Don't have a lot of money? No problem.

 

Studios and small one-bedroom condominiums in the Denver area provide a great entry-level opportunity for the first-time investor.

 

Here's what you need to know about them.

 

Size (doesn't) matter

 

Millennials are craving smaller, more efficient living spaces. The tiny-house craze is one aspect of that, but more and more are also just choosing studios as their preferred apartment. 

 

A lot of this is the younger generation's rejection of a big home as a status symbol. But some of it is just plain economics. In a city like Denver, many can only afford the smallest place. And with so many new millennials moving to Denver every year, the lower end of the rental market is going to continue to be in demand.

 

Furnish and rent

 

Looking to ramp up your return on investment? With a little more work, a furnished studio condo can bring in 50 percent more rent than a traditional unfurnished space.

 

Traveling nurses and those just moving to the Mile High City are looking for short-term furnished rentals. And they'll pay a premium. 

 

(Need a little help planning for a small space furnished rental? Check out my small-space planning section.)

 

Down payment

 

As with all investment properties, budget rental properties require a 20 percent down payment. Though if you're willing to live in the property for a little time, you may be able to put down as little as 3.5 percent. (See our First-time investors section for more strategies to pay for an investment property.)