4500 19th St

Boulder, CO 80304

$220,000C

3 bd · 2.0 ba · 4,178 sqft · Built 2011 · Land · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,549/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$367
• HOA: −$1,030
• Vac / Maint / Mgmt: −$745
• Net cashflow: $253/mo
• Annual: $3,039/yr
• Cap rate: 7.67%
• Cash-on-cash: 4.93%
• DSCR: 1.22
• 1% rule: 1.61%
• Cash to close: $61,600

Investor read

• This is a 3-bed/2.0-bath land listed at $220k.
• At list price, monthly cash flow is $253 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $220k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#24 in CO, #2,958 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D+, cost of living F.
• Boulder Valley School District No. Re2 (urban): math 49% / reading 67% proficiency, ranked #6 of 86 in CO (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising (+1.8%/yr); 258 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,688 units permitted in Boulder County in 2024 (1,136 in 5+ unit buildings).
• Boulder County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 27 sale attempts since 6y ago; this cycle's ask is 127% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $45k; list at $220k implies a 389% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 1.7% in Boulder — 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 34% of the median local income ($127k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is D 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.
• 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.