed/1 Bath, 2108 square feet w/ basement (1897 finished, including basement), 1927. Erica, being paid by the word, wrote: “In actuality this house is a 5 Bed + 1 non conforming/3 bath (if you count the 3/4 bathroom in the detached garage). Definitely one of the more interesting houses I have ever been to! This house sits on a very large lot with many old trees. The house has a sandstone stucco exterior with a flat roof, giving it a very unique look from the curb. Included is a detached garage that was probably used for some sort of trade, and as mentioned before also includes a 3/4 bath. There is also a shed that looks like it used to house some sort of animal, as well as a chicken coop (there was no way I was going to investigate the chicken coop BTW). Now, the interior of the house was an unexpected mix of charm, work needing to be done, and work recently done. The main level of this ranch has hardwood floors throughout and includes two upper bedrooms, a bathroom that is missing the toilet and sink, a kitchen missing the doors on all of the cabinets, a fireplace, and hutch cabinets built in throughout. The stairs leading down to the basement definitely need some work, but almost all of the basement has been recently updated. There are three bedrooms with new clean carpet, and one waiting to be finished. The hallway consists of tile and there is also a large living room and a full bath that appear to be in great condition. To sum this house up: "I'm not quite sure" seems to be the best fit!” Assessed for $160,623. Reduced again! Pictures of the house start RIGHT HERE.


That's going to do it for now. Remember, the HUDs are a small part of what we do, and nobody does them better. But we deal with all areas of real estate: resells, listings, short sales, REOs of all types, property management, income properties, etc. If you have any questions at all, just ask. We live and die by referrals, so any you pass along are appreciated.

That's going to do it once again, hope you enjoyed reading and watching! Suggestions are always welcome and I look forward to hearing from you if you are looking to buy OR sell! And if you know anyone that would benefit from our service and would like to receive notice when the HUD Report is updated, please contact me. Thanks for reading, have a wonderful week!


Crip Erickson
Broker Associate
Realty Executives
208 S College Avenue
Fort Collins, Colorado
970.988.5634 cell
970-221-3627 fax