Denver, CO · Member since 2017 · 13 posts · 2 votes
Looking at buying a SFR in Denver to use as a house hack, renting out bedrooms to cover the mortgage. Have looked in several areas but was curious as to opinions on the neighborhoods surrounding the East Colfax corridor, specifically East of about Monaco.
Specifically I am looking at a property South of Anschultz Medical Campus, just South of Colfax and West of 225, and was interested in hearing opinions, not just on this neighborhood but everything in between.
Anyone have a place near here and rent? I'd imagine getting medical staff/students is fairly easy as you get in close proximity to the campus, but I also know that some of these neighborhoods bring mixed opinions. Would love to have a discussion on this area.
Rental Property Investor · Denver, CO · Member since 2015 · 80 posts · 68 votes
8y
@Craig Curelop is correct about Denver, but the area you are talking about is mostly Aurora, so there are no restrictions. I also rent-by-the-room in a couple of my houses in Denver and have not had any problems, even with my neighbors who reported my shed to the city.
I have a duplex and a SFR rental in the area of Aurora you are talking about. The SFR is a 6 bedroom house with 2 kitchens, 2 bath that is rented-by-the-room for $450/month/room. The price includes utilities. This home is geared towards a specific demographic: the 40-65 year-old single men who work jobs like service industry and construction. The home is not in the best shape, but the guys that live there seem pretty happy and only call if something stops working that they can't fix themselves. There is one guy that acts as property manager of a sort.
I've also thought about getting another home in the area that is directed at the medical crowd, but it would need to be nicer quality. My duplex is rented to a single young man and a young family. There was a bedbug issue earlier this year because the duplex next door is filled with Somalian refugees that apparently don't bathe (according to the tenants).
In my opinion, the neighborhood is still rough, yes. But it is right between the medical campus, Park Hill, the slowly revitalized Colfax, and the Stanley marketplace/Stapleton. I would live there and I continue to look for good rentals in the area. There is good access to restaurants, gym, grocery, and vet with Stapleton next door (that's more than I can say of Cole, where I currently live). I do make sure to buy as close to Monteview or north of there as possible.
Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
8y
@Account Closed - Be careful renting out the rooms in Denver. There is a law that states only a maximum of 2 or 3 unrelated people can live together in the same household. Check out this link and scroll to the bottom where it says "too many people."
Denver, CO · Member since 2017 · 13 posts · 2 votes
8y
@Craig Curelop Thanks for the advice Craig! I was not aware of this mainly because I also know people doing this. Definitely changes the dynamic on making the rent work to cover/mostly cover the mortgage. Thanks again!
Real Estate Agent · KS · Member since 2017 · 157 posts · 71 votes
8y
Rough neighborhood if you ask me....not saying that's good or bad but last time I showed a condo in that neighborhood I was greeted by a fighting pimp and hooker followed by a Good Samaritan who asked if I was lost...I stood out wearing my nice real estate uniform...ultimately buyer did not like the other "tenants" in that neighborhood.
Escrow Officer · Denver, CO · Member since 2016 · 64 posts · 27 votes
8y
I lived in that area several years ago, and I would classify it as a D, C- area at best. I haven’t gone back since . I’m sure things have changed somewhat but in truthfulness it was an awful place to live. I believe there are nicer parts of Aurora that would still be on the affordable side. I would look a little further south.
Denver, CO · Member since 2017 · 13 posts · 2 votes
8y
Thanks all for your opinions, they closely match my own but I was trying to be open-minded. The truth is if I am going to live there too then I don’t know that I like these neighborhoods. Thanks again!
Rental Property Investor · Denver, CO · Member since 2015 · 80 posts · 68 votes
8y
@Craig Curelop is correct about Denver, but the area you are talking about is mostly Aurora, so there are no restrictions. I also rent-by-the-room in a couple of my houses in Denver and have not had any problems, even with my neighbors who reported my shed to the city.
I have a duplex and a SFR rental in the area of Aurora you are talking about. The SFR is a 6 bedroom house with 2 kitchens, 2 bath that is rented-by-the-room for $450/month/room. The price includes utilities. This home is geared towards a specific demographic: the 40-65 year-old single men who work jobs like service industry and construction. The home is not in the best shape, but the guys that live there seem pretty happy and only call if something stops working that they can't fix themselves. There is one guy that acts as property manager of a sort.
I've also thought about getting another home in the area that is directed at the medical crowd, but it would need to be nicer quality. My duplex is rented to a single young man and a young family. There was a bedbug issue earlier this year because the duplex next door is filled with Somalian refugees that apparently don't bathe (according to the tenants).
In my opinion, the neighborhood is still rough, yes. But it is right between the medical campus, Park Hill, the slowly revitalized Colfax, and the Stanley marketplace/Stapleton. I would live there and I continue to look for good rentals in the area. There is good access to restaurants, gym, grocery, and vet with Stapleton next door (that's more than I can say of Cole, where I currently live). I do make sure to buy as close to Monteview or north of there as possible.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
8y
I have a property in that area. North of Colfax, further west of you. South of Montview, which I agree is something of a dividing line with better properties on the north side. The area just a block or two north and south of Colfax is the seediest part. Once you're further north or south, its better.
I think you're talking about the Hoffman area. Hoffman Estates or some such, IIRC. Something to watch out for in that area is foundation issues. Many house there were built by one guy and have a consistent foundation problem. The story I heard is he committed suicide because of the problems. I have looked at a bunch of houses in this area and tried to buy some, without success.
I don't think you'll get much in the way of medical folks. Maybe that's changing and maybe it will change in the future. But for now this tends to be a blue collar area.
@Craig Curelop is correct about Denver, but the area you are talking about is mostly Aurora, so there are no restrictions. I also rent-by-the-room in a couple of my houses in Denver and have not had any problems, even with my neighbors who reported my shed to the city.
I have a duplex and a SFR rental in the area of Aurora you are talking about. The SFR is a 6 bedroom house with 2 kitchens, 2 bath that is rented-by-the-room for $450/month/room. The price includes utilities. This home is geared towards a specific demographic: the 40-65 year-old single men who work jobs like service industry and construction. The home is not in the best shape, but the guys that live there seem pretty happy and only call if something stops working that they can't fix themselves. There is one guy that acts as property manager of a sort.
I've also thought about getting another home in the area that is directed at the medical crowd, but it would need to be nicer quality. My duplex is rented to a single young man and a young family. There was a bedbug issue earlier this year because the duplex next door is filled with Somalian refugees that apparently don't bathe (according to the tenants).
In my opinion, the neighborhood is still rough, yes. But it is right between the medical campus, Park Hill, the slowly revitalized Colfax, and the Stanley marketplace/Stapleton. I would live there and I continue to look for good rentals in the area. There is good access to restaurants, gym, grocery, and vet with Stapleton next door (that's more than I can say of Cole, where I currently live). I do make sure to buy as close to Monteview or north of there as possible.
Aurora has zoning restrictions just like Denver; however, I believe their restrictions allow up to four unrelated persons. There is also a requirement of a certain amount of square footage per occupant (150 ft2 per person, I believe).