In 2011 a group controlled by Radford purchased a single family home in the Maifair neighborhood of Central Denver. The property was owned by an estate and required major renovation before it would be even habitable. The property went originally under contract for $220,000 and after renegotiating the price after inspections was purchased for $192,500 or $141/SF. The average price of a home in Mayfair was over $200/SF at the time of the transaction.
Renovations were extensive and included reconfigureing the entryway to allow access from Dahlia instead of the busy/noisy 13th Avenue. Following the original strategy to sell the property a purchase agreement with a Buyer was signed for $395,000 fairly quickly. The contract fell through due to a low appraisal. Given the strength of the rental market, the ownership group decided to rent the property. It is currently rented for $2,500/month and generates around $1,000/month in net cash flow after debt service.