2300 Mt Werner Cir #237 · Steamboat Springs, CO 80487

$165,000

1 bd · 1.0 ba · 779 sqft · Condo public records · 117 Days on market

Built 1999 $749/mo HOA · 33% of rent

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Why this score? — see what drove the C- 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 +14.6/30.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• DSCR +4.4/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Calling all golfers! Arrive on a Friday to enjoy a full weekend of unlimited golf. This Steamboat Grand Quarter Share Calendar III offering 13 weeks use per year features a Friday-to-Friday calendar and a Golf membership to the Rolling Stone Golf Course. This rare combo makes this a great purchase for a local or a golf enthusiast within driving distance to Steamboat Springs. A typical golf membership is a $35,000 value but transfers with a minimal $1,500 fee, providing access to affordable season pass packages offering unlimited golf for the season. Unit #237 is a 2nd-floor, 1-bedroom, 1-bath Mogul floor plan offering beautiful valley views. Ownership at The Grand offers a robust rental pro

Key facts

• On-site dining
• Shuttle services
• Hot tubs

Tags

• VALLEY VIEWS
• HEATED OUTDOOR POOL
• HOT TUBS
• SPA AND FITNESS CENTER
• ON-SITE DINING
• SHUTTLE SERVICES

Property features AI

Finance

• Other: Property zoned Multi-Family
• HOA & community: Has homeowners association; Annual association fee (approximately $8,988; about $749/month); Association amenities: Fitness center, Snow removal; Community features include pool; Building features include conference room, elevators, on-site management, reception area, steam room

Exterior

• Parking: Underground garage and parking lot; Has garage
• Utilities: Public water; Public sewer (connected); Electricity available; Cable available
• Home design: Residential timeshare; One level
• Construction: Other roof
• Exterior features: Community pool; Paved road access

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Hot water heating; Cooling
• Interior features: Furnished; Has view; Storage
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $39 ($463/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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); 555 active listings in the ZIP; solid renter incomes; 597 units permitted in Routt County in 2024 (418 in 5+ unit buildings).

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 $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago 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 $38k; list at $165k implies a 334% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.40% ✓
• Cap rate: 6.57%
• Cash-on-cash: 1.00%
• DSCR: 1.04
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.3%
• Equity multiple: 0.75×
• Total profit: $-11,680
• Equity at exit: $24,602

10-year hold

• IRR: 10.5%
• Equity multiple: 2.08×
• Total profit: $50,125
• Equity at exit: $14,266

Cash invested: $46,200 (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: 555
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,303 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$98 /mo · $1,171/yr
• Insurance: −$69
• HOA: −$749
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $39

Break-even live

Break-even rent $2,254

Max offer price $165,000

Occupancy floor 93%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $749 · $8,988/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-19
   days on market $165,000 Active 117 DOM
2. 2026-06-18
   days on market $165,000 Active 116 DOM
3. 2026-06-17
   days on market $165,000 Active 115 DOM
4. 2026-06-16
   days on market $165,000 Active 114 DOM
5. 2026-06-15
   days on market $165,000 Active 113 DOM
6. 2026-06-14
   days on market $165,000 Active 111 DOM
7. 2026-06-12
   days on market $165,000 Active 110 DOM
8. 2026-06-09
   days on market $165,000 Active 107 DOM
9. 2026-06-09
   price $165,000 Active 106 DOM
10. 2026-06-08
    days on market $170,000 Active 106 DOM
11. 2026-06-07
    days on market $170,000 Active 105 DOM
12. 2026-06-07
    days on market $170,000 Active 104 DOM
13. 2026-06-04
    days on market $170,000 Active 101 DOM
14. 2026-06-02
    days on market $170,000 Active 100 DOM
15. 2026-06-01
    days on market $170,000 Active 99 DOM
16. 2026-05-31
    days on market $170,000 Active 98 DOM
17. 2026-05-31
    days on market $170,000 Active 97 DOM
18. 2026-02-23
    listed $170,000 Active
19. 2015-04-29
    historical
20. 2014-10-01
    listed $44,000
21. 2013-03-18
    soldstatus $38,000
22. 2011-08-24
    soldstatus $36,500
23. 2002-08-22
    soldstatus $75,900

ⓘ 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: $1,171 · $98/mo
• Projected year-2 tax: $1,171 · $98/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $27,634
• − Mortgage interest: −$9,243
• − Property taxes: −$1,171
• − Insurance: −$825
• − Repairs & maintenance: −$2,211
• − Management: −$2,211
• − HOA: −$8,988
• − Depreciation: −$4,800
• Taxable loss: −$1,814
• Est. tax savings @ 24.0%: +$435
• After-tax cash flow: $899/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

+124.0% since first listed

6 events — show timeline

• 2026-02-23 Listed $170,000 SAR
• 2015-04-29 Listing Removed — REColorado as Distributed by MLS Grid
• 2014-10-01 Listed $44,000 REColorado as Distributed by MLS Grid
• 2013-03-18 Sold (Public Records) $38,000 Public Records
• 2011-08-24 Sold (Public Records) $36,500 Public Records
• 2002-08-22 Sold (Public Records) $75,900 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,171 · +67.4% YoY. Source: county tax records.