Making smart Denver real estate investments
Over the last few months, I’ve had a few clients reach out to me regarding investment properties, which can be a great way to diversify your portfolio and create some additional, stable monthly cash flow.
Given this interest, I decided to create this brief overview of my unique perspective and insight into the sector as a Denver real estate agent with my ear to the ground..
In short, investing in real estate, as many of us know, can be among the smartest, most stable investments. It’s a good way to make your money work for you.
The key is to finding just the right property that has a high likelihood of steady appreciation in value and which can capture steady rental income.
What to expect when investing in Denver real estate
First of all, you won’t find any Denver property really worth investing in for less than $350,000. There are always exceptions, of course, but that’s a good general benchmark.
When looking for an investment property, you first want to focus geography, and my recommendation, in many cases, is a one- or two-bedroom condo in central Denver, where you’ll command steady rents and rental demand. This makes your life easier as a landlord: you won’t have to spend much time or money on finding good tenants or keeping it rented.
Here are some examples of what I see as good investment properties. They should provide some insight into how you make decisions about where and how to invest in Denver real estate.
1480 Wolf St, #114, Denver, 2-bed, 2-bath, $475,000
This home, located just West of downtown in West Colfax, represents a particularly hot investment because of its walking distance to Sloan’s Lake and tons of surrounding restaurants and amenities such as classic American eatery Original Brooklyn’s and the fun movie-and-dine spot Alamo Drafthouse Cinema.
With proximity to several bus stops, including one at Colfax Avenue and Winona Court and a second one at just down the street at Sheridan Boulevard, this property offers local city beats but access to surrounding areas with Union Station light rail just blocks away.
Built in 2017, the 1,349 square-foot end-unit condo features two master bedrooms with en-suite bathrooms, designer finishes and a huge walk-in closet. A rooftop deck shows off both gorgeous mountain and city views, and the unit also includes a two-car attached garage. The home also features a kitchen island, quartz counters, Kitchen Aid stainless steel appliances, contemporary cabinets and a grilling deck with a gas line.
Snap Shot: Purchase Price, $475,000, 20 percent down payment ($95,000). Estimated monthly payment with principal, interest, taxes and insurance: $2,057. Estimated monthly rent, $2,400, estimated monthly cash flow: $343.00.
2790 W 25th Ave #4, Denver, 2-bed, 2-bath, $459,900
Located in the hip Jefferson Park Neighborhood with close proximity to downtown Denver and walking distance to great food spots like Federal Bar and Grill and creative pizzeria Sexy Pizza, this modern 1,011 square-foot condo’s price is competitive with the area’s new construction and rising prices.
The two-bedroom has large closet space, a private rooftop and a two-car garage, and also features modern finishes such as oak hardwood flooring, deluxe tiling and custom cabinets and quartz counters.
A main-level kitchen opens up to a dining room and entertainment area, and the rooftop hosts a large patio with more stunning mountain and city views. The condos are set for estimated completion in summer of 2020, and these will go fast — new construction under $350,000 is hard to find!
If you’re thinking about an investment property, want some suggestions for great properties or any other Denver real estate-related questions, reach out to set up a free call: kharris@milehimodern.com. Always happy to share my expertise.