807 13th St

Alamosa, CO 81101

$330,000C

4 bd · 2.0 ba · 2,151 sqft · Built 1912 · MultiFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,569/mo
• Mortgage (P&I): −$1,731
• Tax + insurance: −$209
• HOA: −$0
• Vac / Maint / Mgmt: −$749
• Net cashflow: $880/mo
• Annual: $10,562/yr
• Cap rate: 9.49%
• Cash-on-cash: 11.43%
• DSCR: 1.51
• 1% rule: 1.08%
• Cash to close: $92,400

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $330k.
• At list price, monthly cash flow is $880 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• It's been on market 48 days — a 3% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $320k (3.0% 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 $10k 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 3-5 (math 32% / reading 32%, grade F, #475 of 966 statewide, top 51%, 504 students, 66% 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 62% FRL track the district average.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 187 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.
• 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 $30k; list at $330k implies a 1000% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.5% 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 $3,569/mo this rent would consume 78% 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 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 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.