One is the Colfax West Subdivision. Currently this neighborhood is full of classic old brick bungalows, duplex, and triplex units, and some great big remodels. Light rail going west is making its way through the neighborhood. Foreclosures are easy to pick up some as cheap as $50k. Rents are solid, a 1 bedroom, 1 bath can rent for up to $750 (have an investor who owns a triplex in the area with two 1bed units and one 2 bed unit). The redevelopement of west colfax is on its way. St. Andrews is moving and those buildings are supposedly going to be made into luxury condo units (haven't had solid info on this, only rumours). Several investors have begun some remodels in this area but it is not picked over yet like the properties farther north. With its proximity to Downtown and all the redevelopment this is one of my hot pics for the next 3-5 years.
The 2nd spot is Applewood. Applewood currently has many ranch style homes with huge yards up to 3 acres, most closer to 1/2 an acre. Homes built in the 1950's and 1960's solid construction but too small with bad layouts for the modern family. Homes go for anywhere from $250k to $3 million which shows you the huge potential. Investors are in this neighborhood remodeling old homes, splitting lots and building brand new mini subdivisions, or simply tearing down a ranch with a great yard and building a new million dollar property. The potential here is proven over and over again. I have a client who recently bought a home the seller paid $250k in 2002, popped the top and sold it in 2008 for close to a million.
If you want anymore details I've got plenty but don't want to share all my secrets.
Coldwell Banker Residential
Sloans Lake/Highlands. This is becoming a very desirable area because it is centrally located and very close to Downtown Denver. The light rail is set to go on 13th street which is approximately 4-15 blocks south of Sloans Lake/Highlands area. There is a broad range of homes - anywhere from something that could be scrapped to some that need no work. When you drive around that area you will see that work that is being done on residential as well as commercial. The neat thing about this area is that there are so many types of homes and a lot to choose from
Another area is Baker. Baker which is very near to 1-25 is located very near many light rail stations. You can get a reasonably priced home and put in some money to create some real equity. There are many places you can walk or ride a bike to as well.
If you have any further questions about these neighborhoods, please don't hesitate to contact me.
Allison K. Smith
Showcase Properties Unlimited