331 Haymaker St

Silverthorne, CO 80498

$566,962C-

3 bd · 2.5 ba · 1,514 sqft · Built 2022 · MultiFamily · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,625/mo
• Mortgage (P&I): −$2,973
• Tax + insurance: −$392
• HOA: −$219
• Vac / Maint / Mgmt: −$1,181
• Net cashflow: $860/mo
• Annual: $10,317/yr
• Cap rate: 8.11%
• Cash-on-cash: 6.50%
• DSCR: 1.29
• 1% rule: 0.99%
• Cash to close: $158,749

Investor read

• This is a 3-bed/2.5-bath multifamily listed at $567k. Condition is rated good.
• At list price, monthly cash flow is $860 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $562k (0.8% below list).
• It's been on market 26 days — a 2% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $558k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#51 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A-; Watch: amenities D+, cost of living F.
• Summit School District No. RE-1 (rural): math 27% / reading 43% proficiency, ranked #35 of 86 in CO (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Silverthorne Elementary School (math 5% / reading 12%, grade F, #922 of 966 statewide, top 97%, 342 students, 54% FRL); Summit Middle School (math 24% / reading 38%, grade F, #126 of 270 statewide, top 46%, 764 students, 38% FRL); Summit High School (math 37% / reading 62%, grade D, #115 of 381 statewide, top 34%, 1,132 students, 29% FRL).
• Market conditions: Rents flat; 314 active listings in the ZIP; solid renter incomes; 308 units permitted in Summit County in 2024 (123 in 5+ unit buildings).
• Summit County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 8.1% vs local median 1.1% in Silverthorne — 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 $5,625/mo this rent would consume 64% of the median local household income ($106k/yr) (locally 228% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.