2300 Mt. Werner Circle Cir #338 · Steamboat Springs, CO 80487

$145,000

1 bd · 1.0 ba · 779 sqft · Condo public records · 133 Days on market

Built 1999 $764/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 +18.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this well priced third floor Mogul unit facing the pool. The Mogul floorplan has 1 bedroom and 1 bath and provides 13 weeks (Quarter share) of condo usage per year as well as year-round usage of the amenities. Enjoy recent decor updates including new stainless appliances, window coverings, lamps, comfortable pull-out sofa and more. Cozy gas fireplace with window seats on either side offer additional places to sleep. Sleeps a total of 6! This quarter share Steamboat Grand comes with fabulous amenities including saltwater, heated, year-round pool and hot tubs, large workout facility, sauna, steam room, valet, bell and room service, on-site check in, owner's lounge and high-speed internet. The on-site restaurants are very convenient and get your morning coffee at the shop right off the lobby. Ski storage and valet is available in Gondola Square, a rare offering at the base area. Steps from world class skiing, challenging mountain biking, miles of hiking trails and all the special activities at the ski area base are easily accessible. Free shuttle service is available to go downtown or use the free city bus right out your door. Set in the heart of the ski area, you can't find a better location. 2023 Net Owner Rental income $8,505 and owner HOA costs $6,185. One parking pass comes with this ownership with an option to purchase a 2nd parking pass for $25.00 through the HOA.

Key facts

• Full kitchen
• Sauna
• Living room

Tags

• FULL KITCHEN
• DINING AREA
• LIVING ROOM
• GAS FIREPLACE
• POOL
• SAUNA

Property features AI

Finance

• Other: On-site management, elevators, drive-in doors, reception area, WiFi; Subdivision: STEAMBOAT GRAND RESORT HOTEL CONDOMINIUM
• HOA & community: Homeowners association; Annual association fee; Association amenities include fitness center and snow removal; Annual association fee charged (monthly equivalent provided)

Exterior

• Parking: Underground garage
• Utilities: Natural gas available; Water available; Sewer available and connected; Phone available; Cable available and connected; See remarks
• Home design: Residential timeshare; Planned Unit Development zoning
• Construction: Concrete, stucco, and steel siding construction; Metal roof
• Exterior features: Community pool; Storage; Near public transit; Alley paved; Publicly maintained road; Has view

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Range hood
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating and cooling; Forced air; Hot water heating; Natural gas
• Interior features: Elevator; Furnished; Gas fireplace
• Laundry & utility: Shared laundry room / common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $133 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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 $4k 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 $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.

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 $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.59% ✓
• Cap rate: 7.39%
• Cash-on-cash: 3.93%
• DSCR: 1.17
• GRM: 5.2

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: -1.5%
• Equity multiple: 0.94×
• Total profit: $-2,411
• Equity at exit: $21,620

10-year hold

• IRR: 14.9%
• Equity multiple: 2.63×
• Total profit: $66,033
• Equity at exit: $12,537

Cash invested: $40,600 (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: 5.2×

Monthly cashflow live

• Estimated rent: $2,303 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$102 /mo · $1,219/yr
• Insurance: −$60
• HOA: −$764
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $133

Break-even live

Break-even rent $2,135

Max offer price $145,000

Occupancy floor 89%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $764 · $9,168/yr
• Likely covers: watergasinternetpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-19
   days on market $145,000 Active 133 DOM
2. 2026-06-18
   days on market $145,000 Active 132 DOM
3. 2026-06-17
   days on market $145,000 Active 131 DOM
4. 2026-06-16
   days on market $145,000 Active 130 DOM
5. 2026-06-15
   days on market $145,000 Active 129 DOM
6. 2026-06-14
   days on market $145,000 Active 127 DOM
7. 2026-06-12
   days on market $145,000 Active 126 DOM
8. 2026-06-09
   days on market $145,000 Active 123 DOM
9. 2026-06-08
   days on market $145,000 Active 122 DOM
10. 2026-06-07
    days on market $145,000 Active 121 DOM
11. 2026-06-07
    days on market $145,000 Active 120 DOM
12. 2026-06-04
    days on market $145,000 Active 117 DOM
13. 2026-06-02
    days on market $145,000 Active 116 DOM
14. 2026-06-01
    days on market $145,000 Active 115 DOM
15. 2026-05-31
    days on market $145,000 Active 114 DOM
16. 2026-05-31
    days on market $145,000 Active 113 DOM
17. 2026-02-06
    listed $145,000 Active
18. 2024-03-21
    soldstatus $135,000 Closed 1402-char remark

    Show marketing remark (1402 chars)

    Don't miss this well priced third floor Mogul unit facing the pool. The Mogul floorplan has 1 bedroom and 1 bath and provides 13 weeks (Quarter share) of condo usage per year as well as year-round usage of the amenities. Enjoy recent decor updates including new stainless appliances, window coverings, lamps, comfortable pull-out sofa and more. Cozy gas fireplace with window seats on either side offer additional places to sleep. Sleeps a total of 6! This quarter share Steamboat Grand comes with fabulous amenities including saltwater, heated, year-round pool and hot tubs, large workout facility, sauna, steam room, valet, bell and room service, on-site check in, owner's lounge and high-speed internet. The on-site restaurants are very convenient and get your morning coffee at the shop right off the lobby. Ski storage and valet is available in Gondola Square, a rare offering at the base area. Steps from world class skiing, challenging mountain biking, miles of hiking trails and all the special activities at the ski area base are easily accessible. Free shuttle service is available to go downtown or use the free city bus right out your door. Set in the heart of the ski area, you can't find a better location. 2023 Net Owner Rental income $8,505 and owner HOA costs $6,185. One parking pass comes with this ownership with an option to purchase a 2nd parking pass for $25.00 through the HOA.

19. 2024-03-07
    status Pending 1402-char remark

    Show marketing remark (1402 chars)

    Don't miss this well priced third floor Mogul unit facing the pool. The Mogul floorplan has 1 bedroom and 1 bath and provides 13 weeks (Quarter share) of condo usage per year as well as year-round usage of the amenities. Enjoy recent decor updates including new stainless appliances, window coverings, lamps, comfortable pull-out sofa and more. Cozy gas fireplace with window seats on either side offer additional places to sleep. Sleeps a total of 6! This quarter share Steamboat Grand comes with fabulous amenities including saltwater, heated, year-round pool and hot tubs, large workout facility, sauna, steam room, valet, bell and room service, on-site check in, owner's lounge and high-speed internet. The on-site restaurants are very convenient and get your morning coffee at the shop right off the lobby. Ski storage and valet is available in Gondola Square, a rare offering at the base area. Steps from world class skiing, challenging mountain biking, miles of hiking trails and all the special activities at the ski area base are easily accessible. Free shuttle service is available to go downtown or use the free city bus right out your door. Set in the heart of the ski area, you can't find a better location. 2023 Net Owner Rental income $8,505 and owner HOA costs $6,185. One parking pass comes with this ownership with an option to purchase a 2nd parking pass for $25.00 through the HOA.

20. 2024-02-04
    listed $144,000 Active 1402-char remark

    Show marketing remark (1402 chars)

    Don't miss this well priced third floor Mogul unit facing the pool. The Mogul floorplan has 1 bedroom and 1 bath and provides 13 weeks (Quarter share) of condo usage per year as well as year-round usage of the amenities. Enjoy recent decor updates including new stainless appliances, window coverings, lamps, comfortable pull-out sofa and more. Cozy gas fireplace with window seats on either side offer additional places to sleep. Sleeps a total of 6! This quarter share Steamboat Grand comes with fabulous amenities including saltwater, heated, year-round pool and hot tubs, large workout facility, sauna, steam room, valet, bell and room service, on-site check in, owner's lounge and high-speed internet. The on-site restaurants are very convenient and get your morning coffee at the shop right off the lobby. Ski storage and valet is available in Gondola Square, a rare offering at the base area. Steps from world class skiing, challenging mountain biking, miles of hiking trails and all the special activities at the ski area base are easily accessible. Free shuttle service is available to go downtown or use the free city bus right out your door. Set in the heart of the ski area, you can't find a better location. 2023 Net Owner Rental income $8,505 and owner HOA costs $6,185. One parking pass comes with this ownership with an option to purchase a 2nd parking pass for $25.00 through the HOA.

21. 2018-03-20
    soldstatus $55,000
22. 2017-09-12
    soldstatus $50,000 677-char remark

    Show marketing remark (677 chars)

    A motivated Seller makes this a super buy for 13 weeks of vacation at the wonderful Steamboat Grand, which is right at the ski base area. Storing your gear at the gondola makes this the most convenient way to vacation. Enjoy all the amenities the Steamboat Grand has to offer with your ownership, including a parking space in the covered garage, shuttle, heated pool, outdoor hot tubs, fitness center, dry sauna and steam room, owners' club, ski storage and additional owners' club at the base area. There's also an on-site day spa and restaurants, with discounts for owners. Now this is the smart way to vacation & live the ultimate Steamboat lifestyle. . Basement: NONE

23. 2016-07-14
    listed $53,000 677-char remark

    Show marketing remark (677 chars)

    A motivated Seller makes this a super buy for 13 weeks of vacation at the wonderful Steamboat Grand, which is right at the ski base area. Storing your gear at the gondola makes this the most convenient way to vacation. Enjoy all the amenities the Steamboat Grand has to offer with your ownership, including a parking space in the covered garage, shuttle, heated pool, outdoor hot tubs, fitness center, dry sauna and steam room, owners' club, ski storage and additional owners' club at the base area. There's also an on-site day spa and restaurants, with discounts for owners. Now this is the smart way to vacation & live the ultimate Steamboat lifestyle. . Basement: NONE

24. 2001-12-17
    soldstatus $87,500
25. 2000-10-27
    soldstatus $69,900
26. 2000-10-16
    soldstatus $79,500
27. 2000-09-28
    soldstatus $66,500

ⓘ 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: $1,219 · $102/mo
• Projected year-2 tax: $1,219 · $102/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: −$8,122
• − Property taxes: −$1,219
• − Insurance: −$725
• − Repairs & maintenance: −$2,211
• − Management: −$2,211
• − HOA: −$9,168
• − Depreciation: −$4,218
• Taxable loss: −$240
• Est. tax savings @ 24.0%: +$58
• After-tax cash flow: $1,652/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

+118.0% since first listed

11 events — show timeline

• 2026-02-06 Listed $145,000 SAR
• 2024-03-21 Sold (MLS) $135,000 SAR
• 2024-03-07 Pending — SAR
• 2024-02-04 Listed $144,000 SAR
• 2018-03-20 Sold (Public Records) $55,000 Public Records
• 2017-09-12 Sold (MLS) $50,000 SAR
• 2016-07-14 Listed $53,000 SAR
• 2001-12-17 Sold (Public Records) $87,500 Public Records
• 2000-10-27 Sold (Public Records) $69,900 Public Records
• 2000-10-16 Sold (Public Records) $79,500 Public Records
• 2000-09-28 Sold (Public Records) $66,500 Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,219 · +74.2% YoY. Source: county tax records.