514 28 3/4 Rd

Grand Junction, CO 81502

$4,740,000B

1992 bd · 1992.0 ba · 17,904 sqft · Built 2025 · MultiFamily · Pending · 197 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $100,244/mo
• Mortgage (P&I): −$24,857
• Tax + insurance: −$2,912
• HOA: −$295
• Vac / Maint / Mgmt: −$21,051
• Net cashflow: $51,128/mo
• Annual: $613,539/yr
• Cap rate: 19.24%
• Cash-on-cash: 46.23%
• DSCR: 3.06
• 1% rule: 2.11%
• Cash to close: $1,327,200

Investor read

• This is a 83 × 1-bed/1.0-bath units multifamily listed at $4.74M.
• At list price, monthly cash flow is $51k ($614k/yr) — positive. Per door: $616/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($100k rent vs $4.74M).
• It's been on market 197 days — a 12% lower offer ($4.17M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $4.17M (12.0% below list) — sets the bar for market timing.
• In year one you build about $175k of equity ($33k loan paydown + $142k appreciation (3.0% local appreciation)).
• Location reads 79/100 on livability (#15 in CO, #2,222 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A; Watch: employment D+, crime F.
• Mesa County Valley School District No. 51 (suburban): math 26% / reading 38% proficiency, ranked #43 of 86 in CO (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nisley Elementary School (math 12% / reading 17%, grade F, #813 of 966 statewide, top 85%, 349 students, 80% FRL); Bookcliff Middle School (math 18% / reading 26%, grade F, #188 of 270 statewide, top 72%, 449 students, 59% FRL); Central High School (math 19% / reading 43%, grade F, #229 of 381 statewide, top 60%, 1,613 students, 45% FRL) — zoned schools average 61% FRL vs 39% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 3 active listings in the ZIP; 1,014 units permitted in Mesa County in 2024 (240 in 5+ unit buildings).
• Current owner paid $150k; list at $4.74M implies a 3060% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $1.33M cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$285k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 19.2% vs local median 3.1% in Grand Junction — 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.

Questions for listing agent

• It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 D-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?