Better rental return in central Denver -- 1br or 2br condo?

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Better rental return in central Denver -- 1br or 2br condo?

James CarlsonBusiness Member
Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes

Okay, BP nation. (Or just BP Denverites.) 

I've got a client wanting to buy a small condo in the heart of Denver to furnish and rent out to traveling nurses. (I like this model, as it's something my wife and I do, and is a way for those without much money to get into the rental market.)

My buyer is wondering if she decides to go back to long-term renting if a 1br or 2br condo has a better return. I've run a few numbers, but my wife and I only own really small spaces, so I'm interested in others' thoughts on this. 

[email protected]720-460-1770
James Carlson Real Estate
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Kimberly G.
Property Manager · Northeast Florida · Member since 2015 · 135 posts · 76 votes
9y

@James Carlson 

@Matt M.

I found that once I raised rates past $1360/mth I did not book any more travel nurses. So the numbers for a 190k property just wouldn't work for nurses. 

I would be curious to know if others are experiencing this as well... Nurses not booking past the 1,300 range??

My latest deal.. I have a 3bd home that I am renting out by the room - house share for nurses.  The home is freshly rehabbed with a pool & hot tub so perhaps that is a perk they liked. Either way I priced the rooms at $1300 each and they booked. They did all agreed that house sharing with other nurses seemed like a great idea to have someone also new to an area to hang and explore the area with. 

@Eric C. I got all my bookings w/ nurses in the past from CL ad's. However, recently I discovered this site which posts your listing free. I booked 1 nurse from that site the day after posting.. that was exciting! It also asks you to list the 5 closest hospitals nearby so that may be how the nurse navigates the postings to the area they need as it just has a list sorted only by the state. I did add my city to my listings title - to just make it more visible and clear on my area at first glance. 

travelnursingcentral.com/travel-nursing-housing/ 

hope that helps

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  • Matt M.
    Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    What's the price comparison between the two generally? I imagine it will be a lot. Can she get 2 nurses in there to share a space?

    Let us know how it goes as I was thinking about doing the same thing. 

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  • James CarlsonBusiness Member
    OP
    Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    9y

    @Matt M.  

    I don't know the price comparison that well. A cursory look shows a 1br in, say a Cap Hill smaller building up to around 16 units, is starting at $190 on the very low end and going up to $240 on the higher end. Two-bedrooms in similar complexes start at $240 and go upward, but again, that is a super broad analysis.

    I'll you know if I find anything else out. 

    [email protected]720-460-1770
    James Carlson Real Estate
    WebsiteView Page
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  • Matt M.
    Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    One of my clients who's a nurse was looking into this for me. She said they are on 12 week contracts IIRC. Turnover would be frequent, and there would be times when the room/place were vacant.

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  • James CarlsonBusiness Member
    OP
    Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    9y
    @Matt M. Oh, I didn't realize you were asking about the traveling nurse model. My wife and I do really well with it here in Denver. It's not Airbnb money, but it's about 50% more than a traditional, unfinished long-term rental. We've had a few days vacancy at one of our Capitol Hill spots, and we once had two weeks vacancy at our other, but that was because I dropped the ball on posting it. Other than that, we've been full in the few years we've been doing it. We have to turn it over a bit more, but we don't mind for the extra cash. Traveling nurses are usually on 13 week contracts and often have the option to renew. We're actually partnering with some fellow BPers to buy another furnished rental here soon. PM me if you have any questions about this.
    [email protected]720-460-1770
    James Carlson Real Estate
    WebsiteView Page
    0Reply
  • Eric C.
    Investor · Grand Junction, CO · Member since 2017 · 207 posts · 201 votes
    9y

    Where do you find travel nurse tenants?

    0Reply
  • Kimberly G.
    Property Manager · Northeast Florida · Member since 2015 · 135 posts · 76 votes
    9y

    @James Carlson 

    @Matt M.

    I found that once I raised rates past $1360/mth I did not book any more travel nurses. So the numbers for a 190k property just wouldn't work for nurses. 

    I would be curious to know if others are experiencing this as well... Nurses not booking past the 1,300 range??

    My latest deal.. I have a 3bd home that I am renting out by the room - house share for nurses.  The home is freshly rehabbed with a pool & hot tub so perhaps that is a perk they liked. Either way I priced the rooms at $1300 each and they booked. They did all agreed that house sharing with other nurses seemed like a great idea to have someone also new to an area to hang and explore the area with. 

    @Eric C. I got all my bookings w/ nurses in the past from CL ad's. However, recently I discovered this site which posts your listing free. I booked 1 nurse from that site the day after posting.. that was exciting! It also asks you to list the 5 closest hospitals nearby so that may be how the nurse navigates the postings to the area they need as it just has a list sorted only by the state. I did add my city to my listings title - to just make it more visible and clear on my area at first glance. 

    travelnursingcentral.com/travel-nursing-housing/ 

    hope that helps

    1Reply
  • James CarlsonBusiness Member
    OP
    Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    9y
    @Kimberly G. I can tell you about my experience with furnished rentals in Denver, but it's probably not something you can translate to the Jacksonville market as every market is different. @Matt M. was talking specifically about traveling nurses. However, I actually use "traveling nurse" as short-hand for anyone needing temporary furnished housing. Yes, I have had a few actual traveling nurses. They were both at my smaller furnished studio, and they paid between $1,600 and $1,800. (To @Eric C. , I use Craigslist exclusively.) But I've also rented to people moving to Denver and looking for transitional housing while they search for their permanent house. I've had a government worker on temporary assignment, a law student clerkng at the Supreme Court, and others. So in my experience, yes, traveling nurses will pay more than $1,300, and do will a lot of other people. Now I like to think I put more thought into design, staging and photography than most, so I hope that my places stand out. But there is definitely a market out there.
    [email protected]720-460-1770
    James Carlson Real Estate
    WebsiteView Page
    1Reply
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