Home Buying in Denver>Question Details

E.K. Ng Hove…, Home Buyer in 06811

What are the best towns/areas for landlords in and near Denver?

Asked by E.K. Ng Hoversten, 06811 Wed Sep 19, 2007

We're considering buying an investment rental property, and would like to get a min. 2-bd, 2-bath townhouse or condo and rent it out to professionals or retirees. We're looking around $250K price range, preferrably in an up-and-coming area with high good job growths. We heard Douglas County is a great area - but we need to narrow the search down to a few towns.

Thank you for any great advices.

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Answers

5
I wasn't going to answer because you said near Denver but since no one commented then I'm going to comment on Colorado Springs which is about 60 miles south of Denver.

I'm and investor and I work with investors and we choose to put our money in Colorado Springs, among other locations we also invest in.

Here are a few quick details about the area.
We have a large military, defense contractor and high tech industry presence to include:
Air Force Academy
Peterson Air Base
Shriever Air Base
Homeland Defense
NORAD
Fort Carson
Northrop Grumman
Lockheed Martin
ITT
L-3 Communications
Harris Corporation
Just to name a few.

The city planners estimate we'll be short 18,000 homes within 10 years do to population boom alone.
Money Magazine named Colorado Springs the #1 city to live in in 2006. The city is frequently on most top 10 list for best city to live.

West of I25 (mountain side) holds it value extremely well and the available land left to develop is almost completely gone. What's left is state and national park land.

There are some townhomes in the Broadmoor area currently undercontruction that are marketed as a retirement community. Broadmoor is upper tier in terms of real estate. Might be something for you to look at. This is the last bit of land left in this prestigous area to build.

There are luxury condos also going up near the Academy and tech industry area.

The housing market has slowed here although not catastrophic like some cities across the nation but we are definitely in a buyers market.

Let me know if you need more info if this seems to be something you'd be interested in.
-Susan
1 vote Thank Flag Link Thu Sep 20, 2007
Check out Northglenn/Thornton/Westminster. We have been having great success for our clients buying Single Family homes for between $110k-$130k, rehabbing (approx. $15k) and then renting for $1300-1400 a month.

These homes are in very high rental demand and fill quickly. You also will not have any HOA dues in most cases, which will help your cash flow.

Please contact me if I can provide further info: http://www.RobKellyColorado.com
0 votes Thank Flag Link Tue Nov 11, 2008
Hi,
We moved to a town about 20 minutes from Denver. It is named Aurora. We like it because it is close to Denver, but still small enough to be nice. There are many resturants and convenient stores. The people are so kind. the school district of Cherry Creek is tops. The hospitals are great.We like it, and I am sure you would also.

Mary R.
0 votes Thank Flag Link Thu May 22, 2008
Douglas county is great! also try around the DU area and up and down the light rail!!!
Web Reference: http://kennaandco.com
0 votes Thank Flag Link Sat Sep 29, 2007
First you would be looking for an area that features the ammenities potential renters want to live close to. It is also a very good ideah to look at appreciation in the general areas. You may end up wanting or needing to sell this property and obviously do not want to take a loss.
Take a look at appreciation rates all over Colorado, pay attention to job growth and economic indicators such as new retail developments. Garfield county is exploding with residential growth as is Mesa County residential, industrial and commercial growth as a result of natrual gas developoment. I always keep an eye out for the next site for a new hospital or strip mall. Then look within 5 miles of the site.
Keep an eye out for a location that is easy for highway/interstate access as well.
0 votes Thank Flag Link Sun Sep 23, 2007
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