$624,750 · Legal up/down duplex — you get both units · two house numbers · 3 bed / 2 bath total · 1,300 sq ft · 7,000 sq ft lot · R2 · MLS# 9282579
The pricing story
In September 2026, Zillow's Zestimate for this property was $821,000 — and for over a year it tracked in the $720K–$850K range. We listed on October 21 at $624,750, and within days the Zestimate collapsed to $612,500. What happened? Zillow's algorithm doesn't handle duplexes well, and when it saw an aggressive list price it assumed the market must be weaker than it thought — so it followed our price down. The value didn't evaporate in a month; the seller simply priced this to move. You're buying roughly $200K under where the algorithm carried this property all year.
Zestimate® figures from Zillow's published Zestimate history for this property (Sep–Oct 2026); Zestimates are automated estimates, not appraisals, and change over time.
The spaces
This is a legal up/down duplex with two separate house numbers — 603 and 605 — verifiable with the City of Golden. No gray-area "mother-in-law suite" questions: two real addresses, two real units stacked on one lot. And the rents below aren't our guesses; they're what this property has actually been collecting.
The larger apartment: two bedrooms, full bath, vaulted ceilings, eat-in kitchen. Live here and rent everything else — or lease it out, walking distance to downtown Golden.
Previous tenant paid: $2,500/mo — real rent history, not an estimate.
Separate access, daylight finished lower level, its own kitchen and bath. A month-to-month tenant is in place today — and this is the tenant landlords hope for: easy to work with, takes care of the place, and would love to stay. Income starts the day you close.
Current rent: $1,300/mo + utilities (month-to-month — keep a great tenant, re-rent at market, or move in).
Three separately accessible garage spaces — an extended one-car bay plus a split two-car garage with individual doors and openers. Five off-street spaces total.
Two bays rented today: $200 + $250/mo (month-to-month). The third bay is vacant — your parking, your storage, or a third check.
The numbers
Illustrative scenarios at the $624,750 list price, 30-year fixed at a ~6.5% note rate. Your lender's numbers will differ; use these to see the shape of the opportunity.
| Down | Cash down | Buyer note | Effective fixed rate | Monthly pmt incl. tax + ins. | Net monthly cash flow† |
|---|---|---|---|---|---|
| 10%* | $62,500 | $562,500 | 6.76% | $4,401 | (−$895) |
| 20% | $125,000 | $500,000 | 6.69% | $3,971 | (−$466) |
| 30% | $187,500 | $437,500 | 6.60% | $3,542 | (−$37) |
| 40% | $250,000 | $375,000 | 6.48% | $3,113 | +$393 |
| 50% | $312,500 | $312,500 | 6.30% | $2,684 | +$822 |
| 60% | $375,000 | $250,000 | 6.05% | $2,255 | +$1,250 |
| 70% | $437,500 | $187,500 | 5.62% | $1,828 | +$1,678 |
| 80% | $500,000 | $125,000 | 4.77% | $1,402 | +$2,104 |
| 81.9%** | $511,792 | $113,208 | 4.50% | $1,322 | +$2,183 |
*10% down only with seller-approved credit; minimum down payment is 10%. **Maximum down: buyer pays the price less the existing $113,208 underlying balance, so the buyer note equals that balance at its 4.50% rate.
†Net monthly cash flow is professionally underwritten, not gross: $4,500 potential rent less 5% vacancy, 5% repairs, 8% management, and 5% capital reserves, less the monthly payment including taxes and insurance (~$749/mo combined). Before income taxes; owner use reduces income; parentheses indicate a shortfall.
Read that bottom row again: at 30% down this property runs break-even on fully-loaded underwriting — vacancy, repairs, management, and reserves all counted — and from 40% down it pays you. Most "cash-flow positive" claims you'll see skip half those line items.
| Monthly item | Amount |
|---|---|
| Principal & interest at ~6.5% (incl. financed upfront MIP) | $3,877 |
| Property taxes ($4,099/yr) + insurance ($4,885/yr, escrow-analysis basis) | $749 |
| FHA mortgage insurance (est.) | $276 |
| Total PITI | ≈ $4,902 |
| Live lower; upstairs 2-bed at its previous actual rent | − $2,500 |
| Two garage bays (current actual rents) | − $450 |
| Your net cost to live in Golden | ≈ $1,950/mo (≈ $1,700 with the third bay leased) |
Flip it — live upstairs in the 2-bed and keep the $1,300 lower tenant plus the bays — and you're around $3,150/mo for the big unit at today's rents, with the below-market lower lease and vacant bay as upside.
Illustrative estimates as of October 2026, not a loan offer, appraisal, or income guarantee; seller-financing figures are subject to final seller-approved terms. Seller-financing table assumes a $625,000 sale price and a fixed-rate buyer note with payments calculated on a 30-year amortization; final note structure and terms are negotiable and subject to seller approval. The blended rate combines a retained $113,208.12 underlying mortgage at 4.50% (maturity June 1, 2032; seller must separately satisfy that obligation) with remaining financed equity at 7.33% (Mortgage News Daily 30-year fixed index, October 23, 2026). Estimated annual taxes $4,099.38 and insurance $4,884.59 (~$748.66/mo combined, per escrow analysis) may change for a new buyer; payments exclude closing costs, prepaid escrows, maintenance, and utilities. Rate, insurance, and MIP/PMI figures in the FHA scenario are estimates; actual amounts vary. Rent figures reflect reported current and recent tenancies (upstairs: previous tenant at $2,500/mo; lower: current month-to-month tenant at $1,300/mo plus utilities; two garage bays at $200 and $250/mo, third vacant); past or current rent does not guarantee future rental income, which depends on occupancy and market conditions. Month-to-month tenancies and any seller-financing terms subject to negotiation and applicable law. Legal-duplex status and zoning verifiable with the City of Golden — buyer to confirm, along with rental and short-term-rental regulations. Information from REcolorado MLS #9282579 deemed reliable but not guaranteed. Disclosure: the owner of this property, 603 Iowa LLC, is related to John Hermanussen, a Colorado licensed real estate broker with GoldenBrokers LLC. Equal Housing Opportunity.
Property details
Up/down duplex (2-bed up, 1-bed down), bungalow style, built 1937 and updated/remodeled · 1,300 sq ft total (720 above grade + 400 finished below) · forced-air heat, evaporative cooling · full appliance package both units, in-unit laundry · radon mitigation system · 220V power including the garage · covered patio, deck, front porch · dog run, garden, fire pit, private yard · accessible ramp approach · 7,000 sq ft lot, mountain views.
Vernon Gardens, Golden (Jefferson County) · walk to downtown Golden, Clear Creek, and the breweries · quick access to Hwy 93/6 and Denver · public water and sewer · schools: Mitchell Elementary (10/10), Bell Middle (7/10), Golden High (9/10) per GreatSchools · R2 zoning — this duplex is exactly what the lot is zoned for.
Redevelopment upside: the neighborhood is turning over — several homes nearby have already been scraped for new construction, and more are on the way. A 7,000 sq ft R2 lot a walk from downtown Golden is a land play as much as a duplex: collect two rents now, and the dirt keeps getting more interesting.
Bring your questions — we'll bring the rent comps, the zoning records, and the financing scenarios, including seller-carry options.
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