Hey Jeremy! Welcome. I live in Denver but I used to raft the river near Salida, beautiful area. I am surprised that rents are not good in that town with all the growth they seem to have (without doing any real research). I just started looking out of state as well for small multi-families. Maybe add Arizona to your search list. Good luck!
You might want to look at Pueblo, CO for rentals. I know it may sound crazy but the EGY is almost double the national average in some neighborhoods. Search Pueblo in the forums and there is an active discussion with all of the details. Good Luck!
Thanks everyone for the replies.
@Derek Diamond , @Robert Herrera Rental prices have been rising in Salida, but are not keeping up with the value of real estate. Additionally, wages for working people are not keeping up with rental rates.
Location and condition of course factor in, but here are the ranges I’m seeing. Studio, $750 - $900. 1 bedroom, $800 - $1000. 2 bedroom, $1200 - $1600. 3 Bedroom $1500 - $2200. There are examples that fall outside of these numbers, but that’s about what we’re seeing.
I have a 2/1 sfh with a value in the mid $300s that nets me $10K. There is some room for me to go up, but not even close to where I would like to be.
Thanks again for the replies and input.
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