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Old 10-07-2013, 03:17 PM
 
Location: SoCal
542 posts, read 1,198,253 times
Reputation: 748

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I've continued researching neighborhoods in CS, and have looked up info about them in this forum when possible, but some don't seem to be mentioned (from what I can tell). I'm curious about the quality of the following apartment neighborhoods regarding crime, cleanliness, noise, etc. Do any of these areas have a bad reputation? Better than the southeast part of CS? Would you not live in any of these areas?

1. Area north Allegheny Dr, across from Wilson Ranch Park/Pool. There are a number of fourplex apartment buildings there on Split Rock and Peyote.

2. Area southeast of GOG Rd and Centennial Blvd. A lot of fourplex apartment buildings on streets such as Holli Springs, Stonedike, Darby, etc.

3. Area a little south of UCCS. Some duplex to fourplex properties on streets like Westmoreland and Magnolia.

4. Area near Oro Blanco Dr and N Carefree Circle, with fourplexes on and around Picturesque Dr.

5. Area southwest of W Fillmore and the I25 fwy, with fourplexes on Sage and Straus.

6. Area that I think is Old Colorado City: King St, Glenview Court, W Platte Ave, all southwest of N 30th St.

I have attached a map with these areas pinpointed and numbered (since I can't seem to figure out how to just paste the jpg here).

Trying to get an idea of these areas from the locals' perspectives. Thanks in advance for any insight!
Attached Thumbnails
Specific CS apartment neighborhoods-map.jpg  
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Old 10-07-2013, 03:28 PM
 
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I really like the location of 1, up in Rockrimmon, great area, quiet, scenic.
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Old 10-07-2013, 04:57 PM
 
5,006 posts, read 6,681,120 times
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I think they're all decent. I think #4 could be a heavy traffic area.
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Old 10-07-2013, 06:00 PM
 
Location: Colorado
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Which one is closest to work?
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Old 10-07-2013, 06:38 PM
 
Location: SoCal
542 posts, read 1,198,253 times
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Quote:
Originally Posted by otterprods View Post
Which one is closest to work?
Sorry I did not make it clear, I am actually looking at them as investments (we already own a few - one in CA and 2 in AZ). Now that we are strongly considering moving to CS (we have not been there yet, so I am trying to learn areas before we visit the city), I am trying to learn the different areas we can invest there, to get an idea of the reputations of different neighborhoods.
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Old 10-07-2013, 08:25 PM
 
Location: Colorado
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OK, no problem. That's good to know. What sort of people would you prefer to rent to? (assuming you are planning to rent, and you can pick more than one) ...bahcelors/ettes, young professionals, students, seniors or families? If the answer is families then you have to consider military vs non-military. Military families are a big market in COS, and they have reliable jobs, but they usually have to move after about three years, give or take. What rate of return (as a %) are you conservatively hoping for?
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Old 10-07-2013, 08:57 PM
 
Location: SoCal
542 posts, read 1,198,253 times
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Quote:
Originally Posted by otterprods View Post
OK, no problem. That's good to know. What sort of people would you prefer to rent to? (assuming you are planning to rent, and you can pick more than one) ...bahcelors/ettes, young professionals, students, seniors or families? If the answer is families then you have to consider military vs non-military. Military families are a big market in COS, and they have reliable jobs, but they usually have to move after about three years, give or take. What rate of return (as a %) are you conservatively hoping for?
We are not picky about the type of people so long as they meet our basic screening criteria (minimum credit score, 3x rent as income, no evictions, clean/well kept, etc.). We have rented to singles/professionals, young families, single parents, etc. We do not (and legally cannot) discriminate based on family status. Mostly not keen on college students though, we do not accept cosigners. No problem with military, and we rent month to month so they could move with just 30 days notice. How long before they get relocated do they get notice from the military that they will be moving?

Multifamily seems to give better ROI than sfr, but we analyze properties based on gross rent multiplier. Some of the properties I have seen for sale in the areas I mentioned have had a GRM of well below 10x, which is typically profitable.
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Old 10-07-2013, 09:51 PM
 
Location: Colorado
409 posts, read 557,944 times
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At the moment, #5 is in the middle of the Chestnut/Fillmore construction mess. We just moved out of our apartment up the hill from there, and while it was a nice place, driving through that every day was awful. But as an investment, hard to say.
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Old 10-08-2013, 08:42 AM
 
Location: Colorado
2,483 posts, read 3,349,752 times
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Quote:
Originally Posted by Galaxie Girl View Post
We are not picky about the type of people so long as they meet our basic screening criteria (minimum credit score, 3x rent as income, no evictions, clean/well kept, etc.). We have rented to singles/professionals, young families, single parents, etc. We do not (and legally cannot) discriminate based on family status. Mostly not keen on college students though
I wasn't suggesting that you should discriminate. But different areas attract different demographics. For example, #2 is bound to attract more college students than #4 which will tend to attract military and other families. Also, the size of the place and # of bedrooms will obviously have a large bearing on what sort of applicants that you're getting. That's why I asked.
Quote:
Originally Posted by Galaxie Girl View Post
How long before they get relocated do they get notice from the military that they will be moving?
A military person can answer that better than I can, but when I was growing up in a Navy family, my father usually got his orders a few months before it was time to move. But we usually knew going in how long we'd be there for, just not where we were headed next. There are a variety of factors though, like what branch, what job, wartime vs "peace"... etc. Also, that was a long time ago so It's hard to say exactly. Just know that most military families will be subject to move after a couple of years, if not less.
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Old 10-08-2013, 09:56 AM
 
Location: SoCal
542 posts, read 1,198,253 times
Reputation: 748
Quote:
Originally Posted by otterprods View Post
I wasn't suggesting that you should discriminate. But different areas attract different demographics. For example, #2 is bound to attract more college students than #4 which will tend to attract military and other families. Also, the size of the place and # of bedrooms will obviously have a large bearing on what sort of applicants that you're getting. That's why I asked.
Sorry, I didn't think you were suggesting that, I just wanted to be clear that we are not slumlords or otherwise crummy landlords. We do it as a business, and like any good business, we want to offer a good product at a competitive price. That's how you get the best customers and the fewest hassles. And that is why I'm trying to get locals' feedback on various neighborhoods, so we can get good product to offer - don't want to buy in any neighborhoods with a bad reputation, since all the "good" tenants won't want to live there.

Most of the multifamily properties I've seen have 2 bedroom units, some have 3 bedroom units. Most of the units we currently own are 2 bedrooms, and we've had a large variety of applicant types - singles, couples, young families, etc.

Quote:
Originally Posted by otterprods View Post
A military person can answer that better than I can, but when I was growing up in a Navy family, my father usually got his orders a few months before it was time to move. But we usually knew going in how long we'd be there for, just not where we were headed next. There are a variety of factors though, like what branch, what job, wartime vs "peace"... etc. Also, that was a long time ago so It's hard to say exactly. Just know that most military families will be subject to move after a couple of years, if not less.
That's good to know, thanks. I've never had to deal with military families with our rentals, and my husband and I are not from military families, so that is something I will definitely have to learn more about before we invest in CS. I know there is some law about military being allowed to break a lease early if being transferred, for example.

Thanks for all your input!
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