502 Otero · Ordway, CO 81063

$118,000

2 bd · 1.0 ba · 1,473 sqft · SingleFamily public records · 93 Days on market

Built 1907 8,712 sqft lot Est $209k · 44% under

---

Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Appreciation +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks

Welcome home to this beautifully updated 3-bedroom, 1-bath property offering oversized rooms and a spacious layout. Located in a serene country seting, this home combines comfort, charm, and peaceful living.

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1907

Property features AI

Finance

• Other: Zoning: RE1
• HOA & community: No association amenities

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residential; Frame construction with vinyl siding; Composition roof; Corner, irregular lot
• Construction: Frame construction; Vinyl siding; Composition roof
• Exterior features: Covered porch

Interior

• Kitchen: Range; Oven; Dishwasher; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Vinyl flooring
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas forced air heating; Evaporative cooling and window AC units
• Interior features: Master suite on the main level; Storm windows
• Laundry & utility: Washer and dryer located on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $118k).
• Recommended offer: $107k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#233 in CO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Crowley County School District No. Re-1-J (rural): math 16% / reading 28% proficiency, ranked #150 of 176 in CO (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 29 active listings in the ZIP; 4 units permitted in Crowley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.4%/yr); year-one equity from $816 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Crowley County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $34k; list at $118k implies a 247% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $107,380 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.61%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $209,166
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 Mitchell Ave	0.14mi	3/2.0 (+1)	1,594 (+8%)	8mo	$226,000	$142	64
229 Sherman Ave	0.41mi	2/1.0	1,260 (-14%)	1mo	$167,000	$133	56
517 Sunset Ave	0.24mi	3/2.0 (+1)	1,602 (+9%)	20mo	$288,000	$180	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.42% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-6,403
• Equity at exit: $20,645

10-year hold

• IRR: 3.7%
• Equity multiple: 1.29×
• Total profit: $9,662
• Equity at exit: $15,521

Cash invested: $33,040 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 38 Tenant-Leaning
• State Colorado: 38 Tenant-Leaning · D+4
• County: — inherits STATE
• City: — inherits STATE

2023 reforms: 10-day cure, mandated notice, source-of-income protected. Courts backlogged in Denver.

Methodology + full state rankings →

ZIP-level market 81063

• Home prices YoY: -1.1%
• Active inventory: 29
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,228 medium
• Mortgage (P&I): −$619
• Tax est. 1.5%: −$148 /mo · $1,770/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $154

Break-even live

Break-even rent $1,032

Max offer price $118,000

Occupancy floor 82%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $118,000 Active 93 DOM
2. 2026-06-18
   days on market $118,000 Active 92 DOM
3. 2026-06-17
   days on market $118,000 Active 91 DOM
4. 2026-06-16
   days on market $118,000 Active 90 DOM
5. 2026-06-15
   days on market $118,000 Active 89 DOM
6. 2026-06-13
   days on market $118,000 Active 87 DOM
7. 2026-06-12
   days on market $118,000 Active 86 DOM
8. 2026-06-09
   days on market $118,000 Active 83 DOM
9. 2026-06-08
   days on market $118,000 Active 82 DOM
10. 2026-06-07
    days on market $118,000 Active 81 DOM
11. 2026-06-04
    days on market $118,000 Active 77 DOM
12. 2026-06-02
    days on market $118,000 Active 76 DOM
13. 2026-06-01
    days on market $118,000 Active 75 DOM
14. 2026-05-31
    days on market $118,000 Active 74 DOM
15. 2026-05-31
    days on market $118,000 Active 73 DOM
16. 2026-04-08
    status Active
17. 2026-03-04
    listed $118,000 Active
18. 2014-04-01
    soldstatus $34,000
19. 2009-09-23
    listed $59,000
20. 2007-04-20
    listed $59,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,732
• − Mortgage interest: −$6,610
• − Property taxes: −$1,770
• − Insurance: −$590
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − Depreciation: −$3,433
• Taxable loss: −$28
• Est. tax savings @ 24.0%: +$7
• After-tax cash flow: $1,859/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Crowley County School District No. Re-1-J
• NCES district ID: 0803210
• Math proficiency: 16% ▼ -10.00%
• Reading proficiency: 28% ▼ -12.00%
• Median HH income: $35,031
• Composite: 21.28/100
• National rank: #13663
• State rank: #150 of 176 in CO

Livability — Ordway

• Score: 61/100
• State rank: #233
• US rank: #18425

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment F Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ordway, CO
• Population (ZIP): 3,060

Population outlook (Crowley County) Hauer SSP2

• Today (2025): 5,612 people
• By 2030: 5,725 · +2.0%
• By 2040: 6,092 · +8.6%
• By 2050: 6,391 · +13.9%
• By 2075: 6,250 · +11.4%
• By 2100: 5,349 · -4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 52% Hispanic / Latino 28% Two or more races 18% Black 7% Native American 6%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Serbian 3% Portuguese 2% Iranian 1%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 91% English-only · Spanish 8% Vietnamese 1%

Political lean MEDSL · Crowley

• 2024 margin: Solid R (+47.4) · D 24.7% · R 72.2% · Other 3.1%
• 2008→2024 swing: -20.2pp toward R · 2008: -27.2pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+47.7 2016: R+48.5 2012: R+25.9 2008: R+27.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.42%
• Current HPI: 211.1097
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.95%
• F500 in state: 14

Industry mix (Fortune 500 HQ in CO)

Industry	F500 HQs	Revenue
▸Technology Distribution	1	$31B
▸Food / Agriculture	1	$18B
▸Packaging	1	$14B
▸Healthcare	1	$13B
▸Energy	1	$10B
▸Technology	1	$4B

Price history

+97.0% since first listed

5 events — show timeline

• 2026-04-08 Relisted — PARMLS
• 2026-03-04 Listed $118,000 PARMLS
• 2014-04-01 Sold (Public Records) $34,000 Public Records
• 2009-09-23 Listed $59,000 PARMLS
• 2007-04-20 Listed $59,900 PARMLS

Property tax history

+3.4%/yr

Latest (2025): $213 · +110.5% YoY. Source: county tax records.