Graduate Student Looking to buy near U of Denver (Lakewood: bank owned, for sale)

[Marissa4usa]

I am an aspiring graduate student hoping to attend the University of Denver to receive my PhD. Since I will be living there for at least 5 years I am looking into the option of buying a 2 bedroom condo ( I'd rent out the 2nd bedroom). I'd prefer a place that is within a decent distance of the university, however, since I have never been there, I do not know which neighborhoods to avoid and which ones to look in.
I have seen pretty decent places as low as $30,000 and based on Google maps their direct surroundings also seem fine, but clearly that's difficult to tell based on a few pictures.
Basically, what I am looking for is a place rather close to the university than too far (for one because I don't want my commute to be too long and second because I would like to sublet the 2nd room to another graduate student), but I want it to be in an area that will allow me to fairly easily sell the place eventually (as much as this is possible given the current economic situation). I like it to be not too far from bars or restaurants, but again, resale is my number one factor.

Thanks!

[shukertj]

Hi Marissa,

$30k seems pretty low for anything near DU, and it sounds like you wouldn't want to go too far out if you are hoping to rent to another grad student at DU. There are areas where you can find a condo for this low, but I'm not sure you'd want to live there. What price range are you considering?

[hammertime33]

What do you mean by a decent distance? If you're looking fairly close to the University (less than a mile), then you're looking at between 150-250K for a 2 bedroom condo.

[Marissa4usa]

With a decent distance I mean a commute by car of 15 minutes max. Obviously the closer, the better.
I want to be able to get home fairly quickly and/or be able to quickly drive to the university during the weekend if I have to.
I don't have any very specific requirements that I am absolutely set on. My biggest concern is the ability to resell eventually. I can always get a roommate, even if it is not one from the same school. I'd also be interested in something that needs some work since I am very handy. I don't want to do any major construction, but I know how to install wood flooring, tiles and how do some general carpenter work, etc. As long as the place in a condition that I can move in right away, then work on it over the years and sell it to make some money, I'd be happy but I also know that something in that price range won't get me a lot of equity and that's fine.
One area I saw a bunch of cheaper places (<60k) was the Goldsmith area and Lakewood area. Are those decent areas?

[Brian_M]

If you don't mind a HOUSE instead of a condo, take a look at my neighborhood of Ruby Hill. It's a direct shot east on Evans from here to DU, takes maybe 10 minutes when traffic is on the bad side of normal, more like 5~7 minutes the times I'm headed through there. That's 4 miles, just so you understand that you can't have a 15 minute commute that's 15 miles away like in some other places of the country.

Prices are lower here thanks to the perception of the neighborhood (people think it's "bad" for some reason, most likely due to ignorance of not actually spending any time here). It's maybe 70% Latino, the rest is white with a large number of original owners (older/retired couples). The homes are from the 50's and 60's, lots of brick ranch and I've seen no evidence of any foundation issues anywhere in the area. Most homes are also "dated" inside, so if you're looking for a fix and flip opportunity, it exists here.

Bottom priced (listed, no idea of they're bank owned/foreclosure trolling prices) properties are about $80k though, with a large selection in the low $100's. Might be too far over your limits, but if not it's worth at least investigating.

[Marissa4usa]

I would LOVE a house but I am not ready for the financial responsibility. I could only afford an older house and chances that something substantial will need be replaced rather sooner than later is quite probable. I know that when purchasing a condo, I will need to take into consideration HOA fees and other cost but I think as a first time home buyer I'd prefer that.

My max. really is at 60k anyways. I don't want to have to worry about spending more than I can afford. I need to get approved first anyway and even though I have great credit and no loans whatsoever, my only income will be my stipend which makes the whole thing difficult in the first place.

[Dorthy]

where are you finding condos for $30K? That might be helpful for us to know so we can tell you whether it'd be a good area for resale. I'm kind of guessing it wont' be.

[Marissa4usa]

Here are some links that I am basing my questions on

Real estate listing for 2700 S Holly St Unit: 210 Denver CO - Home for Sale - MLS #899540 - Realtor.com®

2190 S Holly St Unit: 201 Foreclosure for Sale - MLS #936197 - Realtor.com®

5401 E Warren Ave Unit: 105 Foreclosure for Sale - MLS #937498 - Realtor.com®

Again, I'm okay going up to 60k if it's going to pay off.

[Dorthy]

Originally Posted by Marissa4usa

Here are some links that I am basing my questions on

Real estate listing for 2700 S Holly St Unit: 210 Denver CO - Home for Sale - MLS #899540 - Realtor.com®

2190 S Holly St Unit: 201 Foreclosure for Sale - MLS #936197 - Realtor.com®

5401 E Warren Ave Unit: 105 Foreclosure for Sale - MLS #937498 - Realtor.com®

Again, I'm okay going up to 60k if it's going to pay off.

I know the complex in your second listing and the area of your third listing. I don't think either one of those would be a good investment, especially since you'd be trying to re-sell in a few years.

Honestly with your budget and time constraints for resale I really think you'd be way better off renting.

[Marissa4usa]

Could you specify what you concerns are?
I am sorry if my questions sound naive but I'm just trying to get an understanding of what makes the most sense. the reason I don't like the idea of renting is that it will most likely mean that I will need to have roommates which in itself is not a problem but I based on what I see on craigslist it, rooms go for at least $450 to 500 and at for that price I can as well pay for a mortgage. I know there are additional costs for owning but at least I'll be the landlord. Another factor would be that I have two cats and finding a landlord and a roommate who are okay with cats is next to impossible in my experience.