Home for Sale at 638 E Elk Place, Denver, CO 80216

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638 E Elk Place
Denver, CO 80216

Dannielle Thompson with Keller Williams DTC, original listing - (303) 771-7500

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Property Details

List Price:	$569,000
Beds:	3
Baths:	Full: 1, ¾: 1
Status:	Active
SqFt:	928 Square Feet
Agency:	Keller Williams DTC
Agency Phone:	(303) 771-7500

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Description/Comments

Lot Size:	0 acre(s)
Garage:	Garage
Property Type:	Residential-Single Family Residence
Year Built:	1925
Notes:	Single family home with ADDITIONAL INCOME GENERATING RENTAL HOME! The first thing you will notice when walking up to the home is the large front porch and landscaped front yard. A great place to enjoy your morning coffee or chat with friends. The main home has two bedrooms a large dining room, full remolded bathroom and a spacious kitchen with an eating area at the island and a small breakfast nook to sit at. Off the kitchen is an enclosed sunroom and a deck to hang out with friends and family. The home also has an unfinished basement with lots of potential and a detached two car garage. Mature fruit trees surround the home offering lots of shade, along with a huge grape vine that produces sweet grapes every summer. The three sheds allow for all of your storage needs. The large backyard has enough room for an RV or boat and additional room for entertaining or relaxing. New Fencing Exterior painted in 2022 New laminate flooring in the living room, dining room and second bedroom Central Air 2023. The adorable 1 bed 1 bath home, at the back of the property, has been completely gutted and remodeled in 2023. It has it’s own gated yard and private entrance. New Appliances New Washer & Dryer New Furnace New Tankless Water Heater New Flooring New Electrical Box and Wiring to name a few. The home is completely separate from the main residence and has been a great rental for many years. Wonderful opportunity to make supplemental income or to use for additional family members. This great home is located just minutes from downtown Denver, within walking distance to RiNo district, Denver Coliseum and approximately 4 blocks from Argo Park and outdoor pool.
MlsNumber:	--
ListingId:	7991038

Listing Provided By:	Keller Williams DTC, original listing
Phone:	(303) 667-4011
Office Phone:	(303) 771-7500
Agent Name:	Dannielle Thompson
Disclaimer:	Copyright © 2025 REcolorado. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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