200 W 20th St Unit A21

Rifle, CO 81650

$111,900D

2 bd · 1.0 ba · 840 sqft · Built 1982 · SingleFamily · Active · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,034/mo
• Mortgage (P&I): −$587
• Tax + insurance: −$186
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $43/mo
• Annual: $521/yr
• Cap rate: 6.76%
• Cash-on-cash: 1.66%
• DSCR: 1.07
• 1% rule: 0.92%
• Cash to close: $31,332

Investor read

• This is a 2-bed/1.0-bath single-family listed at $112k.
• At list price, monthly cash flow is $43 ($521/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 $103k (7.6% below list).
• It's been on market 199 days — a 12% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $774 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#217 in CO) — a middle-class / working-renter tenant base. Strengths: housing A+; Watch: cost of living C-, amenities F, commute F.
• Garfield School District No. Re-2 (town): math 16% / reading 36% proficiency, ranked #61 of 86 in CO (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Wamsley Elementary School (math 5% / reading 27%, grade F, #781 of 966 statewide, top 82%, 395 students, 51% FRL); Rifle Middle School (math 13% / reading 22%, grade F, #219 of 270 statewide, top 81%, 623 students, 44% FRL); Rifle High School (math 22% / reading 37%, grade F, #244 of 381 statewide, top 66%, 791 students, 35% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 137 active listings in the ZIP; 171 units permitted in Garfield County in 2024 (64 in 5+ unit buildings).
• Garfield County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $18k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $112k implies a 55% gain — meaningful room to come down on a strong offer.
• Cap rate 6.8% vs local median 1.2% in Rifle — 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 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.