2300 Mt. Werner Circle Cir Unit 443/445 Cal 5 · Steamboat Springs, CO 80487

$149,000

2 bd · 2.0 ba · 1,190 sqft · SingleFamily · 15 Days on market

Built 1999 Excellent condition Est $207k · 28% under $583/mo HOA · 21% of rent

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• Condition / age +4.8/5.0
• Livability +3.7/5.0
• Appreciation +0.0/10.0

Key facts

• Garage
• Community pool
• Built 1999

Property features AI

Finance

• HOA & community: Homeowners association with annual fee; Annual association fee: $7,000 (approx. $583.33/month); Association amenities include fitness center; Building features: elevators, on-site management, reception area, steam room, WiFi

Exterior

• Parking: Underground garage (1 covered space); Heated garage; Electric vehicle charging station(s); Lighted parking; Community structure with unassigned spaces
• Utilities: Public water; Public sewer (sewer connected); Electricity available; Natural gas available; Phone available
• Home design: Timeshare residential property; One level; Entry on level 6
• Construction: Metal roof; Construction: concrete, stucco, wood siding, steel siding
• Exterior features: Community pool; Storage; Landscaped grounds; Near public transit; Paved, publicly maintained road; Has view; Accessible approach with ramp

Interior

• Kitchen: Bar fridge; Dishwasher; Microwave; Oven; Range; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating and cooling; Forced air; Hot water heating; Natural gas
• Interior features: Furnished; Gas fireplace; Therapeutic whirlpool; Satellite dish; Common-area laundry
• Laundry & utility: Washer; Dryer; Laundry located in common area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $149k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Recommended offer: $147k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 0.1% in Steamboat Springs — 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.

Location & tenants

• Location reads 74/100 on livability (#41 in CO, #4,975 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, schools B; Watch: health & safety C-, amenities D, cost of living F.
• Steamboat Springs School District No. RE-2 (town): math 49% / reading 72% proficiency, ranked #4 of 86 in CO (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+10.6%/yr); 564 active listings in the ZIP; solid renter incomes; 597 units permitted in Routt County in 2024 (418 in 5+ unit buildings).
• This rent runs 31% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Routt County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $146,765 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.88% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.15%
• DSCR: 1.76
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $207,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2300 Mount Werner Cir Unit 228/229	0.00mi	2/2.0	1,190 (0%)	1mo	$125,000	$105	99
2300 Mount Werner Cir Unit 367/369 QIII	0.00mi	2/2.0	1,177 (-1%)	4mo	$204,900	$174	95
2300 Mt. Werner Cir Unit 653 QIII	0.00mi	2/2.0	1,192 (+0%)	8mo	$215,000	$180	93
2300 Mount Werner Cir Unit 537/536	0.00mi	2/2.0	1,190 (0%)	12mo	$213,312	$179	90
2300 Mt. Werner Circle Cir Unit 311/314 Cal1	0.00mi	2/2.0	1,156 (-3%)	7mo	$140,000	$121	89
2300 Mt. Werner Cir Unit 226/227 QIV	0.00mi	2/2.0	1,129 (-5%)	4mo	$200,000	$177	88
2300 Mount Werner Cir Unit 210/209	0.00mi	1/2.0 (-1)	1,150 (-3%)	5mo	$120,000	$104	85
2300 Mount Werner Cir Unit 565 QIV	0.00mi	2/2.0	1,107 (-7%)	8mo	$224,000	$202	81
2300 Mount Werner Cir Unit 529/530 QIV	0.00mi	2/2.0	1,304 (+10%)	6mo	$207,500	$159	79
2300 Mt Werner Cir Unit 517 QI	0.00mi	2/2.0	1,349 (+13%)	0mo	$235,000	$174	77
2300 Mt Werner Cir Unit 529/530	0.00mi	2/2.0	1,304 (+10%)	11mo	$135,000	$104	75
2335 Apres Ski Way Unit 117F	0.30mi	2/3.0	1,232 (+4%)	13mo	$62,500	$51	65

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 1.70×
• Total profit: $29,000
• Equity at exit: $22,216

10-year hold

• IRR: 29.0%
• Equity multiple: 4.43×
• Total profit: $143,023
• Equity at exit: $12,883

Cash invested: $41,720 (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 80487

• Rents YoY: 10.6%
• Active inventory: 564
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,796 medium
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$583
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $596

Break-even live

Break-even rent $2,041

Max offer price $149,000

Occupancy floor 74%

Sensitivity live

Price	-10% $699	-5% $648	+0% $596	+5% $545	+10% $493
Rent	-10% $375	-5% $486	+0% $596	+5% $707	+10% $817
Rate	-1.0pp $671	-0.5pp $634	base $596	+0.5pp $558	+1.0pp $518

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $583 · $6,996/yr

Listing history 11 events

1. 2026-06-21
   days on market $149,000 Active 15 DOM
2. 2026-06-19
   days on market $149,000 Active 13 DOM
3. 2026-06-18
   days on market $149,000 Active 12 DOM
4. 2026-06-17
   days on market $149,000 Active 11 DOM
5. 2026-06-16
   days on market $149,000 Active 10 DOM
6. 2026-06-15
   days on market $149,000 Active 9 DOM
7. 2026-06-14
   days on market $149,000 Active 7 DOM
8. 2026-06-12
   days on market $149,000 Active 6 DOM
9. 2026-06-09
   days on market $149,000 Active 3 DOM
10. 2026-06-08
    days on market $149,000 Active 2 DOM
11. 2026-06-07
    listed $149,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 8 d/yr ≥80°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,552
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$2,684
• − Management: −$2,684
• − HOA: −$6,996
• − Depreciation: −$4,335
• Taxable income: $5,527
• Est. tax owed @ 24.0%: −$1,326
• After-tax cash flow: $5,827/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This property is in excellent condition with no visible repairs needed. It offers a great investment opportunity with potential for value-add improvements that can enhance its resale and rental appeal.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics.
• Both Updating the flooring — New flooring can improve the overall look and feel of the interior.
• Both Upgrading the kitchen appliances — Modern appliances can increase the home's appeal and functionality.
• Both Installing smart home technology — Smart home technology can enhance convenience and energy efficiency, making the home more attractive to buyers and renters.
• Both Landscaping improvements — Well-maintained landscaping can enhance the curb appeal and add value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics. ↑
• Both Updating the flooring — New flooring can improve the overall look and feel of the interior. ↑
• Both Upgrading the kitchen appliances — Modern appliances can increase the home's appeal and functionality. ↑
• Both Installing smart home technology — Smart home technology can enhance convenience and energy efficiency, making the home more attractive to buyers and renters. ↑
• Both Landscaping improvements — Well-maintained landscaping can enhance the curb appeal and add value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Steamboat Springs School District No. RE-2
• NCES district ID: 0806660
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $67,833
• Composite: 53.1/100
• National rank: #1513
• State rank: #4 of 86 in CO

Livability — Steamboat Springs

• Score: 74/100
• State rank: #41
• US rank: #4975

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steamboat Springs, CO
• County: Routt County · 18,525 people
• City population: 18,525
• Metro: Steamboat Springs, CO
• Population (ZIP): 18,525
• Household income: $109,659
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 644.0

Population outlook (Routt County) Hauer SSP2

• Today (2025): 27,283 people
• By 2030: 28,555 · +4.7%
• By 2040: 30,578 · +12.1%
• By 2050: 32,328 · +18.5%
• By 2075: 36,897 · +35.2%
• By 2100: 38,794 · +42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 12% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Routt

• 2024 margin: Strong D (+27.7) · D 62.5% · R 34.8% · Other 2.8%
• 2008→2024 swing: +0.9pp no change · 2008: 26.9pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+27.6 2016: D+17.0 2012: D+15.6 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -342.73%
• Current HPI: 471.8844
• Rent YoY: ▲ 10.61%
• Metro: Steamboat Springs, CO
• 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

1 event — show timeline

• 2026-06-05 Listed $149,000 SAR