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213 Gay St
Longmont, CO

213 Gay St

$672,100
4 bd • 2 ba • 2,400 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$672,100

Price/Sq.Ft

$280

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 213 Gay St, Longmont, CO 80501 offers several attractive features: 1. Size: At 2,400 sqft, this house is significantly larger than the average home in Longmont (1,500-1,800 sqft), providing ample space for families or those who need extra room. 2. Price per square foot: At $280.04/sqft, it's priced competitively compared to the Longmont average of $300-$350/sqft for similar properties. 3. Location: Gay Street is in Old Town Longmont, a desirable neighborhood known for its charm and proximity to downtown amenities. It's likely within walking distance (0.5-1 mile) of Main Street's shops and restaurants. 4. Lot features: The property appears to have mature trees, providing natural shade and aesthetic appeal. There's also a fenced yard, offering privacy and outdoor space. 5. Parking: The driveway can accommodate multiple vehicles, a valuable feature in an area where off-street parking can be limited. 6. Potential rental income: Based on local rental rates, a 4-bedroom home could potentially rent for $3,005/month, suggesting a possible gross rental yield of 5.4% annually. 7. Appreciation potential: Longmont's real estate market has been strong, with average annual appreciation rates of 6-8% over the past 5 years. This property's location in a desirable area suggests it could match or exceed these rates.

The Bad

1. Age and potential maintenance: While the exact build year is unknown, the house appears to be older (possibly early 1900s based on the style). This could mean higher maintenance costs and potential need for updates to major systems (HVAC, plumbing, electrical). 2. Limited bathrooms: With only 2 bathrooms for a 4-bedroom house, this could be inconvenient for larger families or when hosting guests. 3. Energy efficiency: Older homes often have less efficient insulation and windows, potentially leading to higher utility costs. Without specific information, we estimate heating/cooling costs could be 20-30% higher than in newer homes. 4. Possible layout issues: Older homes sometimes have quirky layouts that don't align with modern preferences. Without interior photos, it's unclear if any significant renovations have been done to update the floor plan. 5. Potential for lead paint and asbestos: Houses built before 1978 may contain lead paint, and those before the 1980s might have asbestos in insulation or other materials. Remediation can be costly, potentially $10,000-$30,000 if issues are found. 6. Street condition: The image shows a street with visible cracks and wear. This could indicate potential future road work, which might temporarily impact access and potentially lead to special assessments for homeowners.

The Ugly

1. Price point vs. local income: At $672,100, this house is priced significantly above what's affordable for the median Longmont income of $69,416. Using a standard 28% front-end ratio, a household would need an income of approximately $180,000 to comfortably afford this home, which is nearly 2.6 times the local median. 2. Potential foundation issues: The uneven ground and older construction raise concerns about possible foundation problems. Foundation repairs in Colorado can range from $5,000 for minor issues to over $30,000 for major structural work. 3. Flood risk: Longmont has experienced significant flooding in the past, notably in 2013. Without specific flood zone information for this property, it's crucial to investigate. Flood insurance, if required, could add $800-$1,200 annually to ownership costs. 4. Market volatility: While Longmont's market has been strong, there are signs of potential cooling in the Colorado housing market. This high-priced property could be more vulnerable to market fluctuations, potentially impacting future resale value. 5. Zoning and historic district considerations: If this property is in a historic district, there may be strict regulations on exterior modifications, potentially limiting renovation options and increasing costs for any changes. 6. Total monthly ownership costs: Assuming a 20% down payment and current interest rates, the monthly costs could be around $4,500-$5,000 when including mortgage, taxes, insurance, and estimated maintenance. This is significantly higher than the median rent for a 4-bedroom home ($3,005), which could make it challenging to rent profitably if needed.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. High-income professionals or families: With a recommended income of $180,000+, this home is ideal for well-established professionals, possibly those commuting to Boulder or Denver tech hubs. 2. History enthusiasts: Buyers who appreciate the charm and character of older homes and are willing to invest in maintenance and potential restoration. 3. Investors with deep pockets: Those looking for a long-term investment in a desirable area, who can afford to hold the property through market fluctuations and potentially rent it out in the short term. 4. Multi-generational families: The large square footage could accommodate extended family living arrangements, making it suitable for those looking to combine households. 5. Home office needs: With 4 bedrooms, this property could suit professionals who need dedicated home office space, especially relevant in the current remote work trend. 6. Outdoor enthusiasts: The yard and nearby recreational opportunities in Longmont make this appealing to those who value outdoor living space and activities.

Not For

This property is not suitable for: 1. First-time homebuyers: The high price point and potential maintenance issues make this challenging for those just entering the market. 2. Budget-conscious buyers: With a price tag significantly above the median for the area, this isn't for those looking for an affordable entry into the Longmont market. 3. Those seeking modern amenities: Buyers who prefer new construction with the latest features and energy efficiency might find this older home lacking without significant upgrades. 4. Flip investors: The high purchase price and potential for costly repairs or renovations make this a risky choice for short-term flip investments. 5. Accessibility needs: The property likely has stairs and may not be easily modified for those with mobility issues, given its age and potential historic status. 6. Low-maintenance seekers: The age and size of the property suggest ongoing maintenance requirements, which wouldn't suit those looking for a low-upkeep home.
Demographics
Area Median Income

$69,416

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Risk Assessment

Risk Analysis

1. Market risk: The property's high price point ($672,100) puts it at greater risk during market downturns. If the Colorado market cools, homes in this price range could see larger percentage drops in value. 2. Structural integrity: Given the age of the home, there's a significant risk of hidden structural issues. A thorough inspection is crucial, with potential costs for major repairs (foundation, roof, etc.) easily reaching $50,000 or more. 3. Environmental hazards: Older homes may contain asbestos or lead paint. Remediation costs can range from $10,000 to $30,000 or more, depending on the extent of the problem. 4. Zoning changes: Longmont is growing rapidly, which could lead to zoning changes. While potentially beneficial, this could also lead to increased density or commercial development nearby, affecting property value. 5. Climate risks: Colorado faces increasing wildfire and flood risks. While Longmont isn't in a high fire risk area, flood insurance might be necessary, adding $800-$1,200 annually to ownership costs. 6. Utility costs: Older homes often have higher utility costs. Without energy efficiency upgrades, heating and cooling this 2,400 sqft home could cost 20-30% more than a modern equivalent. 7. Special assessments: The visible street damage could indicate upcoming road work. In some municipalities, this can lead to special assessments for homeowners, potentially thousands of dollars. 8. Renovation restrictions: If in a historic district, renovations may be strictly regulated, potentially increasing costs and limiting options for updates or expansions. 9. Insurance challenges: Older homes can be more expensive to insure, especially if systems (electrical, plumbing) haven't been updated. Annual premiums could be 15-25% higher than for newer homes.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$635,250

-5.5% below list price

Median Price

$570,000

Based on 6 recent sales

Price per Sq.Ft

$287

Comparable Properties

206 Francis Street, Longmont, CO 80501
Price: $500,000
Sq.Ft: 2,302
Beds/Baths: 4/2
$/Sq.Ft:
$21722.4%
Sale Date: 9/27/2024
4 Pratt Place, Longmont, CO 80501
Price: $570,000
Sq.Ft: 2,084
Beds/Baths: 4/2
$/Sq.Ft:
$2742.3%
Sale Date: 10/22/2024
4 Pratt Pl, Longmont, CO 80501
Price: $570,000
Sq.Ft: 2,084
Beds/Baths: 4/2
$/Sq.Ft:
$2742.3%
Sale Date: 10/22/2024
321 Gay Street, Longmont, CO 80501
Price: $875,000
Sq.Ft: 2,330
Beds/Baths: 3/2
$/Sq.Ft:
$37634.1%
Sale Date: 9/1/2024
321 Gay St, Longmont, CO 80501
Price: $875,000
Sq.Ft: 2,330
Beds/Baths: 3/2
$/Sq.Ft:
$37634.1%
Sale Date: 9/1/2024
27 E 5th Avenue, Longmont, CO 80504
Price: $421,500
Sq.Ft: 2,016
Beds/Baths: 4/2
$/Sq.Ft:
$20925.3%
Sale Date: 8/19/2024

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