2300 Mt. Werner Circle Cir Unit 603/605 Cal1 · Steamboat Springs, CO 80487

$155,000

2 bd · 2.0 ba · 1,364 sqft · SingleFamily · 253 Days on market

Built 1999 Est $237k · 35% under $669/mo HOA · 23% of rent ↓ 5% since listing

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Why this score? — see what drove the A- 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 +29.3/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

WOW! The largest Nordic floor plan located on the 6th floor with sweeping views of the Yampa Valley, Emerald Mountain and beyond. This two bed/ two bath unit sleeps 10 people with a king bedroom, a double queen second bedroom, a queen sofa bed, and twin daybeds flanking the fireplace. Eighth share is 6/7 weeks each year. The Steamboat Grand has recently completed a major renovation to water main lines, elevators and fire alarm systems along with upgrades to common areas. Recent upgrades in unit include kitchen appliance package, flat screen TV, art, decor, lighting, sofa and love seat, tables and chairs. Steamboat Grand ownership allows owners YEAR ROUND use of all the amenities at the Gran

Key facts

• Sweeping views
• Nordic floor plan
• Ensuite bath

Tags

• NORDIC FLOOR PLAN
• SWEEPING VIEWS
• KING BEDROOM
• FIREPLACE
• ENSUITE BATH
• JACUZZI TUB

Property features AI

Finance

• Other: Subdivision: STEAMBOAT GRAND RESORT HOTEL CONDOMINIUM; Directions: From Hwy 40, take Mt Werner Rd exit towards ski area. Take left at Mt Werner Cir and the Steamboat Grand is on the right.
• HOA & community: Has homeowners association; Annual association fee; Fitness center; Building amenities: Elevators, On-site management, Reception area, Steam room, WiFi; Community features: Pool

Exterior

• Parking: Underground parking; Heated garage; Electric vehicle charging station(s); Lighted parking; Community structure parking; Unassigned parking; 1-car garage
• Utilities: Public water; Public sewer; Sewer connected; Electricity available; Natural gas available; Phone available; Water available
• Home design: Residential timeshare; One level
• Construction: Metal roof; Concrete construction; Stucco exterior; Wood siding; Steel siding; Storage (other structure)
• Exterior features: Community pool; Landscaped grounds; Near public transit; Storage; Paved road; Public maintained road; Has view

Interior

• Kitchen: Bar fridge; Dishwasher; Microwave; Oven; Range; Refrigerator
• Bedrooms: Entry level: 6
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Forced air; Hot water heating; Natural gas heating; Cooling
• Interior features: Furnished; Gas fireplace; Therapeutic whirlpool; Accessible approach with ramp; Satellite dish; On-site management; Reception area; WiFi
• Laundry & utility: Washer; Dryer; Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 32% 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 $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 253 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 253 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
6. 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.
7. 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.
8. 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: 1.86% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.02%
• DSCR: 1.67
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $237,336
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2300 Mt Werner Cir Unit 517 QI	0.00mi	2/2.0	1,349 (-1%)	0mo	$235,000	$174	98
2300 Mt Werner Cir Unit 462/465/466	0.00mi	2/3.0	1,383 (+1%)	0mo	$157,000	$114	93
2300 Mount Werner Cir Unit 619/622/623	0.00mi	2/3.0	1,403 (+3%)	3mo	$291,000	$207	89
2300 Mount Werner Cir Unit 529/530 QIV	0.00mi	2/2.0	1,304 (-4%)	6mo	$207,500	$159	88
2300 Mount Werner Cir Unit 340/343/344 QI	0.00mi	2/3.0	1,369 (+0%)	10mo	$295,000	$215	87
2300 Mount Werner Cir Unit 340/343/344 QII	0.00mi	2/3.0	1,369 (+0%)	10mo	$295,000	$215	87
2300 Mt Werner Cir Unit 529/530	0.00mi	2/2.0	1,304 (-4%)	11mo	$135,000	$104	83
2300 Mount Werner Cir Unit 228/229	0.00mi	2/2.0	1,190 (-13%)	1mo	$125,000	$105	78
2300 Mount Werner Cir Unit 367/369 QIII	0.00mi	2/2.0	1,177 (-14%)	4mo	$204,900	$174	74
2300 Mt Werner Cir #516	0.00mi	2/3.0	1,543 (+13%)	2mo	$179,400	$116	72
2300 Mount Werner Cir #520	0.00mi	2/3.0	1,543 (+13%)	3mo	$285,000	$185	72
2300 Mt. Werner Cir Unit 653 QIII	0.00mi	2/2.0	1,192 (-13%)	8mo	$215,000	$180	72

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: 13.4%
• Equity multiple: 1.58×
• Total profit: $25,207
• Equity at exit: $23,111

10-year hold

• IRR: 27.0%
• Equity multiple: 4.18×
• Total profit: $137,864
• Equity at exit: $13,402

Cash invested: $43,400 (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: 4.5×

Monthly cashflow live

• Estimated rent: $2,890 medium
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$669
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $543

Break-even live

Break-even rent $2,203

Max offer price $155,000

Occupancy floor 76%

Sensitivity live

Price	-10% $650	-5% $597	+0% $543	+5% $490	+10% $436
Rent	-10% $315	-5% $429	+0% $543	+5% $657	+10% $772
Rate	-1.0pp $621	-0.5pp $583	base $543	+0.5pp $503	+1.0pp $462

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $669 · $8,028/yr
• Likely covers: water

Listing history 20 events

1. 2026-06-21
   days on market $155,000 Active 253 DOM
2. 2026-06-19
   days on market $155,000 Active 251 DOM
3. 2026-06-18
   days on market $155,000 Active 250 DOM
4. 2026-06-17
   days on market $155,000 Active 249 DOM
5. 2026-06-16
   days on market $155,000 Active 248 DOM
6. 2026-06-15
   days on market $155,000 Active 247 DOM
7. 2026-06-14
   days on market $155,000 Active 245 DOM
8. 2026-06-12
   days on market $155,000 Active 244 DOM
9. 2026-06-09
   days on market $155,000 Active 241 DOM
10. 2026-06-08
    days on market $155,000 Active 240 DOM
11. 2026-06-07
    days on market $155,000 Active 239 DOM
12. 2026-06-07
    days on market $155,000 Active 238 DOM
13. 2026-06-04
    days on market $155,000 Active 235 DOM
14. 2026-06-02
    days on market $155,000 Active 234 DOM
15. 2026-06-01
    days on market $155,000 Active 233 DOM
16. 2026-05-31
    days on market $155,000 Active 232 DOM
17. 2026-05-31
    days on market $155,000 Active 231 DOM
18. 2025-12-19
    price $155,000
19. 2025-10-30
    price $159,900
20. 2025-10-11
    listed $164,000 Active

ⓘ 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 8 d/yr ≥80°F today · 22 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: $34,684
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$2,775
• − Management: −$2,775
• − HOA: −$8,028
• − Depreciation: −$4,509
• Taxable income: $4,815
• Est. tax owed @ 24.0%: −$1,156
• After-tax cash flow: $5,362/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: 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

-5.5% since first listed

3 events — show timeline

• 2025-12-19 Price Changed $155,000 SAR
• 2025-10-30 Price Changed $159,900 SAR
• 2025-10-11 Listed $164,000 SAR