7522 County Road 151, Salida, CO 81201

Property Description

Incredible rural living or investment property! Rare opportunity close to town, large lot, and no HOA. The property includes 4 acres, two homes, a 1,195 SF garage, and two sheds. The sale could also include 36 shares of Williams & Hamm Ditch Company water shares (negotiable and/or included with full price offer). The main home is a 1,935 SF manufactured home with a primary suite with a walk-in closet, two bedrooms with a jack-and jill bathroom, and another bedroom with an en suite bathroom perfect for a guest room or in-law suite! The home also features an open living and dining area adjacent to the open kitchen, and an additional living room. This 4-bed, 3-bath home allows for a variety of living or co-living situations! The home was recently painted (exterior) and the interior has had various updates throughout the past 6 years. The home features magnificent views, vaulted ceilings, an open floor plan, a makeup station, a wood burning fireplace and newer washer and dryer. Attached is a newer, very large, 1,195 SF garage with high ceilings that will not disappoint. Detached second home featuring 672 SF, 1 bedroom and 1 bathroom. This charming 'cottage' features a full kitchen and is in newer, updated condition with T&G ceilings. Separately metered for electric and has no gas usage. Separate septic. The electrical panel is wired for a hot tub on the porch. Two sheds and a chicken coop. The acreage has historically been pasture land and is fully fenced with a gate. No HOA. Agent owner. Only 1 mile from the Heart of the Rockies Regional Medical Center. Most recent rent was $3,500/mo for the main home/garage plus $1,400/mo for the 2nd home. Market rent of $5,000/mo for pro-forma NOI of $53,975/year assuming $3,500/mo and $1,500/mo for residential tenants, actual taxes, insurance of $2,500/year and ditch fees of $600/year. +/- 6.0% cap rate with no consideration of the massive land upside or potential additional land rent/additional income. Easy to rent, great location.