Help Needed with some Market Research

[Clinton Holmes]

Hi Everyone!

I’m an out-of-state apartment investor looking for some help. I need to branch out into a new state, and I’m doing some research on the Colorado. It looks like it could be a good fit for me and my investors.  Below are the criteria I’m looking for in the property:

• 5+ Units
• Purchase Price between $800K and $3M.
• C-class properties in B/C neighborhoods
• Light rehab (no full guts or extensive deferred maintenance)
• Reasonable price. I don’t need home runs, I need base hits and doubles.
• Less than a 45 commute to a major downtown area.

I’d love your help answering the following questions:

1. Which city / market would you start your search in?
2. What are some of the potential pros and cons of the cities I’d mentioned?
3. What’s the price range per unit in the area?
4. What’s the rent range per bedroom in the area?

Thanks in advance for the help!

Clinton

[David Park]

Hello!

I actually grew up in Massachusetts myself and am now currently serving in the military right in Fort Carson CO.  I would defiantly consider looking into the Colorado Springs area.  The area is adjacent to multiple military bases and the stable renting population that comes with that.  The area is also filled with colleges and all the nightlife and entertainment to support such a populace.  The average rents in the area for a 2-1 apartment run around 725 on the low end to around 1000.  I would consider most of the area to be in that C-B bracket.  A quick look on LoopNet I see two apartment buildings in your price range ( 112 Bonfoy Ave Colorado Springs, CO 80909) and (1707-1720 Metzler pl Colorado Springs, CO, 80905).  If you have anymore questions please just pm and ill answer any questions I can.