At least one Denver real estate investor that I know is buying up as much property as he can find along the Colfax corridor. It doesn’t matter to him what condition the property is in, he knows that in a couple of short years it will be worth much more than he paid for it.
Not more than a decade ago, Colfax Avenue was one of those Denver areas that only those looking to score would frequent. No matter what your preferred perversion, it could be found on Colfax. Now, America’s longest street has been tapped as the newest expansion route for Denver’s Light Rail. The gentrification process has begun in earnest, and folks like my investor friend know that it’s a good thing for Denver commuters and for their portfolios.
Today’s pick investment property in Denver is just four blocks from the scheduled light rail station at Colfax and Sheridan. We have seen properties located within close proximity to these facilities along other light rail routes in the Denver area appreciate by as much as 20% within a short period, and it should be no different for this property.
This REO property is listed at $159,900 and it currently comps at $235,000. Add 20% to that and you could be looking at an appreciation up to $282,000. The home is 4 beds and 2 baths, with a total of 1868 square feet. It’s located far enough away from Colfax and Sheridan so road noise shouldn’t be much of concern, but its proximity to light rail makes this an excellent rental candidate. With 20% down, monthly payments would be less than $900 for a property that would likely rent for $1500, or more.
Let us know if you would like to take a look or call us at 303 650 2866.
Posted by: Dave Perlowski
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