Buying a home --- where will I build the most value for years to come? (Denver: best neighborhoods, real estate)

[jweb29]

So there are lots of factors involved with such a thing.

Where is the next great place to live and build value in denver? I am a mid 20s single guy. I'm not too afraid of the "ghetto" (I live a block off colfax and race which some people consider SO crazy)

I'd want to get a roommate for a while to make building equity easier. This would mean living in a place that a roommate would actually want lol.

I'd like to either be close to a lightrail to commute to denver (<30 mins if possible) (arvada.... looking at you! that lightrail is coming soon!), OR I'd like to bike (bike to lightrail and/or bike to work downtown).

Looking at townhouses/houses. Condos meh.

I don't care for the nicest neighborhood *today*. But I would love be pleasantly surprised to see everything gentrified out.

Under 300k range!

[davebarnes]

Detroit; for maximizing your return.

Light rail is never coming to Arvada.

I would look at Wheat Ridge. Sheridan to Wads and 32nd to 41st.
Also look a bit south of there in Edgewater.
Not ghetto.

Somewhat sketchy: Morrison Road from Alameda to Mississippi.

[MN_Ski]

Honestly, if you think anything in Denver today is "ghetto"...than you are not going to find what you are looking for under 300K.

[brown_dog_us]

Real estate is all about location. Focus on the least expensive part of a desirable neighborhood. Look for a property that is at a discount because of something you can fix. Don't buy properties that have issues you can't fix like crappy schools or on a busy road.

Millennials are getting older and should be moving out of apartments into places with a yard for the kid or dog.

[Augie Daugie]

If you can find any place under $300K close to the city, that is where you will get the greatest returns. However, there are not a lot of options. I think Barnum and Westwood could be some interesting options---the city is investing heavily into Morrison Rd in the Westwood neighborhood and there are opportunities for higher density development, the neighborhood still has a long way to go. Barnum is further along, but I don't ever think it will become a hip and trendy neighborhood.

[mic111]

I would buy along the north metro rail line that hasn't opened yet.

RTD

[HatchChile]

I think everything in Denver has already "arrived"... You don't hear people calling any neighborhoods as "up & coming"... Maybe you can find something in Aurora... things seem to be changing there a lot lately.

Also, what's so crazy/ghetto about Colfax and Race? You can literally walk to Ogden or Fillmore, or the City Park. If that's a ghetto then you don't know Denver.

[jweb29]

I don't consider it ghetto at all. I think its one of the best neighborhoods in the city! But some people do. Maybe they are miseducated. I understand denver doesn't have much of a ghetto. I'm from the east where ****ty neighborhoods are everywhere.

But if there WERE a ghetto, where would it be?

@dave, why do you say lightrail is never going to arvada? There appears to be a line being tested as we speak, no?
http://www.rtd-denver.com/g-line.shtml

Yeah i've looked at morrison road. "westwood".
public transportation SUCKS there lol. In reality i'll probably pay a premium for a nicer place around cole or something, since that place is getting built out a LOT

[HatchChile]

Originally Posted by jweb29

I don't consider it ghetto at all. I think its one of the best neighborhoods in the city! But some people do. Maybe they are miseducated. I understand denver doesn't have much of a ghetto. I'm from the east where ****ty neighborhoods are everywhere.

But if there WERE a ghetto, where would it be?

@dave, why do you say lightrail is never going to arvada? There appears to be a line being tested as we speak, no?
RTD

Yeah i've looked at morrison road. "westwood".
public transportation SUCKS there lol. In reality I'll probably pay a premium for a nicer place around cole or something, since that place is getting built out a LOT

Haha, okay, if there WERE a ghetto a bunch of investors would have already flocked it, bought up everything, flipped it and sold it for above 400K. Homes in areas like Clayton, Cole, Whittier, etc... haven't seen anything under 300 since 2014 (I am talking about SFH, not condos/townhomes, I have no idea about that segment of the real estate). Even then you'd get a distressed house that you had to pour at least 50K to make it liveable. Turnkey properties even back in 2014 weren't under 300K.

So, really, there are no ghettos left. People have already gentrified the s*** out of them. I recently was invited to a co-workers party... he lives in the North Park Hill area somewhere. I was pretty nervous thinking that my new Subaru may get broken in. But, when I got there I saw a bunch of newish/decent cars and a number of luxury cars parked on his street (his neighbors, obviously). All the houses in that area were flipped...I left the party around 9pm, and didn't notice any sketch.

In short, if you want an investment property look somewhere outside of Denver. The possibility of buying something in Denver under 300 (that's at least 2 bedrooms that you can share with a roommate) is probably pretty slim. You could pay a premium for a place around Cole or whatever... but don't forget with all the condos coming all over the place, rents may start stabilizing and it might get harder to find a roommate who'd be willing to pay what you want.

[2bindenver]

Try to buy the chevy in the caddilac neighborhood.

Gentrfying neighborhoods are still a risky investment.

More risk, more reward.

Dont focus on price, focus on payment.

Are you handy? Look for a fix up. Not handy? FHA 203k 3.5% down. Get fixed by a General Contractor.