1900 Willits Ln

Basalt, CO 81621

$380,000B

3 bd · 2.0 ba · 1,216 sqft · Built 2002 · Other · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,710/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$633
• HOA: −$0
• Vac / Maint / Mgmt: −$989
• Net cashflow: $1,095/mo
• Annual: $13,135/yr
• Cap rate: 9.75%
• Cash-on-cash: 12.34%
• DSCR: 1.55
• 1% rule: 1.24%
• Cash to close: $106,400

Investor read

• This is a 3-bed/2.0-bath other listed at $380k. Condition is rated good.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $380k).
• It's been on market 20 days — a 2% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $374k (1.5% below list) — sets the bar for market timing.
• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#143 in CO) — a middle-class / working-renter tenant base. Strengths: employment A+, crime B+, commute B; Watch: schools D+, amenities F, cost of living F.
• Roaring Fork School District No. Re-1 (town): math 28% / reading 39% proficiency, ranked #37 of 86 in CO (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 148 active listings in the ZIP; solid renter incomes; 387 units permitted in Eagle County in 2024 (256 in 5+ unit buildings).
• Eagle County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.7% vs local median 0.3% in Basalt — 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.
• At $4,710/mo this rent would consume 54% of the median local household income ($105k/yr) (locally 21% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.