80 El Rio Dr #80

Alamosa, CO 81101

$315,000D+

4 bd · 3.0 ba · 2,080 sqft · Built 1959 · MultiFamily · Active · 213 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,898/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$221
• HOA: −$0
• Vac / Maint / Mgmt: −$609
• Net cashflow: $417/mo
• Annual: $5,000/yr
• Cap rate: 7.88%
• Cash-on-cash: 5.67%
• DSCR: 1.25
• 1% rule: 0.92%
• Cash to close: $88,200

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $315k.
• At list price, monthly cash flow is $417 ($5k/yr) — positive. Per door: $208/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $290k (8.0% below list).
• It's been on market 213 days — a 12% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $277k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#79 in CO) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Alamosa School District No. Re-11J (town): math 23% / reading 36% proficiency, ranked #59 of 86 in CO (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alamosa Elementary School K-2 (433 students, 64% FRL); Ortega Middle School (math 16% / reading 37%, grade F, #160 of 270 statewide, top 60%, 540 students, 64% FRL); Alamosa High School (math 42% / reading 52%, grade D-, #132 of 381 statewide, top 36%, 582 students, 54% FRL) — zoned schools at 61% FRL track the district average.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 188 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 51 units permitted in Alamosa County in 2024 (0 in 5+ unit buildings).
• Alamosa County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $35k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $315k implies a 143% gain — meaningful room to come down on a strong offer.
• Cap rate 7.9% vs local median 3.6% in Alamosa — 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.
• At $2,898/mo this rent would consume 63% of the median local household income ($55k/yr) (locally 511% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 213 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?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?