A condo or townhome would probably get you your best buy now. Even though condos are the most market sensitive of properties, you can find some good buys now. Most real estate appreciates over time, even in a more down market, so buy your best place now, keeping location and condition very much in mind. You also need to know the strength of the homeowners associations. A single family home for $150K would be hard to find in those areas, and I would be leery of the condition.
Good advice on getting your mortgage in place now. That way, when you find "the place" you can put an offer in immediately!
Let me know if I can help you. Even though I office in Castle Rock, I am very familiar with the Denver market and have past and current clients there. jamie@kimbroughproperties.com - Mon Apr 28 2008, 13:25