657 Carson Ave · Las Animas, CO 81054

$70,000

4 bd · None ba · 1,841 sqft · SingleFamily · 15 Days on market

Built 1906 Poor condition 8,712 sqft lot Est $103k · 32% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +1.8/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excluded party. Newer FAG furnace and central air conditioning - 3 yrs. Home was winterized when Seller's purchased - they have never had water turned on in the home. Brick Vaneer frame.

Key facts

• Large metal shop
• 8,712 sq ft lot
• 4 garage spots

Tags

• LARGE METAL SHOP
• ORIGINAL HARDWOOD FLOORING
• ACCESSORY DWELLING UNIT
• OVERSIZED CAR METAL SHOP

Property features AI

Finance

• Other: Zoned R
• HOA & community: No association amenities

Exterior

• Parking: Detached garage with 4 spaces
• Utilities: Public sewer; No listed water source
• Home design: Single-family residential; Frame and brick construction
• Construction: Composition roof
• Exterior features: Covered porch; Corner and irregular lot

Interior

• Bedrooms: Two main-level bedrooms
• Flooring: Hardwood and wood flooring
• Heating & cooling: No heating; No cooling
• Interior features: Master suite located on the main floor; Wood window frames; Unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath single-family listed at $70k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 5.4% in Las Animas — 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 70/100 on livability (#89 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: health & safety C-, schools D-, amenities F.
• Las Animas School District No. Re-1 (town): math 14% / reading 30% proficiency, ranked #76 of 86 in CO (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 37 active listings in the ZIP; 6 units permitted in Bent County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Bent County population projected at -20% 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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.
• Current owner paid $46k; list at $70k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,950 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.89% ✓
• Cap rate: 15.93%
• Cash-on-cash: 34.43%
• DSCR: 2.53
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $103,096
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
715 W 6th St	0.23mi	4/2.0	1,970 (+7%)	16mo	$110,000	$56	64
743 Vine Ave	0.38mi	3/1.0 (-1)	1,685 (-8%)	9mo	$87,000	$52	56
349 Cottonwood Ave	0.70mi	3/2.0 (-1)	1,754 (-5%)	24mo	$148,000	$84	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.9%
• Equity multiple: 2.25×
• Total profit: $24,490
• Equity at exit: $10,437

10-year hold

• IRR: 37.2%
• Equity multiple: 4.45×
• Total profit: $67,522
• Equity at exit: $6,052

Cash invested: $19,600 (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 81054

• Home prices YoY: -14.1%
• Active inventory: 37
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,324 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $562

Break-even live

Break-even rent $612

Max offer price $70,000

Occupancy floor 53%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $70,000 Active 15 DOM
2. 2026-06-17
   days on market $70,000 Active 14 DOM
3. 2026-06-16
   days on market $70,000 Active 13 DOM
4. 2026-06-15
   days on market $70,000 Active 12 DOM
5. 2026-06-13
   days on market $70,000 Active 10 DOM
6. 2026-06-12
   days on market $70,000 Active 9 DOM
7. 2026-06-09
   days on market $70,000 Active 6 DOM
8. 2026-06-08
   days on market $70,000 Active 5 DOM
9. 2026-06-07
   days on market $70,000 Active 4 DOM
10. 2026-06-05
    days on market $70,000 Active 2 DOM
11. 2026-06-04
    remarks 699-char remark
12. 2026-06-04
    listed $70,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $15,889
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$1,271
• − Management: −$1,271
• − Depreciation: −$2,036
• Taxable income: $5,990
• Est. tax owed @ 24.0%: −$1,438
• After-tax cash flow: $5,310/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.

Condition & rehab AI · 6 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to a livable condition. Significant work is needed on the exterior, roof, and interior systems to improve its value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major exterior paint — Significant peeling and discoloration
• Major roof — Aged appearance
• Major interior flooring — No visible flooring, but mention of hardwood
• Major interior walls — No interior photos, but mention of 4-bedroom home
• Major systems — No visible systems, but mention of HVAC

Value-add opportunities

• Resale exterior paint — Fresh paint can significantly improve curb appeal
• Resale roof replacement — A new roof will improve the home's value and longevity
• Both interior updates — Fresh paint and flooring can improve both resale and rental value
• Both HVAC system — A new HVAC system will improve comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
exterior paint · Significant peeling and discoloration	Major	$15,000–50,000
roof · Aged appearance	Major	$15,000–50,000
interior flooring · No visible flooring, but mention of hardwood	Major	$15,000–50,000
interior walls · No interior photos, but mention of 4-bedroom home	Major	$15,000–50,000
systems · No visible systems, but mention of HVAC	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Resale exterior paint — Fresh paint can significantly improve curb appeal ↑
• Resale roof replacement — A new roof will improve the home's value and longevity ↑
• Both interior updates — Fresh paint and flooring can improve both resale and rental value ↑
• Both HVAC system — A new HVAC system will improve comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Las Animas School District No. Re-1
• NCES district ID: 0805250
• Math proficiency: 14% ▲ 3.00%
• Reading proficiency: 30% ▲ 8.00%
• Median HH income: $33,597
• Composite: 17.94/100
• National rank: #8993
• State rank: #76 of 86 in CO

Livability — Las Animas

• Score: 70/100
• State rank: #89
• US rank: #7896

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Las Animas, CO
• Population (ZIP): 4,760

Population outlook (Bent County) Hauer SSP2

• Today (2025): 5,223 people
• By 2030: 4,985 · -4.6%
• By 2040: 4,592 · -12.1%
• By 2050: 4,207 · -19.5%
• By 2075: 3,216 · -38.4%
• By 2100: 2,347 · -55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 51% Hispanic / Latino 35% Two or more races 15% Black 4% Native American 3%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Slovak 3% Italian 1% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 8% French/Haitian/Cajun 1%

Political lean MEDSL · Bent

• 2024 margin: Solid R (+38.9) · D 29.5% · R 68.3% · Other 2.2%
• 2008→2024 swing: -24.4pp toward R · 2008: -14.5pp · 2024: -38.9pp
• All cycles: 2024: R+38.9 2020: R+33.9 2016: R+30.9 2012: R+14.6 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.76%
• Current HPI: 218.1482
• 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

+40.3% since first listed

3 events — show timeline

• 2026-06-02 Listed $70,000 PARMLS
• 2005-05-23 Sold (MLS) $46,000 PARMLS
• 2004-09-27 Listed $49,900 PARMLS