51519 1 Hwy 6 Unit C-43

Glenwood Springs, CO 81623

$305,000C+

2 bd · 1.0 ba · 689 sqft · Built 1979 · Condo · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,710/mo
• Mortgage (P&I): −$1,599
• Tax + insurance: −$253
• HOA: −$350
• Vac / Maint / Mgmt: −$779
• Net cashflow: $728/mo
• Annual: $8,739/yr
• Cap rate: 9.16%
• Cash-on-cash: 10.23%
• DSCR: 1.46
• 1% rule: 1.22%
• Cash to close: $85,400

Investor read

• This is a 2-bed/1.0-bath condo listed at $305k.
• At list price, monthly cash flow is $728 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $305k).
• It's been on market 27 days — a 2% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $300k (1.5% 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 $9k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#138 in CO) — a middle-class / working-renter tenant base. Strengths: employment A+, commute B+; Watch: amenities D, schools F, crime F.
• Roaring Fork School District No. Re-1 (town): math 28% / reading 39% proficiency, ranked #37 of 86 in CO (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 203 active listings in the ZIP; solid renter incomes; 171 units permitted in Garfield County in 2024 (64 in 5+ unit buildings).
• Garfield County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $90k; list at $305k implies a 239% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.2% vs local median 1.8% in Glenwood 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.
• This rent runs 41% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.