Or would I need to add a closet and a entry door at the top of the stairs to close off the room?

only locals can tell you how hot a market is because they know it more than others who even do statistics.i would vote for Boston, MA as hot city but the entry point is a bit high.

More of an entry level neighborhood if that makes sense.  

Good cash flow numbers with "low" (compared to SoCal) entry prices are very feasible out-of-state.

We are looking outside the Denver Metro area to get started as the price for entry is too high for our current situation. 

Then in QB, receive the tenant's full payment, deposit to that account, then make a journal entry debiting the pm expense account the fee taken and your real bank account the amount deposited by them, and credit the escrow account for the sum of the 2.

I could literally make more money loaning at 12% than I could buying the asset.So there you go.. legions of people reading on sites like BP  LOW price of entry you can buy notes for under 10k  no license or experience required..

It has similar rents to Calgary, but much lower cost of entry. 

One nice thing about the property is that an additional entry way is at the top of the property, and literally a straight two minute shot to the hospital.

High rent areas will attract more skilled investors but also eliminates a lot of competition due to the high barrier of entry.