48 Wenatchee Ct · Red Feather Lakes, CO 80545

$385,000

3 bd · 1.0 ba · 984 sqft · Other public records · 23 Days on market

Built 1977 1.91 ac lot $146/mo HOA · 4% 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 +17.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Appreciation +4.7/10.0
• Schools +4.5/10.0
• 1% rule +4.2/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

F6L153 Tucked into the side of Black Mountain this turnkey, cozy cabin has panoramic views of the Mummy Range + everything you need to start enjoying the mountain life the minute you walk through the door. Essentials are included from the furniture and bedding to kitchen necessities - even a grill and canoe! Warm wood floors and tongue & groove ceiling make for warm and inviting main floor living. Finished basement has 3rd bedroom (non-conforming) and has tons of possible uses + great storage. Amazing views from the flagstone patio below or the large, covered deck off the main floor. Great storage under the deck too. Cabin is situated on cul-de-sac & on almost 2 acres of sloping land with amazing rock outcroppings. Seasonal water is available during summer months and outfitted with cistern in basement to provide water for year-round use + a sealed vault. Use your canoe for fun or fishing on the many private, stocked lakes/ponds located in CL. Don't wait - this one won't last!

Key facts

• Remodeled kitchen
• Finished basement
• Large covered deck

Tags

• REMODELED KITCHEN
• TONGUE-AND-GROOVE CEILINGS
• FINISHED BASEMENT
• LARGE COVERED DECK
• FLAGSTONE PATIO
• DETACHED STORAGE SHED

Property features AI

Finance

• Other: Located on a private gravel road; Lot features include cul-de-sac location, wooded setting with evergreen and deciduous trees, sloping terrain, rock outcropping, and minimal flood risk
• HOA & community: Has HOA (annual fee applies); Second annual association fee applies; Association fees include common amenities and trash; Associations: Crystal Lakes Road & Rec., Crystal Lakes Water & Sewer; Association transfer fee required

Exterior

• Parking: No garage; No designated parking features listed
• Utilities: City water and cistern; Water meter installed; Septic vault; Electricity available; Propane gas; Satellite available
• Home design: One-level cabin; Not new (previously owned); Main floor bathroom for accessibility; House faces south
• Construction: Frame and stone construction with painted/stained finish; Composition roof; Partially finished basement with crawl space and walk-out access; Built as a residential cabin
• Exterior features: Patio; Deck; Recreation association required

Interior

• Kitchen: Gas range; Refrigerator; Microwave
• Bedrooms: 3 bedrooms (all conforming)
• Flooring: Wood flooring
• Bathrooms: One three-quarter bath; One half bath (on lower level); One half bath (other)
• Heating & cooling: Forced air; Wood stove; Two or more heat sources; Wall furnace; Ceiling fan(s)
• Interior features: Eat-in kitchen; Cathedral ceilings; Open floorplan; Window coverings
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $385k.

Deal economics

• At list price, monthly cash flow is $310 ($4k/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 $353k (8.4% below list).
• Recommended offer: $353k (8.4% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 4.2% in Red Feather Lakes — 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 55/100 on livability (#344 in CO) — a working-class tenant base; expect higher turnover. Strengths: employment B+, housing B+; Watch: cost of living C-, crime D-, amenities F.
• Poudre School District R-1 (urban): math 45% / reading 60% proficiency, ranked #10 of 86 in CO (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cache La Poudre Elementary School (math 44% / reading 37%, grade F, #342 of 966 statewide, top 36%, 298 students, 32% FRL); Poudre High School (math 36% / reading 59%, grade D, #131 of 381 statewide, top 34%, 1,663 students, 38% FRL).
• Market conditions: 156 active listings in the ZIP; 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).

Forward outlook

• In year one you build about $518 of equity ($3k loan paydown + $-2k appreciation (-0.6% local appreciation)).
• Larimer County population projected at +51% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y 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.

Recommended offer $352,776 (8.4% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 0.92% ✗
• Cap rate: 7.26%
• Cash-on-cash: 3.45%
• DSCR: 1.15
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.56% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.3%
• Equity multiple: 0.99×
• Total profit: $-1,533
• Equity at exit: $101,192

10-year hold

• IRR: 5.8%
• Equity multiple: 1.59×
• Total profit: $63,390
• Equity at exit: $113,472

Cash invested: $107,800 (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 80545

• Home prices YoY: -0.2%
• Active inventory: 156
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $3,528 medium
• Mortgage (P&I): −$2,019
• Tax from tax record: −$151 /mo · $1,817/yr
• Insurance: −$160
• HOA: −$146
• Vacancy / Maint / Mgmt: −$741
• Net cashflow: $310

Break-even live

Break-even rent $3,135

Max offer price $385,000

Occupancy floor 86%

Sensitivity live

Price	-10% $528	-5% $419	+0% $310	+5% $201	+10% $92
Rent	-10% $31	-5% $171	+0% $310	+5% $449	+10% $589
Rate	-1.0pp $504	-0.5pp $408	base $310	+0.5pp $210	+1.0pp $109

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $146 · $1,752/yr
• Likely covers: water

Listing history 16 events

1. 2026-06-21
   days on market $385,000 Active 23 DOM
2. 2026-06-18
   days on market $385,000 Active 20 DOM
3. 2026-06-17
   days on market $385,000 Active 19 DOM
4. 2026-06-16
   days on market $385,000 Active 18 DOM
5. 2026-06-15
   days on market $385,000 Active 17 DOM
6. 2026-06-14
   days on market $385,000 Active 15 DOM
7. 2026-06-10
   days on market $385,000 Active 12 DOM
8. 2026-06-09
   days on market $385,000 Active 11 DOM
9. 2026-06-08
   days on market $385,000 Active 10 DOM
10. 2026-06-07
    days on market $385,000 Active 9 DOM
11. 2026-06-03
    days on market $385,000 Active 5 DOM
12. 2026-06-02
    days on market $385,000 Active 4 DOM
13. 2026-06-01
    days on market $385,000 Active 3 DOM
14. 2026-05-31
    days on market $385,000 Active 2 DOM
15. 2026-05-30
    remarks 699-char remark
16. 2026-05-30
    listed $385,000 Active 1 DOM

ⓘ 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: $1,817 · $151/mo
• Projected year-2 tax: $2,118 · $176/mo
• Expected delta: +$301/yr (+$25/mo · 16.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $42,333
• − Mortgage interest: −$21,566
• − Property taxes: −$1,817
• − Insurance: −$1,925
• − Repairs & maintenance: −$3,387
• − Management: −$3,387
• − HOA: −$1,752
• − Depreciation: −$11,200
• Taxable loss: −$2,700
• Est. tax savings @ 24.0%: +$648
• After-tax cash flow: $4,370/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: Poudre School District R-1
• NCES district ID: 0803990
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 60% ▼ -2.00%
• Median HH income: $57,281
• Composite: 45.5/100
• National rank: #2610
• State rank: #10 of 86 in CO

Livability — Red Feather Lakes

• Score: 55/100
• State rank: #344
• US rank: #23247

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 913

Population outlook (Larimer County) Hauer SSP2

• Today (2025): 415,361 people
• By 2030: 457,762 · +10.2%
• By 2040: 542,310 · +30.6%
• By 2050: 627,048 · +51.0%
• By 2075: 833,722 · +100.7%
• By 2100: 952,590 · +129.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 3%
• Common ancestry: Portuguese 3% Italian 2% Slovak 1%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Larimer

• 2024 margin: D (+17.6) · D 57.4% · R 39.8% · Other 2.9%
• 2008→2024 swing: +7.9pp toward D · 2008: 9.7pp · 2024: 17.6pp
• All cycles: 2024: D+17.6 2020: D+15.4 2016: D+4.9 2012: D+5.2 2008: D+9.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.56%
• Current HPI: 280.4591
• Rent YoY: —
• Metro: —
• 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

+902.6% since first listed

15 events — show timeline

• 2026-05-29 Listed $385,000 IRES
• 2022-06-22 Price Changed $2,110 RENT.
• 2022-06-22 Sold (Public Records) $361,000 Public Records
• 2022-06-17 Sold (MLS) $361,000 IRES
• 2022-05-11 Contingent — IRES
• 2022-05-05 Listed $324,900 IRES
• 2022-05-03 Coming Soon $324,900 IRES
• 2017-07-21 Sold (Public Records) $157,000 Public Records
• 2017-07-21 Sold (MLS) $157,000 IRES
• 2017-06-07 Contingent — IRES
• 2017-06-01 Listed $160,000 IRES
• 2001-07-11 Sold (Public Records) $65,000 Public Records
• 2001-07-06 Sold (MLS) $65,000 IRES
• 2000-12-05 Listed $79,900 IRES
• 1993-11-01 Sold (Public Records) $38,400 Public Records

Property tax history

+5.9%/yr

Latest (2025): $1,817 · +10.4% YoY. Source: county tax records.