If you’re considering co-living in Colorado Springs, a rent-by-the-room strategy might be the perfect approach. This involves purchasing a single-family home or even a multifamily property and renting it out by the room. Today, we're diving into this strategy and showcasing a fantastic property on the east side of Colorado Springs. This area is particularly suited for rent-by-the-room properties, especially due to its proximity to military bases, unless you're near UCCS.
Parking: A Key Consideration
Parking is a critical factor for co-living properties. This property excels in this area, offering ample parking options: street parking, three garages, and additional parking spaces. Adequate parking is essential, as each tenant will likely have their own vehicle.
Interior Overview
This property features five bedrooms and three bathrooms. The kitchen, with its granite countertops and well-maintained flooring, is in excellent condition. While some personal touches like adding knobs to the kitchen cabinets could enhance the space, it’s already quite functional. The living room is spacious and inviting, perfect for shared living.
The bedrooms on the main level are expected to rent for $600 to $800, with the primary suite potentially fetching $850 due to its private bathroom and walk-in closet.
Basement Transformation Plans
Next, we head to the basement, where Miller, a friend and client, shares his plans for this area. Known as the co-living king, Miller has successfully set up six properties for co-living and partners with investors to expand his strategy.
The basement currently has two bedrooms. Miller plans to convert an office into an additional bedroom by adding a door and a closet. This simple modification could generate an extra $800 per month. There’s already a bathroom and a laundry room, so the focus is on adding more bedrooms. By putting up walls and creating closets, the basement could house three new bedrooms, bringing the total to eight. This setup would make the property highly profitable.
Backyard and Safety Considerations
The backyard offers ample space and a nice deck for tenants to enjoy. However, we’ll need to modify the deck above a window well to ensure a safe escape route in case of fire. This involves making a cut-out in the deck and adding a latch or grate for easy exit.
Get Involved in Co-Living
If you’re interested in the co-living strategy or want to partner with Miller, feel free to contact us. Additionally, we host a real estate meetup in Colorado Springs where you can connect with other investors and learn more about successful strategies in the area. We look forward to seeing you there!
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