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Old 03-31-2014, 10:29 PM
 
35 posts, read 31,052 times
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My wife and I are thinking of moving back to the Springs after 20 years in Northern Ca. After looking via Google Earth we are curious about the areas around Patty Jewett Golf Course. We plan to rent at this point. I grew up on the West side but I am also curious about the areas around PJ. Seems south of course has older duplexes and Old North End more home owners as well as what seems to be called the Patty Jewett neighborhood. Could some one advise us. We are looking for rentals that are quiet, older, charming and under $1000/mo. Can't seem to find much on the forum for the housing around PJ. Your help would be greatly appreciated. Thanks!
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Old 04-01-2014, 06:32 AM
 
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I think nearly everyone would consider that a great neighborhood but I doubt there is much in the given price range.
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Old 04-01-2014, 07:37 AM
 
Location: Downtown Co Sps
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The western part of PJ is very nice and kept up nicely. The further east you go, it declines just a little. It doesn't take a drastic turn, there is just a little bit less upkeep of properties. Again, it's not bad, but there is a little bit of a difference.

Same goes with the area just south of PT, which is Shooks Run. The further south you go, the houses are just a little less kept up, but the prices start going down a bit. Shooks Run is still a great neighborhood. It more resembles Old Colorado City then it does PJ and ONEN (Old North End). We live in Shooks Run and it is a quiet and nice neighborhood. Crime is not high, lots of college kids, which means lots of rentals.

Hope this helps.
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Old 04-03-2014, 08:03 AM
 
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IIRC the houses in that area are very expensive. Over 250k for most, with some over 400k. Please correct me if I'm wrong I'm sure Beezle would know.

1000/month = 12,000/year. 12,000 / 250k = 4.8%. Following the rule of thumb for landlords of treating one half of gross rent as covering non-financing expenses, would leave 2.4% with which to provide a return to the investor and the bank. Mortgage rates are running 4.4% and the lowest they dipped was about 3.25%. If any house is being rented out for a capitalization rate of 2.4%, it means the market is completely out of whack. The only way to find a house for under 1,000 / month there is to find a house worth about 100,000. I don't think there are any of those. Perhaps if you could find absentee owners that didn't want to be involved (a lot of extra leg work) you could acquire a house worth 125 to 130k as a rental under that price, but they won't be readily available in the market.

PS. Owning is usually cheaper than renting. If you were planning to own and had a 20% down payment, you may very well be able to find a house where the mortgage payment is under $1,000 / month.
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Old 04-03-2014, 08:07 AM
 
35 posts, read 31,052 times
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Thank you all for your sage advice.
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