2345 Apres Ski Way Unit 116J · Steamboat Springs, CO 80487

$125,000

4 bd · 4.0 ba · 2,022 sqft · SingleFamily · 19 Days on market

Built 1981 Good condition 6,224 sqft lot $450/mo HOA · 13% of rent

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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
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy five weeks a year with a fractional ownership of this lovely mountainside condo at the Phoenix! Weeks are on a rotating calendar and run from Saturday to Saturday, this is calendar "J". Buy now and enjoy a week in June, September and December in 2026! The Phoenix offers excellent walk-to-ski access and is close to everywhere you want to be in the mountain area. This property features a unique and versatile floor plan with 2 separate lock-off options to use in a variety of ways. It can be used in its entirety as a 4 bedroom, 4 bathroom condo or you can have two separate units each with their own entrance as a 3 bedroom, 3 bath condo and a one bedroom with a kitchenette. The c

Key facts

• Fitness center
• Unique floor plan
• Private garage

Tags

• WALK-TO-SKI ACCESS
• UNIQUE FLOOR PLAN
• LOCK-OFF OPTIONS
• PRIVATE GARAGE
• HEATED OUTDOOR POOL
• FITNESS CENTER

Property features AI

Finance

• HOA & community: Homeowners association with annual fee (approximately $2,700/year); Fitness center; Clubhouse; Building reception area

Exterior

• Parking: Attached garage (1 car); Covered parking; Parking lot
• Utilities: Public water; Public sewer (sewer connected); Cable available; Electricity available; Natural gas available; Water available
• Home design: Residential timeshare; Multi/split level
• Construction: Frame, concrete, stucco and wood siding construction; Metal roof
• Exterior features: Deck; Community pool; Paved road access; Has a view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Flooring: Carpet; Tile; Wood
• Bathrooms: Four full bathrooms
• Heating & cooling: Baseboard heating
• Interior features: Vaulted ceilings; Furnished; Gas fireplace
• Laundry & utility: In-unit laundry (washer and dryer included)

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $125k. Condition is rated good.

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 $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.2% vs local median 0.1% in Steamboat Springs — 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 74/100 on livability (#41 in CO, #4,975 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, schools B; Watch: health & safety C-, amenities D, cost of living F.
• Steamboat Springs School District No. RE-2 (town): math 49% / reading 72% proficiency, ranked #4 of 86 in CO (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+10.6%/yr); 564 active listings in the ZIP; solid renter incomes; 597 units permitted in Routt County in 2024 (418 in 5+ unit buildings).
• This rent runs 38% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Routt County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 2.80% ✓
• Cap rate: 20.22%
• Cash-on-cash: 49.73%
• DSCR: 3.21
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $287,124
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2250 Apres Ski Way Unit RC-513-IV	0.11mi	4/4.0	2,279 (+13%)	1mo	$355,000	$156	73
2250 Apres Ski Way Unit RC-412-III	0.11mi	4/4.0	2,286 (+13%)	1mo	$520,000	$227	72
2250 Apres Ski Way Unit RC-405-IV	0.11mi	4/4.0	2,272 (+12%)	3mo	$535,000	$235	71
2250 Apres Ski Way Unit RC-415-I	0.11mi	4/4.0	2,272 (+12%)	4mo	$535,000	$235	71
2255 Ski Time Square Dr Unit 223-3-98	0.38mi	3/3.0 (-1)	2,039 (+1%)	2mo	$195,000	$96	70
2355 Ski Time Square Dr Unit 127-3-67	0.40mi	3/3.0 (-1)	1,996 (-1%)	8mo	$212,500	$106	63
2155 Ski Time Square Dr Unit 321-4-91	0.37mi	4/4.0	2,181 (+8%)	8mo	$310,000	$142	63
2355 Ski Time Square Drive Dr #126	0.40mi	3/3.0 (-1)	2,075 (+3%)	7mo	$218,000	$105	62
2255 Ski Time Square Dr Unit 212-3-76	0.38mi	3/3.0 (-1)	1,915 (-5%)	3mo	$200,000	$104	62
2300 Mount Werner Cir Unit 503/504	0.31mi	3/3.0 (-1)	2,161 (+7%)	4mo	$220,000	$102	62
2300 Mt Werner Cir Unit 216 cal 4	0.31mi	3/3.0 (-1)	1,868 (-8%)	7mo	$157,250	$84	58
2180 Val Disere Cir	0.42mi	3/2.0 (-1)	2,082 (+3%)	7mo	$1,750,000	$841	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 54.1%
• Equity multiple: 3.60×
• Total profit: $90,948
• Equity at exit: $18,638

10-year hold

• IRR: 61.5%
• Equity multiple: 9.10×
• Total profit: $283,655
• Equity at exit: $10,808

Cash invested: $35,000 (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 80487

• Rents YoY: 10.6%
• Active inventory: 564
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $3,499 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$450
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $1,450

Break-even live

Break-even rent $1,663

Max offer price $125,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,537	-5% $1,494	+0% $1,450	+5% $1,407	+10% $1,364
Rent	-10% $1,174	-5% $1,312	+0% $1,450	+5% $1,589	+10% $1,727
Rate	-1.0pp $1,513	-0.5pp $1,482	base $1,450	+0.5pp $1,418	+1.0pp $1,385

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $450 · $5,400/yr

Listing history 14 events

1. 2026-06-21
   days on market $125,000 Active 19 DOM
2. 2026-06-19
   days on market $125,000 Active 17 DOM
3. 2026-06-18
   days on market $125,000 Active 16 DOM
4. 2026-06-17
   days on market $125,000 Active 15 DOM
5. 2026-06-16
   days on market $125,000 Active 14 DOM
6. 2026-06-15
   days on market $125,000 Active 13 DOM
7. 2026-06-14
   days on market $125,000 Active 11 DOM
8. 2026-06-12
   days on market $125,000 Active 10 DOM
9. 2026-06-09
   days on market $125,000 Active 7 DOM
10. 2026-06-08
    days on market $125,000 Active 6 DOM
11. 2026-06-07
    days on market $125,000 Active 5 DOM
12. 2026-06-07
    days on market $125,000 Active 4 DOM
13. 2026-06-03
    remarks 689-char remark
14. 2026-06-03
    listed $125,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 9 d/yr ≥80°F today · 25 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,990
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$3,359
• − Management: −$3,359
• − HOA: −$5,400
• − Depreciation: −$3,636
• Taxable income: $16,733
• Est. tax owed @ 24.0%: −$4,016
• After-tax cash flow: $13,390/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, multi-unit property in a desirable location offers excellent walk-to-ski access and is ready for immediate occupancy.

Value-add opportunities

• Both Paint the exterior siding — Painting the exterior siding can enhance the curb appeal and increase the property's value.
• Rental Inspect and clean the HVAC filters — Maintaining the HVAC system ensures the property is comfortable and energy-efficient, which is important for rental properties.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Painting the exterior siding can enhance the curb appeal and increase the property's value. ↑
• Rental Inspect and clean the HVAC filters — Maintaining the HVAC system ensures the property is comfortable and energy-efficient, which is important for rental properties. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Steamboat Springs School District No. RE-2
• NCES district ID: 0806660
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $67,833
• Composite: 53.1/100
• National rank: #1513
• State rank: #4 of 86 in CO

Livability — Steamboat Springs

• Score: 74/100
• State rank: #41
• US rank: #4975

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steamboat Springs, CO
• County: Routt County · 18,525 people
• City population: 18,525
• Metro: Steamboat Springs, CO
• Population (ZIP): 18,525
• Household income: $109,659
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 644.0

Population outlook (Routt County) Hauer SSP2

• Today (2025): 27,283 people
• By 2030: 28,555 · +4.7%
• By 2040: 30,578 · +12.1%
• By 2050: 32,328 · +18.5%
• By 2075: 36,897 · +35.2%
• By 2100: 38,794 · +42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 12% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Routt

• 2024 margin: Strong D (+27.7) · D 62.5% · R 34.8% · Other 2.8%
• 2008→2024 swing: +0.9pp no change · 2008: 26.9pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+27.6 2016: D+17.0 2012: D+15.6 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -342.73%
• Current HPI: 471.8844
• Rent YoY: ▲ 10.61%
• Metro: Steamboat Springs, 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

1 event — show timeline

• 2026-06-02 Listed $125,000 SAR