2300 Mount Werner Cir Unit 226/227-Q1 · Steamboat Springs, CO 80487

$204,900

2 bd · 2.0 ba · 1,129 sqft · SingleFamily · 185 Days on market

Built 1999 Est $191k · 7% over $1107/mo HOA · 40% of rent ↓ 5% since listing

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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).

• 1% rule +8.4/10.0
• Cash flow +6.4/30.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• ARV discount +4.2/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Grand where owners have access to fabulous year-round amenities to include outdoor pool, hot tubs, steam room, restaurants, concierge, fitness center, owners lounge, valet and shuttle service, winter slope-side ski storage, parking. This Q1 Latigo fractional ownership condo allows for 13 weeks use every year, features 2 bedrooms and 2 bathrooms, and sleeps up to 8 guests with views of the Ski Mountain! Extremely powerful calendar complimented by strong weeks in the 2026/2027 ski season, Martin Luther King holiday, 4th of July, Thanksgiving and the coveted Christmas week! Large Master suite features a tiled-in jet tub, cozy fireplace and a private deck overlooking the slopes.

Key facts

• Outdoor pool
• Valet service
• Fitness center

Tags

• OUTDOOR POOL
• HOT TUBS
• STEAM ROOM
• FITNESS CENTER
• OWNERS LOUNGE
• VALET SERVICE

Property features AI

Finance

• Other: Building features include conference room, elevators, and reception area; Property has a view; Paved road access; Pets not allowed
• HOA & community: Homeowners association with annual fee; Association amenities include a fitness center; Annual association fee

Exterior

• Parking: Covered community parking structure
• Utilities: Utilities: See remarks
• Home design: Residential timeshare
• Construction: Concrete and stucco construction; Metal roof
• Exterior features: Community pool; Storage

Interior

• Kitchen: Dishwasher; Microwave; Oven; Refrigerator
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Natural gas heating; Cooling available
• Interior features: Furnished; Gas fireplace
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-359 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (25.4% below list).
• Meets the 1% rule at list price ($3k rent vs $205k).
• Recommended offer: $153k (25.4% below list) — sets the bar for cash-flow.
• Cap rate 4.2% 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 $6k 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.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $152,956 (25.4% 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 185 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
8. 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.
9. 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.
10. 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: 1.34% ✓
• Cap rate: 4.19%
• Cash-on-cash: -7.51%
• DSCR: 0.67
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $190,801
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2300 Mt. Werner Cir Unit 226/227 QIV	0.00mi	2/2.0	1,129 (0%)	4mo	$200,000	$177	97
2300 Mt. Werner Circle Cir Unit 311/314 Cal1	0.00mi	2/2.0	1,156 (+2%)	7mo	$140,000	$121	90
2300 Mount Werner Cir Unit 228/229	0.00mi	2/2.0	1,190 (+5%)	1mo	$125,000	$105	90
2300 Mount Werner Cir Unit 367/369 QIII	0.00mi	2/2.0	1,177 (+4%)	4mo	$204,900	$174	90
2300 Mount Werner Cir Unit 565 QIV	0.00mi	2/2.0	1,107 (-2%)	8mo	$224,000	$202	90
2300 Mount Werner Cir Unit 210/209	0.00mi	1/2.0 (-1)	1,150 (+2%)	5mo	$120,000	$104	88
2300 Mt. Werner Cir Unit 653 QIII	0.00mi	2/2.0	1,192 (+6%)	8mo	$215,000	$180	84
2300 Mount Werner Cir Unit 537/536	0.00mi	2/2.0	1,190 (+5%)	12mo	$213,312	$179	81
2300 Mount Werner Cir Unit 467-E3A	0.00mi	2/2.0	1,089 (-4%)	18mo	$160,000	$147	79
2300 Mt. Werner Cir Unit 553/554 QIV	0.00mi	1/2.0 (-1)	976 (-14%)	3mo	$164,000	$168	70
2300 Mount Werner Cir #224	0.00mi	1/2.0 (-1)	979 (-13%)	5mo	$165,000	$169	69
2335 Apres Ski Way Unit 117F	0.30mi	2/3.0	1,232 (+9%)	13mo	$62,500	$51	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -18.8%
• Equity multiple: 0.29×
• Total profit: $-40,867
• Equity at exit: $30,551

10-year hold

• IRR: 0.7%
• Equity multiple: 1.07×
• Total profit: $3,794
• Equity at exit: $17,716

Cash invested: $57,372 (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: 6.2×

Monthly cashflow live

• Estimated rent: $2,739 medium
• Mortgage (P&I): −$1,075
• Tax est. 1.5%: −$256 /mo · $3,074/yr
• Insurance: −$85
• HOA: −$1,107
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $-359

Break-even live

Break-even rent $3,194

Max offer price $152,956

Occupancy floor —

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1,107 · $13,284/yr
• Likely covers: poolgymdoorman

Listing history 19 events

1. 2026-06-19
   days on market $204,900 Active 185 DOM
2. 2026-06-18
   days on market $204,900 Active 184 DOM
3. 2026-06-17
   days on market $204,900 Active 183 DOM
4. 2026-06-16
   days on market $204,900 Active 182 DOM
5. 2026-06-15
   days on market $204,900 Active 181 DOM
6. 2026-06-14
   days on market $204,900 Active 179 DOM
7. 2026-06-12
   days on market $204,900 Active 178 DOM
8. 2026-06-09
   days on market $204,900 Active 175 DOM
9. 2026-06-08
   days on market $204,900 Active 174 DOM
10. 2026-06-07
    days on market $204,900 Active 173 DOM
11. 2026-06-07
    days on market $204,900 Active 172 DOM
12. 2026-06-04
    days on market $204,900 Active 169 DOM
13. 2026-06-02
    days on market $204,900 Active 168 DOM
14. 2026-06-01
    days on market $204,900 Active 167 DOM
15. 2026-05-31
    days on market $204,900 Active 166 DOM
16. 2026-05-31
    days on market $204,900 Active 165 DOM
17. 2026-02-20
    price $204,900
18. 2026-01-15
    price $209,500
19. 2025-12-16
    listed $214,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $32,872
• − Mortgage interest: −$11,478
• − Property taxes: −$3,074
• − Insurance: −$1,024
• − Repairs & maintenance: −$2,630
• − Management: −$2,630
• − HOA: −$13,284
• − Depreciation: −$5,961
• Taxable loss: −$7,208
• Est. tax savings @ 24.0%: +$1,730
• After-tax cash flow: $-2,578/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

-4.7% since first listed

3 events — show timeline

• 2026-02-20 Price Changed $204,900 SAR
• 2026-01-15 Price Changed $209,500 SAR
• 2025-12-16 Listed $214,900 SAR