806 E Platte Ave Colorado Springs, CO 80903
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About this home
BEAUTIFUL VICTORIAN HOME + ADU IN DOWNTOWN COLORADO SPRINGS! A rare opportunity to own a one-of-a-kind property on one of the city’s most iconic streets. Live in the main house and let the fully finished ADU help cover your mortgage, or maximize income potential with both units — an exceptional setup for investors or owner-occupants alike. The main home is a lovingly maintained turn-of-the-century Victorian, blending historic charm with modern updates. The layout is ideal for everyday living, with a welcoming kitchen, dining, living room, and powder bath on the main level. Upstairs offers three bedrooms and two bathrooms, including a spacious primary suite. A large unfinished basement with laundry provides ample storage or expansion potential. Updates include fresh interior and exterior paint, stylish bathroom upgrades, and custom window treatments. The lot also boasts plentiful off-street parking and a private fenced backyard. The fully permitted 2022 garage conversion created a high-end ADU — one of downtown’s most unique guest cottages. At 525 sq ft, this 1 bed, 1 bath unit is designed with luxury finishes and an efficient layout that feels larger than its size. Whether you use it as a short-term rental, long-term lease, private office, or guest house, it’s an income-generating powerhouse that adds tremendous value to the property. The location seals the deal — just off the Platte bridge with a quick stroll into the heart of Downtown. Steps from Shooks Run Trail, you’ll enjoy access to parks, walking paths, and some of the best biking in the Springs. Between the historic home, the ADU, and the unmatched location, this is both a lifestyle property and a smart investment — opportunities like this don’t come around often!
Source: PPMLS #2451557
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.