965 Main St · Springfield, CO 81073

$164,000

15 bd · 9.0 ba · 3,100 sqft · MultiFamily · 615 Days on market

Built 1917 3,900 sqft lot ↓ 29% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This 3 unit apartment building is an investors dream! With 2 of the units being remodeled and one that is in good shape. All units are currently rented, 2 with month to month tenants and one with a current 6 month lease, the payment makes its self on this building. Call for a showing today!

Key facts

• Store front
• 3,900 sq ft lot
• Built 1917

Tags

• TWO RESIDENTIAL UNITS
• STORE FRONT

Property features AI

Finance

• HOA & community: No association amenities

Exterior

• Utilities: Public water; Public sewer
• Home design: Triplex (residential income); Two stories
• Construction: Frame construction with wood siding; Composition and flat roof
• Exterior features: Lot approximately 100 x 39 (0.09 acre); Zoned C-2; Located on the west side of Main St. between 9th and 10th Ave.

Interior

• Kitchen: Gas cooktop; Gas range; Range
• Bedrooms: One 1-bedroom unit; Two 2-bedroom units
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Forced air heating; Central cooling (ceiling fans noted)
• Interior features: Double-pane windows; Ceiling fan(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $164k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $499/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $164k).
• Recommended offer: $144k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#145 in CO) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Springfield School District No. Re-4 (rural): math 20% / reading 25% proficiency, ranked #149 of 176 in CO (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 15 active listings in the ZIP; 5 units permitted in Baca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Baca County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 615 days — a 12% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $35k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 615 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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 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: 2.03% ✓
• Cap rate: 17.25%
• Cash-on-cash: 39.15%
• DSCR: 2.74
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 44.7%
• Equity multiple: 3.51×
• Total profit: $115,223
• Equity at exit: $73,742

10-year hold

• IRR: 44.5%
• Equity multiple: 7.02×
• Total profit: $276,554
• Equity at exit: $113,644

Cash invested: $45,920 (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 81073

• Active inventory: 15
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $3,331 medium
• Mortgage (P&I): −$860
• Tax est. 1.5%: −$205 /mo · $2,460/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$700
• Net cashflow: $1,498

Break-even live

Break-even rent $1,435

Max offer price $164,000

Occupancy floor 50%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$3,330
Total (3 units)			$3,331

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $164,000 Active 615 DOM
2. 2026-06-17
   days on market $164,000 Active 614 DOM
3. 2026-06-16
   days on market $164,000 Active 613 DOM
4. 2026-06-15
   days on market $164,000 Active 612 DOM
5. 2026-06-13
   days on market $164,000 Active 610 DOM
6. 2026-06-12
   days on market $164,000 Active 609 DOM
7. 2026-06-09
   days on market $164,000 Active 606 DOM
8. 2026-06-08
   days on market $164,000 Active 605 DOM
9. 2026-06-07
   days on market $164,000 Active 604 DOM
10. 2026-06-07
    days on market $164,000 Active 603 DOM
11. 2026-06-04
    days on market $164,000 Active 600 DOM
12. 2026-06-02
    days on market $164,000 Active 599 DOM
13. 2026-06-01
    days on market $164,000 Active 598 DOM
14. 2026-05-31
    days on market $164,000 Active 597 DOM
15. 2026-05-31
    days on market $164,000 Active 596 DOM
16. 2025-07-21
    price $164,000
17. 2025-03-12
    price $179,000
18. 2024-10-11
    listed $199,000 Active
19. 2022-02-18
    soldstatus $185,000 291-char remark

    Show marketing remark (291 chars)

    This 3 unit apartment building is an investors dream! With 2 of the units being remodeled and one that is in good shape. All units are currently rented, 2 with month to month tenants and one with a current 6 month lease, the payment makes its self on this building. Call for a showing today!

20. 2021-06-29
    listed $230,000 291-char remark

    Show marketing remark (291 chars)

    This 3 unit apartment building is an investors dream! With 2 of the units being remodeled and one that is in good shape. All units are currently rented, 2 with month to month tenants and one with a current 6 month lease, the payment makes its self on this building. Call for a showing today!

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

Taxation est. · year 1

• Rental income: $39,972
• − Mortgage interest: −$9,187
• − Property taxes: −$2,460
• − Insurance: −$820
• − Repairs & maintenance: −$3,198
• − Management: −$3,198
• − Depreciation: −$4,771
• Taxable income: $16,339
• Est. tax owed @ 24.0%: −$3,921
• After-tax cash flow: $14,056/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: Springfield School District No. Re-4
• NCES district ID: 0806630
• Math proficiency: 20% ▲ 5.00%
• Reading proficiency: 25% ▲ 5.00%
• Median HH income: $33,541
• Composite: 21.55/100
• National rank: #13620
• State rank: #149 of 176 in CO

Livability — Springfield

• Score: 66/100
• State rank: #145
• US rank: #12006

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, CO
• Population (ZIP): 1,880

Population outlook (Baca County) Hauer SSP2

• Today (2025): 3,249 people
• By 2030: 3,053 · -6.0%
• By 2040: 2,691 · -17.2%
• By 2050: 2,362 · -27.3%
• By 2075: 1,812 · -44.2%
• By 2100: 1,263 · -61.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 14% Two or more races 5% Asian 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 4% Slovak 2% Serbian 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 2% Vietnamese 2% Tagalog/Filipino 1%

Political lean MEDSL · Baca

• 2024 margin: Solid R (+70.4) · D 13.7% · R 84.1% · Other 2.1%
• 2008→2024 swing: -22.8pp toward R · 2008: -47.6pp · 2024: -70.4pp
• All cycles: 2024: R+70.4 2020: R+69.7 2016: R+68.2 2012: R+52.1 2008: R+47.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-28.7% since first listed

5 events — show timeline

• 2025-07-21 Price Changed $164,000 PARMLS
• 2025-03-12 Price Changed $179,000 PARMLS
• 2024-10-11 Listed $199,000 PARMLS
• 2022-02-18 Sold (MLS) $185,000 PARMLS
• 2021-06-29 Listed $230,000 PARMLS