901 S 5th St, Montrose, CO 81401

Two bedroom, 1 bath residence currently a residential rental. The house is on three city lots (9,000 SF +/-) zoned Medical Residential. Single family, Duplex and Medical office permitted. The city in fill housing program also allows a second dwelling unit on rear of lot. When we purchased the house, everything inside had been removed down to the studs. In 2006, the house was completely remodeled including new wiring and new plumbing. The windows were replaced in 2015. The siding on the outside of the house does contain asbestos. The house shows to be in the floodway of Montrose Arroyo on FEMA maps but has been officially removed by a LOMA (Letter Of Map Amendment). The house is out of the floodway but still in a flood zone. We do carry flood insurance. Our asking price is $179,000. This price is justified by the current rental market rental rates. The valuation considers the added value of the zoning for medical offices, which is not reflected in the comparable properties used by Zillow in their estimated value. Please send an email to cgsmn99@gmail.com for more information.