Rentals 4 and 5 closed today

[Linda Weygant]

I closed on Rentals 4 and 5 today.

These are two condos in the same complex where we already have Rental #3.  These are solid, base-hit condos.  We didn't get an awesome deal on either one, but neither are the deals anything to be ashamed of.

#4 is a 2 bed, 1 bath condo that is turnkey.  Bought it for $127,000 and have had lots of interest and showing on it at $1250/mo rent.  Expecting about $430/mo cash flow.  I have applications in and am just waiting for the reports to come back from Smartmove now.

#5 is the same floor model as #4 (and #3, coincidentally).  Bought it for $119,500 and it's also going to rent at $1250.  Expecting about $450/mo cash flow.  Needs some paint and some other minor repairs that will probably all come in at less than $1000.  Have applications in on this one as well (hurry up people, click the button, send the report!)

2 years ago, these units were going for $40,000.  Last December, we picked one up for $85,000 and now, 6 months later, they are at $120 - $125.  That's the Denver market right now.  There is already another unit listed at $130 and it'll go for that, I'm sure.  I'm not counting on appreciation, but if I had to speculate, I'd say these will be at $150-$160 in another 8 months.