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2511 S Balsam Way
Lakewood, CO

2511 S Balsam Way

$755,000
4 bd • 3 ba • 2,283 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

$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

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Risk Assessment

Climate Risks

airMODERATE

5 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 91°F

windMINOR

Insurance: Recommended

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

While current climate risks are low, the moderate air quality risk (4/10) and heat risk (3/10) could worsen over time due to climate change, potentially increasing cooling costs and health concerns. The home's age (built 1967) suggests potential for major system failures in the coming years, including HVAC, plumbing, and electrical, which could cost $20,000-$40,000 to replace. The recent significant price increases (66% since 2018) may indicate a risk of market correction if local real estate values stabilize or decline. The volatility in recent listing history suggests potential challenges in valuation, which could affect future resale. Radon, a common issue in Lakewood, may require mitigation if not already addressed, potentially costing $800-$1,500.
Insurance
Annual Cost

$2,718

$227 per month

Financials

Monthly Costs

Price History

Property Taxes

$3,151
2023 Tax Assessment
1.2%from previous year
Assessed Value$39,716
Tax Rate7.93%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$670,103

-11.2% below list price

Median Price

$706,619

Based on 6 recent sales

Price per Sq.Ft

$290

Comparable Properties

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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