The Flats Condos in Boulder

the-flats-condos-boulderAnother new project in Boulder is The Flats Condos just east of C.U. campus.

I think this condo project will be another good possibility for students and parents smart enough to consider buying something rather than just renting. With lots of new condo choices in this area near the old First Christian Church, The Flats Condos could be the perfect addition to the mix.

The Flats Condos (development’s website) are slated to have all the usual ‘higher end’ fit and finish touches such as slab granite counters, garage parking, fitness center, stainless steel appliances, lots of hardwood and tile.

The Flats is bringing concierge service, high ceilings, great sound abatement (could be important for those dueling stereos!) and even a courtyard with a fountain.

With pricing coming in the mid $400’s for a 3 bedroom, 3 bath townhome, it will fit some budgets. Looks like there will be some lower priced models also since they’re intending to offer lofts and flats as well as the townhomes.

Anticipated townhome rental projections from the developer show a townhome rental projected to come like this: 3 beds at $725/bedroom; $2175.00 per month. Costs: $450k purchase price, $100k down, $350k financed; 5% PI payment at $1878, HOA fees $210/mo; est. taxes: $183/mo… Operating costs per month: $2271.00.

So if you can find the investment property loan at 5% (yep, good luck but nothing wrong with a little optimism) and can rent out all three rooms, your burn rate will be about $100/mo. I think that’s dreamland and unrealistic but work the numbers for yourself.

I do think that, as always, it’s better to own than rent and if you have a kid starting college at C.U., owning one of these for four years would make a much better use of your money than paying rent.

Could be interesting. I’ll post more as details become more available and I can get some photos.

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