Where to invest in Colorado's high-priced market?
I'm looking to purchase my first income property to rent out and build an income stream, undecided on LTR vs STR (AirBnB). I plan to buy one this year, and hopefully another 1-2 next year and go from there. I have owned properties before, but never as an investment. I have been doing my homework and am pretty well-informed for a newbie and am ready to take the plunge. BRRRR, here I come!
My problem is, I'm uncomfortable buying OOS especially my first time, but prices in the Denver (and whole Front Range, really) are just too high to be attractive. I don't want to flip, so I'm not looking for a cheap fixer-upper. I'm very handy and could renovate myself, but I have a full-time job and a family so there's no time to do my own work. So basically I need something that doesn't need a ton of work (contractors are hard to come by, I hear, thanks to the building boom). What I do have going for me is down payment and renovation cash -- enough for several properties.
So I am struggling to find a niche. I feel like I need something close to home to get my feet wet and learn the ropes, but from what I read it's hard to be profitable buying in the Colo market. Denver/Boulder/Longmont/FtCollins all look too expensive.
What's my best option here? Colorado Springs? Greeley? Pueblo even? (hey, I know it has problems but does that rule it out?)
Many thanks, Tim