Greenwood Village (Denver) Condo
Interested to hear your ideas... What are your thoughts on 1 bed/1 bath condos? I have found a deal that I believe is a slam dunk but the single bed/bath makes me a bit hesitant because it's not something I've really ever considered/thought about. The consensus from non-real estate folks is that 1/1s are bad investments; so I want to hear from Real real estate folks. Before you give your thoughts, let me share a little about it.
I have worked the deal down to a little less than 100k from an absentee owner who wants out. On a conservative side, I believe it could rent (without any updating) for anywhere between 900-1000/month (Current resident who has been in unit for 3 years has paid 950 without an increase). Comparable 1 bed/1 bath in this area can get very pricey and other units in complex have been selling lately for 120-150k. Now to the intangibles. First, location, location, location. Second, this condo is less than a block from two light rail stations making commute in and out of Denver super easy. And finally, in living in the this same community, i have recently learned that an empty lot across the street from the condo is becoming a 5-star hotel equipped with multiple restaurants. Of course, I wouldn't be doing justice if I didn't give negatives. First, the condo is a little 'grimey' and would need a paint job, carpet, and a cleaning (not in that order). Second, it's a 1 bed/1 bath so obviously that limits the pool of renters. And finally, the HOA is 140 a month.
I really appreciate everyone's time and look forward to your thoughts.