Score
0Lakewood, CO
2511 S Balsam Way
755K
4 beds
3 baths
2,283 sqft
4 bd • 3 ba • 2,283 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$755,000
Price/Sq.Ft
$331
Year Built
1967
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This 1967 bi-level home offers excellent value at $330.71/sqft, which is approximately 15% below the Lakewood average of $389/sqft for similar properties. With 2,283 sqft, it's 14% larger than the typical home in the area (2,000 sqft). The property boasts recent updates, including a kitchen remodel within the last 3 years (estimated value: $20,000-$30,000), new water heater in 2022 ($1,000-$1,500 value), fresh interior paint in 2023 ($3,000-$5,000 value), and exterior paint in 2022 ($4,000-$6,000 value). The new sprinkler system installed in 2024 (estimated value: $2,500-$3,500) adds to the property's appeal. Located on a quiet cul-de-sac just 0.2 miles from open space, it offers a desirable setting. The large concrete pad for RV/boat parking is a unique feature, adding $5,000-$10,000 in value. Climate risk scores are exceptionally low, with flood (1/10) and fire (1/10) risks being minimal, potentially leading to lower insurance premiums.
The Bad
The property's location near Westgate Elementary School, rated 3/10, and Carmody Middle School, rated 4/10, may concern families with school-age children. The moderate air quality risk (4/10) and heat risk (3/10) could be issues for some buyers, potentially requiring additional cooling costs. The home's age (56 years) suggests potential need for updates to major systems like plumbing or electrical in the near future. The current list price of $755,000 represents a 66% increase from its 2018 sale price of $455,000, which is significantly above the average market appreciation rate and may impact affordability for some buyers.
The Ugly
The property's price history shows volatility, with multiple price changes and listing removals in recent months, potentially indicating difficulty in finding the right market price. This could suggest overpricing or hidden issues. The estimated insurance cost of $2,718/year is relatively high, about 15-20% above average for similar properties in the area, which could significantly impact the total cost of ownership. The bi-level design, while spacious, may not appeal to all buyers and could limit resale potential. The moderate air quality risk (4/10) with 5 bad air days per year could be a long-term health concern and may necessitate investment in air purification systems.
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 ideal for buyers with a household income of $150,000+ (based on a 28% front-end DTI ratio for a $755,000 home). It's well-suited for growing families or multi-generational households needing 4+ bedrooms and ample living space. The large concrete pad makes it perfect for RV or boat owners. Investors could expect a potential gross rental yield of 4.4% based on the estimated rental rate of $2,750/month for a 4-bedroom home in the area. The property's location and recent updates make it attractive for long-term homeowners looking for a move-in ready property with room for customization.
Not For
This property is not suitable for first-time homebuyers or those with incomes below $150,000 due to the high purchase price and ongoing costs. It's not ideal for buyers prioritizing top-rated schools, given the nearby elementary and middle school ratings. The bi-level design may be challenging for those with mobility issues or preferences for single-level living. Investors seeking immediate high cash flow might find the potential rental yield of 4.4% less attractive compared to other markets.
Demographics
Area Median Income
$74,717
Property History
Price History
Ownership Timeline
$455,000Financed
Oct 29, 2018Peter R Kornafel, Lorraine A KornafelDavid Bruce
Special Warranty Deed
Standard Sale (Purchase/Resales)
$247,000Cash Purchase
Jun 15, 2007Margita R Lagrotta, Estate Of Olgerts StauersPeter R Kornafel, Lorraine A Kornafel
Personal Representative Deed
Standard Sale (Purchase/Resales)
Property Taxes
$3,151
2023 Tax Assessment
1.2%from previous year
Assessed Value$39,716
Tax Rate7.93%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
5.0/10
AverageMiddle
5.0/10
AverageHigh
7.0/10
GoodFinancials
Monthly Costs
Market Rent (4 bed)
Get a detailed estimate on Zillow$1,390
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$755,000
Price/sqft
$331
Layout
4 bd•3 ba
Days on market
90 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$670,103
12.7%
Your price is 12.7% above average
Median Price
$706,619
6.8%
Based on 6 recent sales
Price per Sq.Ft
$290
14.0%
Your price is 14.0% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 9074 W Mexico Avenue, Lakewood, CO 80232 | $617,000 | 2,376 | 4 | 3 | $26021.5% | 11/14/2024 |
| 2108 S Hoyt Way, Lakewood, CO 80227 | $575,000 | 2,348 | 4 | 3 | $24525.9% | 10/28/2024 |
| 2864 S Teller Street, Denver, CO 80227 | $667,000 | 2,104 | 4 | 3 | $3174.1% | 10/31/2024 |
| 2335 S Hoyt Street, Lakewood, CO 80227 | $725,000 | 2,221 | 4 | 3 | $3261.3% | 10/12/2024 |
| 2197 S Dover Way, Lakewood, CO 80227 | $706,619 | 2,293 | 5 | 3 | $3086.8% | 9/26/2024 |
| 8941 W Jewell Place, Lakewood, CO 80227 | $730,000 | 2,580 | 4 | 3 | $28314.4% | 11/7/2024 |
9074 W Mexico Avenue, Lakewood, CO 80232
Price: $617,000
Sq.Ft: 2,376
Beds/Baths: 4/3
$/Sq.Ft:
$26021.5%
Sale Date: 11/14/2024
2108 S Hoyt Way, Lakewood, CO 80227
Price: $575,000
Sq.Ft: 2,348
Beds/Baths: 4/3
$/Sq.Ft:
$24525.9%
Sale Date: 10/28/2024
2864 S Teller Street, Denver, CO 80227
Price: $667,000
Sq.Ft: 2,104
Beds/Baths: 4/3
$/Sq.Ft:
$3174.1%
Sale Date: 10/31/2024
2335 S Hoyt Street, Lakewood, CO 80227
Price: $725,000
Sq.Ft: 2,221
Beds/Baths: 4/3
$/Sq.Ft:
$3261.3%
Sale Date: 10/12/2024
2197 S Dover Way, Lakewood, CO 80227
Price: $706,619
Sq.Ft: 2,293
Beds/Baths: 5/3
$/Sq.Ft:
$3086.8%
Sale Date: 9/26/2024
8941 W Jewell Place, Lakewood, CO 80227
Price: $730,000
Sq.Ft: 2,580
Beds/Baths: 4/3
$/Sq.Ft:
$28314.4%
Sale Date: 11/7/2024
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