1927 N Academy Blvd · Colorado Springs, CO 80909

$229,500

4 bd · 2.0 ba · 1,809 sqft · Townhouse public records · 65 Days on market

Built 1970 882 sqft lot Est $268k · 14% under $418/mo HOA · 19% of rent

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Why this score? — see what drove the D+ 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).

• ARV discount +13.9/15.0
• Cash flow +13.1/30.0
• 1% rule +4.8/10.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come and see this wonderful three bedroom, two and one half-bath townhouse. The living room and kitchen have been updated with newer veneer flooring, and new cabinets and granite counter-tops in the kitchen. The kitchen has a walk-out to an enclosed private patio that leads to the carport. The main bedroom with adjoining bath and a smaller bedroom are on the upper floor and there is a big family room, three-quarter bath and bonus room in the basement. Amenities include a clubhouse with a spa and sauna, a small playground and a summertime outdoor swimming pool. Close to Palmer Park with its ball fields and hiking trails and to the Rock Island Line hiking and bike trail.

Key facts

• Clubhouse with spa
• Veneer flooring
• Granite counter tops

Tags

• VENEER FLOORING
• GRANITE COUNTER TOPS
• ENCLOSED PRIVATE PATIO
• CLUBHOUSE WITH SPA
• OUTDOOR SWIMMING POOL
• HIKING TRAILS

Property features AI

Finance

• Financial info: Financing available: Cash, Conventional, VA Vendee
• HOA & community: HOA required; Monthly association fee of $418 covering common utilities, covenant enforcement, insurance, management, snow removal and trash removal; Community amenities include clubhouse, playground and pool

Exterior

• Parking: Carport; 1 garage space
• Utilities: Municipal water; Electric service
• Home design: Townhouse (inside unit)
• Construction: Wood frame construction; Framed on lot; Brick and masonite-type siding; Composite shingle roof; Full basement (approximately 97% finished); Existing home
• Exterior features: Concrete patio; Rear fence; Storage shed on property; City view; Near fire station; Near public transit; Paved alley

Interior

• Bedrooms: Primary bedroom located on the upper level
• Flooring: Carpet; Wood laminate
• Bathrooms: One full bath; One three-quarter bath; One half bath
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Carpet and wood laminate flooring; Wood laminate entry; Basement laundry facilities; Central air conditioning; Forced air heating with natural gas
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $230k.

Deal economics

• At list price, monthly cash flow is $-10 ($-121/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (2.3% below list).
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 3.3% in Colorado 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 78/100 on livability (#23 in CO, #2,639 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, housing A+, health & safety A+; Watch: cost of living C-, crime F.
• Colorado Springs School District No. 11 In The County Of E (urban): math 20% / reading 37% proficiency, ranked #56 of 86 in CO (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.9%/yr); 180 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 3,906 units permitted in El Paso County in 2024 (872 in 5+ unit buildings).
• This rent runs 42% of the median local income ($64k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• El Paso County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($216k) 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 $215,730 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.98% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $267,732
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3844 Constitution Ave	0.07mi	3/2.5 (-1)	1,809 (0%)	9mo	$272,900	$151	82
3830 Constitution Ave	0.06mi	3/2.0 (-1)	1,776 (-2%)	10mo	$260,000	$146	81
2021 N Academy Blvd	0.12mi	3/2.5 (-1)	1,809 (0%)	8mo	$262,000	$145	80
3874 Constitution Ave	0.10mi	3/2.5 (-1)	1,809 (0%)	13mo	$268,000	$148	78
3826 Constitution Ave	0.05mi	3/2.0 (-1)	1,776 (-2%)	22mo	$269,900	$152	71
3864 Constitution Ave	0.08mi	3/2.5 (-1)	2,010 (+11%)	17mo	$291,000	$145	56

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 · 1.87% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.37×
• Total profit: $-40,199
• Equity at exit: $34,219

10-year hold

• IRR: -12.6%
• Equity multiple: 0.29×
• Total profit: $-45,319
• Equity at exit: $19,843

Cash invested: $64,260 (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 80909

• Rents YoY: 1.9%
• Active inventory: 180
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,241 high
• Mortgage (P&I): −$1,204
• Tax from tax record: −$64 /mo · $764/yr
• Insurance: −$96
• HOA: −$418
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $-10

Break-even live

Break-even rent $2,254

Max offer price $227,714

Occupancy floor 95%

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: $57,375
• Closing costs: $6,885
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3727 Lander Ln Colorado Springs, CO	3.0	2.5	2320	$2,695	$1.16	3d	1	0.16mi
1938 Berkshire Ln Colorado Springs, CO	5.0	2.0	2026	$2,150	$1.06	3d	1	0.21mi
3026 Drakestone Dr Colorado Springs, CO	3.0	1.5	2300	$2,400	$1.04	14d	1	0.83mi
1305 Wynkoop Dr Colorado Springs, CO	4.0	3.0	1810	$2,480	$1.37	21d	1	0.85mi
1114 Wynkoop Dr Colorado Springs, CO	4.0	2.0	1600	$2,000	$1.25	3d	1	0.99mi
913 N Chelton Rd Colorado Springs, CO	1.0–3.0	1.0–2.5	1062	$1,775	$1.67	3d	5	1.12mi
4102 Maxwell Rd Colorado Springs, CO	4.0	2.0	1788	$750	$0.42	24d	1	1.17mi
1738 Wooten Rd Colorado Springs, CO	4.0	3.0	1392	$2,695	$1.94	24d	1	1.26mi
3310 Knoll Ln Colorado Springs, CO	1.0–3.0	1.0–2.0	1110	$2,262	$2.04	3d	13	1.46mi

HOA detail

• Monthly dues: $418 · $5,016/yr
• Likely covers: pool

Listing history 26 events

1. 2026-06-19
   remarks 678-char remark
2. 2026-06-18
   days on market $229,500 Active 65 DOM
3. 2026-06-17
   price $229,500 Active 64 DOM
4. 2026-06-17
   days on market $244,500 Active 64 DOM
5. 2026-06-16
   days on market $244,500 Active 63 DOM
6. 2026-06-15
   days on market $244,500 Active 62 DOM
7. 2026-06-14
   days on market $244,500 Active 60 DOM
8. 2026-06-10
   days on market $244,500 Active 57 DOM
9. 2026-06-09
   days on market $244,500 Active 56 DOM
10. 2026-06-08
    days on market $244,500 Active 55 DOM
11. 2026-06-07
    days on market $244,500 Active 54 DOM
12. 2026-06-05
    days on market $244,500 Active 51 DOM
13. 2026-06-03
    days on market $244,500 Active 50 DOM
14. 2026-06-03
    days on market $244,500 Active 49 DOM
15. 2026-06-01
    days on market $244,500 Active 48 DOM
16. 2026-05-31
    days on market $244,500 Active 47 DOM
17. 2026-05-20
    price $244,500
18. 2026-04-15
    listed $256,500 Active
19. 2025-10-30
    price $278,750
20. 2025-08-11
    price $250,000
21. 2025-08-04
    price $259,950
22. 2025-05-05
    price $270,000
23. 2025-02-05
    price $305,000
24. 2021-11-30
    soldstatus $300,000
25. 2007-05-15
    soldstatus $140,000
26. 1985-06-01
    soldstatus $73,500

ⓘ 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: $764 · $64/mo
• Projected year-2 tax: $1,262 · $105/mo
• Expected delta: +$499/yr (+$42/mo · 65.3%)

ⓘ 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 6 d/yr ≥88°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,896
• − Mortgage interest: −$12,856
• − Property taxes: −$764
• − Insurance: −$1,148
• − Repairs & maintenance: −$2,152
• − Management: −$2,152
• − HOA: −$5,016
• − Depreciation: −$6,676
• Taxable loss: −$3,866
• Est. tax savings @ 24.0%: +$928
• After-tax cash flow: $807/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: Colorado Springs School District No. 11 In The County Of E
• NCES district ID: 0803060
• Math proficiency: 20% ▼ -8.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $47,884
• Composite: 24.69/100
• National rank: #7613
• State rank: #56 of 86 in CO

Livability — Colorado Springs

• Score: 78/100
• State rank: #23
• US rank: #2639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colorado Springs, CO
• County: El Paso County · 689,348 people
• City population: 555,783
• Metro: Colorado Springs, CO
• Population (ZIP): 35,486
• Household income: $64,035
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 2565.0

Population outlook (El Paso County) Hauer SSP2

• Today (2025): 768,926 people
• By 2030: 815,739 · +6.1%
• By 2040: 903,489 · +17.5%
• By 2050: 981,204 · +27.6%
• By 2075: 1,155,542 · +50.3%
• By 2100: 1,202,070 · +56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 21% Two or more races 13% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 8% German/W. Germanic 1%

Political lean MEDSL · El Paso

• 2024 margin: Lean R (+9.8) · D 43.8% · R 53.5% · Other 2.7%
• 2008→2024 swing: +9.0pp toward D · 2008: -18.8pp · 2024: -9.8pp
• All cycles: 2024: R+9.8 2020: R+10.8 2016: R+22.6 2012: R+21.4 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -363.33%
• Current HPI: 276.1246
• Rent YoY: ▲ 1.87%
• Metro: Colorado 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

+232.7% since first listed

10 events — show timeline

• 2026-05-20 Price Changed $244,500 elevateMLS
• 2026-04-15 Listed $256,500 elevateMLS
• 2025-10-30 Price Changed $278,750 elevateMLS
• 2025-08-11 Price Changed $250,000 elevateMLS
• 2025-08-04 Price Changed $259,950 elevateMLS
• 2025-05-05 Price Changed $270,000 elevateMLS
• 2025-02-05 Price Changed $305,000 elevateMLS
• 2021-11-30 Sold (Public Records) $300,000 Public Records
• 2007-05-15 Sold (Public Records) $140,000 Public Records
• 1985-06-01 Sold (Public Records) $73,500 Public Records

Property tax history

+1.3%/yr

Latest (2024): $764 · +16.3% YoY. Source: county tax records.