236 Gunnison Ave · Grand Junction, CO 81501

$719,950

4 bd · 3.0 ba · 1,978 sqft · MultiFamily public records · 93 Days on market

Built 1939 7,405 sqft lot

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Why this score? — see what drove the D 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 +14.0/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Triplex in the heart of downtown Grand Junction. Walk, bike or drive to everything GJ has to offer. Only 1.2 miles from CMU. Owner is a professionally licensed architect and remodel / updating utilized top of the line materials and has all been permitted. Unit 1 is the upper unit, 2 bedrooms and 2 bathrooms. Unit 2 is the lower level with a separate entrance, 1 bedroom and 1 bathroom, Unit 3 is detached behind the main house with 1 bedroom and 1 bathroom. 1 car attached garage PLUS partially cover (4) additional parking space. All tenants are long term with good rental histories. The owner occupies Unit 1. Upgrades and remodel to numerouse to list. This is not a drive by. Serious Buyers don

Key facts

• Upgrades and remodel
• Separate entrance
• Long term tenants

Tags

• TOP OF THE LINE MATERIALS
• SEPARATE ENTRANCE
• LONG TERM TENANTS
• GOOD RENTAL HISTORIES
• UPGRADES AND REMODEL

Property features AI

Finance

• Other: Lot dimensions approximately 151' x 50' (0.17 acre); City-maintained paved street frontage
• HOA & community: No association amenities

Exterior

• Utilities: Public water; Sewer connected
• Home design: Residential income property (triplex); Single-story; Faces south
• Construction: Stucco and wood siding exterior; Asphalt/composition roof; Slab foundation; Built as part of a triplex (multi-family)
• Exterior features: Patio; Landscaped lot; Outbuilding / shed(s)

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Disposal; Microwave; Refrigerator; Range hood
• Flooring: Hardwood flooring; Laminate flooring; Simulated wood flooring
• Heating & cooling: Forced air heating; Hot water heating; Natural gas heat source; Evaporative cooling
• Interior features: Laminate countertops; Finished full basement with exterior entry

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/4.0-bath units multifamily listed at $720k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/yr) — positive. Per door: $30/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 $546k (24.2% below list).
• Recommended offer: $546k (24.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.

Location & tenants

• 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: Chipeta Elementary School (math 17% / reading 22%, grade F, #706 of 966 statewide, top 75%, 375 students, 66% FRL); West Middle School (math 28% / reading 35%, grade F, #121 of 270 statewide, top 46%, 316 students, 34% FRL); Grand Junction High School (math 25% / reading 53%, grade F, #188 of 381 statewide, top 49%, 1,522 students, 36% FRL).
• Market conditions: Rents rising fast (+6.9%/yr); 161 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,014 units permitted in Mesa County in 2024 (240 in 5+ unit buildings).
• At $5,460/mo this rent would consume 122% of the median local household income ($54k/yr) (locally 1317% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($655k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $106k; list at $720k implies a 576% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $546,000 (24.2% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.76% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.53%
• DSCR: 1.02
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.92% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.56×
• Total profit: $-88,964
• Equity at exit: $107,347

10-year hold

• IRR: 1.7%
• Equity multiple: 1.14×
• Total profit: $27,907
• Equity at exit: $62,248

Cash invested: $201,586 (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 81501

• Rents YoY: 6.9%
• Active inventory: 161
• Price-to-rent: 33.0×

Monthly cashflow live

• Estimated rent: $5,460 medium
• Mortgage (P&I): −$3,775
• Tax from tax record: −$149 /mo · $1,782/yr
• Insurance: −$300
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,147
• Net cashflow: $89

Break-even live

Break-even rent $5,347

Max offer price $719,950

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	4	$5,460
Total (3 units)			$5,460

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: $179,988
• Closing costs: $21,598
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
909 Ouray Ave Grand Junction, CO	4.0	1.0	1560	$2,000	$1.28	21d	1	0.66mi
1015 Belford Ave Grand Junction, CO	4.0	2.0	1518	$2,256	$1.49	13d	1	0.75mi
530 Lilac Ln Grand Junction, CO	3.0	3.0	1964	$2,100	$1.07	13d	1	0.96mi
1290 N 13th St Grand Junction, CO	4.0	3.0	1700	$3,365	$1.98	13d	1	1.06mi
457 N 19th St Grand Junction, CO	5.0	2.0	2356	$2,800	$1.19	13d	1	1.39mi
2040 N 15th St Grand Junction, CO	4.0	2.0	1351	$2,600	$1.92	13d	1	1.42mi
401 E Mayfield Dr Grand Junction, CO	3.0	2.0	1295	$2,300	$1.78	13d	1	1.43mi
942 Northern Way Unit 1 Grand Junction, CO	3.0	2.0	1276	$1,800	$1.41	13d	1	1.48mi

Listing history 22 events

1. 2026-06-19
   days on market $719,950 Active 93 DOM
2. 2026-06-18
   days on market $719,950 Active 92 DOM
3. 2026-06-17
   days on market $719,950 Active 91 DOM
4. 2026-06-16
   days on market $719,950 Active 90 DOM
5. 2026-06-15
   days on market $719,950 Active 89 DOM
6. 2026-06-14
   days on market $719,950 Active 87 DOM
7. 2026-06-13
   days on market $719,950 Active 86 DOM
8. 2026-06-10
   days on market $719,950 Active 84 DOM
9. 2026-06-09
   days on market $719,950 Active 83 DOM
10. 2026-06-08
    days on market $719,950 Active 82 DOM
11. 2026-06-07
    days on market $719,950 Active 81 DOM
12. 2026-06-05
    days on market $719,950 Active 78 DOM
13. 2026-06-02
    days on market $719,950 Active 76 DOM
14. 2026-06-01
    days on market $719,950 Active 75 DOM
15. 2026-05-31
    days on market $719,950 Active 74 DOM
16. 2026-05-30
    days on market $719,950 Active 73 DOM
17. 2026-03-17
    listed $719,950 Active
18. 2025-10-03
    status Active
19. 2025-09-13
    price $728,900
20. 2025-06-09
    listed $749,000 Active
21. 2000-05-24
    soldstatus $106,500
22. 1996-11-21
    soldstatus $91,000

ⓘ 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: $1,782 · $149/mo
• Projected year-2 tax: $3,960 · $330/mo
• Expected delta: +$2,178/yr (+$181/mo · 122.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,520
• − Mortgage interest: −$40,328
• − Property taxes: −$1,782
• − Insurance: −$3,600
• − Repairs & maintenance: −$5,242
• − Management: −$5,242
• − Depreciation: −$20,944
• Taxable loss: −$11,617
• Est. tax savings @ 24.0%: +$2,788
• After-tax cash flow: $3,861/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: Mesa County Valley School District No. 51
• NCES district ID: 0804350
• Math proficiency: 26% ▲ 1.00%
• Reading proficiency: 38% ▬ 0.00%
• Median HH income: $50,189
• Composite: 27.83/100
• National rank: #6884
• State rank: #43 of 86 in CO

Livability — Grand Junction

• Score: 79/100
• State rank: #15
• US rank: #2222

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Junction, CO
• County: Mesa County · 143,088 people
• City population: 113,583
• Metro: Grand Junction, CO
• Population (ZIP): 24,011
• Household income: $53,666
• Rent vs Own: 53.2% rent · 46.8% own
• Severe rent burden: 1317.0

Population outlook (Mesa County) Hauer SSP2

• Today (2025): 153,000 people
• By 2030: 154,479 · +1.0%
• By 2040: 155,257 · +1.5%
• By 2050: 153,384 · +0.3%
• By 2075: 144,735 · -5.4%
• By 2100: 123,825 · -19.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 17% Two or more races 9% Native American 1% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 3% Lithuanian 3% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Mesa

• 2024 margin: Strong R (+24.3) · D 36.6% · R 61.0% · Other 2.4%
• 2008→2024 swing: +5.2pp toward D · 2008: -29.5pp · 2024: -24.3pp
• All cycles: 2024: R+24.3 2020: R+28.0 2016: R+36.3 2012: R+32.8 2008: R+29.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -385.18%
• Current HPI: 331.3836
• Rent YoY: ▲ 6.92%
• Metro: Grand Junction, CO
• 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

+691.2% since first listed

6 events — show timeline

• 2026-03-17 Listed $719,950 GJARA
• 2025-10-03 Relisted — GJARA
• 2025-09-13 Price Changed $728,900 GJARA
• 2025-06-09 Listed $749,000 GJARA
• 2000-05-24 Sold (Public Records) $106,500 Public Records
• 1996-11-21 Sold (Public Records) $91,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $1,782 · +68.4% YoY. Source: county tax records.