Listing photoColorado Springs, CO 80907 · MLS 4773826
"Property is being sold as-is and cash only."
3201 Illinois Ave is a 3-bedroom, 1-bath home in Colorado Springs, Colorado listed at $265,000 with 950 square feet, built in 1954. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 10% down ($26,500), we fund the $104,500 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. See every hard money opportunity in Colorado or our Colorado hard money lending page.
From the listing. FIX & FLIP OPPORTUNITY | CASH ONLY | $249,000 | CORNER LOT | MOUNTAIN VIEWS Investors, this one is worth a look! 3BR/1BA on a premium corner lot with mountain views and plenty of upside. Offered at just $249,000, this property is ready for a full renovation and a new vision. The open floor plan provides a solid starting point, while the screened-in patio adds flexible additional space. The large corner lot is the real opportunity—ideal for creating a larger garage, expanding parking, adding RV/boat parking, or maximizing the outdoor space, subject to zoning and approvals. Estimated ARV: $370,000. Whether you're looking for your next fix-and-flip or a value-add investment, this property offers the combination investors look for: strong location, desirable lot, mountain views, and significant renovation potential. Property is being sold as-is and cash only. Buyer to verify square footage, zoning, development potential, parking, garage, RV/boat storage, and all other intended uses. Bring your contractor, run your numbers, and make your offer!
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
| Item | Fix and flip: 10% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | |
| Buyer down payment | $26,500 (10%) | |
| Loan at closing | $238,500 | |
| Full renovation, rough estimate* | We fund $104,500 | |
| Total loan | $343,000 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($5,145) | |
| Appraisal | Required | |
| Estimated monthly interest | $2,787 at full draw | |
| Cash to close, rough estimate | $36,035 | |
Rough estimates at the list price of $265,000 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $110 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down is for experienced investors; first-time flippers put 20% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
More hard money deals in Colorado Springs All Colorado opportunities Hard money lender in Colorado Fix and flip loans Every live opportunity
Investor special"Great investment opportunity in the desirable Widefield area. Needs TLC, but priced as such. Check neighborhood comps!"
Investor special"It does need some TLC in several areas, but is well worth it!"
Get pre-qualified in one call and write your offer with the financing already lined up.
