1002 State Ave

Alamosa, CO 81101

$172,000C-

3 bd · 1.0 ba · 1,140 sqft · Built 1901 · SingleFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,495/mo
• Mortgage (P&I): −$902
• Tax + insurance: −$149
• HOA: −$0
• Vac / Maint / Mgmt: −$314
• Net cashflow: $131/mo
• Annual: $1,568/yr
• Cap rate: 7.20%
• Cash-on-cash: 3.26%
• DSCR: 1.14
• 1% rule: 0.87%
• Cash to close: $48,160

Investor read

• This is a 3-bed/1.0-bath single-family listed at $172k.
• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (13.1% below list).
• It's been on market 73 days — a 6% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (13.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#79 in CO) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Alamosa School District No. Re-11J (town): math 23% / reading 36% proficiency, ranked #59 of 86 in CO (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alamosa Elementary School 3-5 (math 32% / reading 32%, grade F, #475 of 966 statewide, top 51%, 504 students, 66% FRL); Ortega Middle School (math 16% / reading 37%, grade F, #160 of 270 statewide, top 60%, 540 students, 64% FRL); Alamosa High School (math 42% / reading 52%, grade D-, #132 of 381 statewide, top 36%, 582 students, 54% FRL) — zoned schools at 62% FRL track the district average.
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 187 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 51 units permitted in Alamosa County in 2024 (0 in 5+ unit buildings).
• Alamosa County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $13k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.2% vs local median 3.6% in Alamosa — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 33% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.