On the other hand, what about the apartment buildings that don’t fall under the umbrella of new development?

Very nice property in a great neighborhood.

If I weren't going to live there, it'd be an obvious "No".Using my current rent, the total annualized ROI looks really nice.  

You have enough equity to get into a couple of pretty nice investment properties in the Denver area and with the way our population is exploding I think there will be plenty of renters and some respectable appreciation for the near future.

You could end up waiting years for that while you enjoy the stellar returns of bank interest and get to write a nice profit share check to you silent partner Uncle Sam (right @Steve Vaughan?).

I'm going to assume that the developer legally established an HOA and recorded articles of incorporation, governing documents (CC&Rs) etc.

It is a few blocks from the westminster mall and 2 miles from the beach and in a nice neighborhood.Asking is $530k and is being sold by family that acquired the home from another member.

The backyard area is nice too! 

So obviously the current owner of the front lot property with the nice ranch house on it is less than happy about my road easement thru his front yard and going so close to his house, but he bought his property with full knowledge of it it, and the easement was completed  long before with the services of a lawyer, a surveyor, and it was all properly recorded with the county.  

You want to be able to talk the sellers down enough to get you a nice fee.