Apartment in Golden, Colorado

[Chris Shipman]

To start off I have not done any investing as of yet but I have been looking and noting on prices so hopefully in the near future I will pull that proverbial trigger. 

When searching Zillow I found this apartment for sale at $149k with an estimated monthly payment of $805. (with 0 down and 5% @30 years)

After living in the area for a while and seeing that there is a 2/2 property very nearby being posted for $1700/month, it would seem like this would be a decent investment with good cash flow.

Barring any kind of MAJOR issues with the property, what are some of the issues that I could not be seeing? It says it has been on Zillow for almost a month and a half so could that possibly be a red flag? 

http://www.zillow.com/homes/make_me_move/Golden-CO...

[Matt M.]

Z, t & others are notorious for BAD info. Our MLS cut off the feeds to them since they were selling the data back to us. As I tell my friends, clients, etc "Friends don't let friends use Z or T" IIRC they only have about 60-70% of the listings on the market as well.

@Chris Shipman I would suggest speaking with a lender to see where you stand & what you can qualify for if you are looking to purchase. I can refer you one if you want. 

@Jon Holdman There are deals to be had here in Denver, but a lot harder to find obviously. I'll be posting up a story as soon as I close on my current project. 

An investor I know aims to make $20k on his flips no matter price, costs, etc. The 70% rule is out the window for him. He has been going non-stop this year.