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Thoughts on buying a ~30 year old apartment/condo in Colorado vs. Houston?

1,188 Views | 5 Replies | Last: 6 yr ago by Gary Jordan
tx.ag15
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I currently work a rotational job (2 weeks on 2 weeks off) and am looking to buy my first place, ideally to spend my days off at. I am considering an older apartment/condo 500-1000 sqft with 1-2 bedrooms. Price range 150-250k. Most places I have found in this price range are older on the outside and renovated on the inside.

I am considering either inside the loop in Houston (hometown where all of my family and friends are) or a ski town in Colorado (just spent two weeks in Steamboat and found a few older but decent spots there). Obviously going the ski town route I will get a lot less for the buck but could rent it out while I am away. In Houston I will get more for my buck and potentially a roommate if I go the 2 bedroom route.

I figure a mortgage on a place in this price range would be basically the same as a nice apartment, except I would be building equity and possibly generating some extra income from renting.

Anyone have any experience with older properties like I am looking at, things I might not be considering? Or owning a part time rental in Colorado? Would probably turn in to a full time rental when I move out of the field and in to the office (would either be Houston or Denver with my company- honestly a toss up where I will end up between the two). Do you see one being a better investment than the other?

Thanks.
SteveBott
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AG
Which state is a lifestyle decision that only you can make.

Pay close attention to the upkeep of the condo association maintenance items. Ask about what repairs have been done and what is scheduled. You can really get hit in dues if lots of deferred maintenance
ChoppinDs40
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AG
If you get a place in Colorado - family and friends will visit you especially if you're up in a mountain town.
aggie_wes
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AG
I'd be looking in Dillon or Siverthorne. Good sized towns, easy access to skiing, and only about an hour from DIA. I think you'll also get more for your money than you would in Steamboat, not to mention easier access to denver.
proudaggie02
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AG
250k won't get you much, if anything at all, in most popular CO mountain towns. That said, I'd definitely pick CO vs Houston.
proudaggie02
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AG
Also, the numbers are likely way better if you buy & rent out a CO mtn place. My place in Breck nets ~20k (grosses well over 30k) and has appreciated 120k in 3.25 years.
Gary Jordan
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AG
Real Estate is usually a great investment in Colorado with many areas having double digit annual appreciation the past few years. There's great demand here for many reasons. I am a RE/MAX realtor, have enjoyed living and working in Colorado for over 25 years, and welcome more Ags.
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