440 Colorado Ave · Stratton, CO 80836

$150,000

6 bd · 2.0 ba · 3,485 sqft · MultiFamily public records · 347 Days on market

Built 1927

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +2.9/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

Key facts

• Good maintenance
• Investment property
• Room to expand

Tags

• INVESTMENT PROPERTY
• ROOM TO EXPAND
• GOOD MAINTENANCE

Property features AI

Finance

• Financial info: Lease on property expires 2027-04-30

Exterior

• Parking: 5 off-street parking spaces (total 5 parking spaces)
• Utilities: Public sewer
• Home design: Triplex residential income property; Two levels; Unattached; Individual ownership
• Construction: Frame construction; 3,485 total building area; 2,773 above-grade living area; 712 below-grade unfinished area
• Exterior features: Composition roof; Public water

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 3 bathrooms
• Heating & cooling: Baseboard heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#340 in CO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• School District No. R-4 In The County Of Kit Carson And Stat (rural): math 25% / reading 35% proficiency, ranked #107 of 176 in CO (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stratton Elementary School (math 70% / reading 44%, grade C+, #115 of 966 statewide, top 14%, 113 students, 50% FRL); Stratton Middle School (math 30% / reading 24%, grade F, #150 of 270 statewide, top 57%, 46 students, 41% FRL); Stratton Senior High School (math 30% / reading 70%, grade D+, #97 of 381 statewide, top 30%, 62 students, 48% FRL) — zoned schools average 47% FRL vs 30% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 45% at this address vs 30% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the School District No. R-4 In The County Of Kit Carson And Stat average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 7 active listings in the ZIP; 3 units permitted in Kit Carson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Kit Carson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 347 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 13y ago; this cycle's ask has dropped $35k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 347 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — 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 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.98% ✓
• Cap rate: 17.80%
• Cash-on-cash: 41.11%
• DSCR: 2.83
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 56.1%
• Equity multiple: 5.13×
• Total profit: $173,308
• Equity at exit: $135,132

10-year hold

• IRR: 49.6%
• Equity multiple: 11.43×
• Total profit: $438,231
• Equity at exit: $291,417

Cash invested: $42,000 (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 80836

• Home prices YoY: 5.3%
• Active inventory: 7
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,976 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$63 /mo · $756/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $1,439

Break-even live

Break-even rent $1,155

Max offer price $150,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,524	-5% $1,481	+0% $1,439	+5% $1,396	+10% $1,354
Rent	-10% $1,204	-5% $1,321	+0% $1,439	+5% $1,556	+10% $1,674
Rate	-1.0pp $1,514	-0.5pp $1,477	base $1,439	+0.5pp $1,400	+1.0pp $1,361

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$2,976
Total (3 units)			$2,976

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $150,000 Active 347 DOM
2. 2026-06-17
   days on market $150,000 Active 346 DOM
3. 2026-06-16
   days on market $150,000 Active 345 DOM
4. 2026-06-15
   days on market $150,000 Active 344 DOM
5. 2026-06-13
   days on market $150,000 Active 342 DOM
6. 2026-06-12
   days on market $150,000 Active 341 DOM
7. 2026-06-09
   days on market $150,000 Active 338 DOM
8. 2026-06-08
   days on market $150,000 Active 337 DOM
9. 2026-06-07
   days on market $150,000 Active 336 DOM
10. 2026-06-04
    days on market $150,000 Active 332 DOM
11. 2026-06-02
    days on market $150,000 Active 331 DOM
12. 2026-06-01
    days on market $150,000 Active 330 DOM
13. 2026-05-31
    days on market $150,000 Active 329 DOM
14. 2026-05-31
    days on market $150,000 Active 328 DOM
15. 2026-04-27
    price $150,000 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

16. 2026-04-27
    price $150,000 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

17. 2026-03-10
    price $160,000 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

18. 2026-03-10
    price $160,000 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

19. 2026-02-06
    status Active 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

20. 2026-02-06
    status Active 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

21. 2026-01-27
    status Pending 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

22. 2026-01-27
    status Pending Accepting Backup Offers 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

23. 2025-10-29
    price $175,000 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

24. 2025-10-29
    price $175,000 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

25. 2025-10-23
    status Active 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

26. 2025-10-23
    status Active 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

27. 2025-10-17
    status Pending 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

28. 2025-10-16
    status Pending Accepting Backup Offers 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

29. 2025-06-19
    listed $185,000 Active 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

30. 2025-06-19
    listed $185,000 Active 350-char remark

    Show marketing remark (350 chars)

    This tri-plex is a great investment property, with room to expand! It is located in a small town along the I-70 corridor in Eastern Colorado, just a couple hours drive from Denver. The units are currently filled and there has been good maintenance performed in the recent years. Call today, to set up a showing for this beneficial opportunity!

31. 2024-04-23
    historical
32. 2024-04-23
    historical
33. 2023-07-22
    listed $195,000 Active
34. 2023-07-22
    listed $195,000 Active
35. 2022-01-18
    soldstatus $125,000 Sold
36. 2022-01-03
    status Pending
37. 2021-11-10
    listed $180,000 Active
38. 2016-09-30
    historical
39. 2016-07-26
    soldstatus $60,000
40. 2016-06-06
    price $65,000
41. 2016-05-04
    listed $70,000 Active
42. 2013-08-20
    historical
43. 2013-03-04
    listed $120,000

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

Tax reassessment forecast CO · Resets to sale price

• Current annual tax: $756 · $63/mo
• Projected year-2 tax: $825 · $69/mo
• Expected delta: +$69/yr (+$6/mo · 9.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 6 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,712
• − Mortgage interest: −$8,402
• − Property taxes: −$756
• − Insurance: −$750
• − Repairs & maintenance: −$2,857
• − Management: −$2,857
• − Depreciation: −$4,364
• Taxable income: $15,726
• Est. tax owed @ 24.0%: −$3,774
• After-tax cash flow: $13,493/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: School District No. R-4 In The County Of Kit Carson And Stat
• NCES district ID: 0806780
• Math proficiency: 25% ▼ -5.00%
• Reading proficiency: 35% ▬ 0.00%
• Median HH income: $45,405
• Composite: 28.58/100
• National rank: #12060
• State rank: #107 of 176 in CO

Livability — Stratton

• Score: 56/100
• State rank: #340
• US rank: #23030

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stratton, CO
• Population (ZIP): 1,113

Population outlook (Kit Carson County) Hauer SSP2

• Today (2025): 8,035 people
• By 2030: 7,910 · -1.6%
• By 2040: 7,764 · -3.4%
• By 2050: 7,559 · -5.9%
• By 2075: 7,359 · -8.4%
• By 2100: 9,230 · +14.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 23% Two or more races 12% Native American 3%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Lithuanian 3% Portuguese 2% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 16% French/Haitian/Cajun 1%

Political lean MEDSL · Kit Carson

• 2024 margin: Solid R (+68.3) · D 15.0% · R 83.4% · Other 1.6%
• 2008→2024 swing: -23.5pp toward R · 2008: -44.8pp · 2024: -68.3pp
• All cycles: 2024: R+68.3 2020: R+64.1 2016: R+65.5 2012: R+53.2 2008: R+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.25%
• Current HPI: 241.7983
• 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

+25.0% since first listed

29 events — show timeline

• 2026-04-27 Price Changed $150,000 IRES
• 2026-04-27 Price Changed $150,000 REColorado as Distributed by MLS Grid
• 2026-03-10 Price Changed $160,000 IRES
• 2026-03-10 Price Changed $160,000 REColorado as Distributed by MLS Grid
• 2026-02-06 Relisted — IRES
• 2026-02-06 Relisted — REColorado as Distributed by MLS Grid
• 2026-01-27 Pending — IRES
• 2026-01-27 Pending — REColorado as Distributed by MLS Grid
• 2025-10-29 Price Changed $175,000 IRES
• 2025-10-29 Price Changed $175,000 REColorado as Distributed by MLS Grid
• 2025-10-23 Relisted — IRES
• 2025-10-23 Relisted — REColorado as Distributed by MLS Grid
• 2025-10-17 Pending — IRES
• 2025-10-16 Pending — REColorado as Distributed by MLS Grid
• 2025-06-19 Listed $185,000 REColorado as Distributed by MLS Grid
• 2025-06-19 Listed $185,000 IRES
• 2024-04-23 Listing Removed — REColorado as Distributed by MLS Grid
• 2024-04-23 Listing Removed — IRES
• 2023-07-22 Listed $195,000 REColorado as Distributed by MLS Grid
• 2023-07-22 Listed $195,000 IRES
• 2022-01-18 Sold (MLS) $125,000 IRES
• 2022-01-03 Pending — IRES
• 2021-11-10 Listed $180,000 IRES
• 2016-09-30 Listing Removed — IRES
• 2016-07-26 Sold (Public Records) $60,000 Public Records
• 2016-06-06 Price Changed $65,000 IRES
• 2016-05-04 Listed $70,000 IRES
• 2013-08-20 Listing Removed — IRES
• 2013-03-04 Listed $120,000 IRES

Property tax history

-1.9%/yr

Latest (2025): $756 · +93.9% YoY. Source: county tax records.