One Property. One Motivated Seller. One Great Deal.

Hi, I’m Mike Russo from The Local Block, and this week, we’re taking a deep dive into a foreclosure opportunity in Newcastle, Colorado. This town is a prime commuter location for those working in Aspen, and this particular property sits right on the Colorado River in a neighborhood I know well.

​

Property Overview

📍 646 Riverview Drive, Unit 907​
🛏 3 Beds | 🛁 2 Baths | 📏 1,200 Sq Ft​
📅 Upcoming Auction Date: March 12 (Live at the Garfield County Courthouse, Glenwood Springs)
💰 Fix & Flip Estimate: $430,000 - $489,000*
🏠 Rental Estimate: Local broker told me $1,200 per bedroom per month*
👀 765 Views on Auction.com (Link)

​
📊 Market Breakdown​
New Castle, within the $300K–$500K range for 2-3 bedroom properties:

• 9 active listings, including two units in the River View neighborhood.
• Comparable property at $489,000 – recently updated with LVP flooring, fresh paint, and staged beautifully.
• 51 days on market with price reductions from $499K to $489K, showing price sensitivity in the area.

Recent sales in River View support this:

• 2 Bed, 2 Bath, 1,050 Sq Ft sold for $389K (Link)
• 3 Bed, 2 Bath, 1,200 Sq Ft (identical to our subject property) sold for $487K (Link)
• Recent comps show a tight pricing range, with price reductions leading to faster sales.

​
​Foreclosure Considerations

• PropWire values the property at $463K – aligning closely with recent sales.
• Original loan: $209,000 – The owners are absentee, and it’s unclear why they’re in foreclosure.

Potential repair costs:

• Minor updates (~$12K) are too low.

A realistic minimum budget is $25K - $50K.

Auction Insights

This foreclosure could present a solid investment, whether for an end user or an investor. The bank will sell it for the amount of credit owed, and competition at the courthouse auction will determine the final price. If you’re in the market for a deal, this could be a great buy in New Castle, CO.

Want my full breakdown?

​
Until next time,

Mike Russo​
​
​

Not subscribed yet? Don’t miss out on exclusive deal breakdowns—sign up now at TheLocalBlock.com!

*This is not a solicitation to buy or sell and please make sure you do all of your own due diligence. If you are in need of a local agent please 'reply' and I can help you with a great one.