If you're willing to set your sights further west, I'd recommend looking in nearby Delaware County where multis can be found for significantly less if you look in the right places.

@Tanner Pile - Welcome to the BP Forum and Colorado Springs investing.I'll echo what others have said and warn you it's a tough market to get into, we are not a cash flow market but seeing appreciation on a massive scale without an end in sight at this point.

Designed by Los Angeles architect Grant Kirkpatrick, the architectural residence covers more than 13,500 square feet and reflects its coastal setting with a lively mix of warm wood, natural stone and Asahi glass.

I second and third what @Kevin Wood (an expert in the field for sure) and @Karl McGarvey mentioned.  

I also found some recent pictures of the inside from it was being listed as available for rent on "apartments.com".The next mitigation step, I did was to have a contractor I trust to had to walk the exterior of the properties, saw that both of the houses have tin roofs, and have little "wood" carpentry issues.

Hi BP,I just moved to Denver and have decided to set my sights on building a portfolio of apartment complexes with my college friend @Matt Glebus.

"I've seen an old bldg, rehabbed (leaving the wood sash windows since the arch comm wanted historical preservation), come in at $400K for mostly studios.Issue is that unless you can get funding from ONE source (most non-profits need to shake seat cushions for change), then you have multiple grants - Which means multiple demands that start stacking.Stuff like the afore-mention historical, serving certain populations (like 30% AMI types) or handicapped (lots of ADA and beyond stuff), being in an expensive location, full platinum LEED (=$100K audit besides the costs of meeting spec), etc.

He called me as soon as these came on the market and we made an offer sight unseen.

Obviously your strategy may not put an emphasis on this metric, as there are other aspects (appreciation, tax benefit, debt pay down) that may be more important to you, but don't lose sight of this one as well in your calculations.Hey Brett, if I understand your numbers correctly 355,000 Purchase price25% down = $88,750Rehab cost = $30,000Total cash invested = $118,750Cash flow = $197 (2394 annually)That's about a 2% cash on cash return. 

Also known as part of the wood basket of the US.