New to the Colorado Springs Market - Wanted to say Hi!

[Steven Karkenny]

Hey everyone, just wanted to finally make my first post after lurking for some time :). Thanks to a fortunate situation of being able to work from home, My wife and I took advantage and finally invested in our very first rental and we chose COS - a property with 2x 2Br 1Ba right next to Colorado College. We love the area, the historical appreciation, and the growth downtown (we figure being walking distance to the new hockey arena should help our property out!). We even talk about plans to move here one day after falling in love with the access to nature and how nice everyone seems to be. 

We are hoping for about $2,200-$2,400 in combined rent for the two units (both fully remodeled so asking a slight premium over average), which puts us cash flow positive including all estimated and actual expenses. 

How have other local investors been handling COVID? Any general advice for the area or things to consider as we get things ready to rent?

Thanks everyone!!

[James Carlson]

@Steven Karkenny

You should be good long-term with a property next to Colorado College. Eventually, colleges will open back up. 

In the short-term, we're seeing decent success with medium-term furnished rentals in Colorado Springs. We've got a few ourselves and my brother-in-law has a few, and we've had no problem filling vacancies. There's more up-front cost in furnishing, but you're also getting slightly more rent.