2355 Ski Time Square Dr #123 · Steamboat Springs, CO 80487

$204,000

3 bd · 3.0 ba · 2,039 sqft · Condo public records · 192 Days on market

Built 1997 $1120/mo HOA · 35% of rent

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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 +10.0/10.0
• Cash flow +7.9/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Membership #3-31

Key facts

• Ski valet
• Sauna
• Steam

Tags

• SKI VALET
• HEATED SLOPESIDE POOL
• HOT TUB AREA
• SAUNA
• STEAM
• STATE-OF-THE-ART FITNESS ROOM

Property features AI

Finance

• HOA & community: Homeowners association with onsite management; Annual association fee (listed); Fitness center; Clubhouse; Pool; Reception area, storage, Wi-Fi

Exterior

• Parking: Detached carport
• Utilities: Public water; Public sewer / sewer connected; Electricity available; Natural gas available; Cable available
• Home design: Residential timeshare; Multi-family zoning
• Construction: Frame construction with wood siding; Shingle roof
• Exterior features: Deck; Community pool; Near public transit; Paved, publicly maintained road; Has view

Interior

• Kitchen: Dishwasher; Disposal; Gas range; Microwave; Refrigerator
• Flooring: Carpet; Tile; Wood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Natural gas available
• Interior features: Furnished; Gas fireplace
• Laundry & utility: In-unit laundry (washer and dryer); Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $204k.

Deal economics

• At list price, monthly cash flow is $-288 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (25.0% below list).
• Meets the 1% rule at list price ($3k rent vs $204k).
• Recommended offer: $153k (25.0% below list) — sets the bar for cash-flow.
• Cap rate 5.0% 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+; 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.
• Zoned schools: Soda Creek Elementary School (math 62% / reading 72%, grade B+, #46 of 966 statewide, top 6%, 402 students, 10% FRL); Steamboat Springs Middle School (math 45% / reading 77%, grade B+, #14 of 270 statewide, top 5%, 507 students, 10% FRL); Steamboat Springs High School (math 52% / reading 77%, grade B-, #32 of 381 statewide, top 9%, 842 students, 8% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: Rents rising fast (+10.6%/yr); 565 active listings in the ZIP; solid renter incomes; 597 units permitted in Routt County in 2024 (418 in 5+ unit buildings).
• This rent runs 35% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 192 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 21y ago; this cycle's ask has dropped $21k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; flood insurance adds $66/mo; HOA is 35% of rent.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $153,056 (25.0% 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 192 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.58% ✓
• Cap rate: 4.99%
• Cash-on-cash: -4.66%
• DSCR: 0.79
• GRM: 5.3

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: -15.0%
• Equity multiple: 0.41×
• Total profit: $-33,486
• Equity at exit: $30,417

10-year hold

• IRR: 4.8%
• Equity multiple: 1.50×
• Total profit: $28,383
• Equity at exit: $17,638

Cash invested: $57,120 (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: 565
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $3,220 medium
• Mortgage (P&I): −$1,070
• Tax from tax record: −$491 /mo · $5,889/yr
• Insurance: −$85
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,120
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $-288

Break-even live

Break-even rent $3,585

Max offer price $153,056

Occupancy floor —

Sensitivity live

Price	-10% $-173	-5% $-231	+0% $-288	+5% $-346	+10% $-404
Rent	-10% $-543	-5% $-416	+0% $-288	+5% $-161	+10% $-34
Rate	-1.0pp $-186	-0.5pp $-236	base $-288	+0.5pp $-341	+1.0pp $-395

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: $51,000
• Closing costs: $6,120
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,120 · $13,440/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-16
   status $204,000 Pending 192 DOM
2. 2026-06-15
   days on market $204,000 Active 192 DOM
3. 2026-06-14
   days on market $204,000 Active 190 DOM
4. 2026-06-12
   days on market $204,000 Active 189 DOM
5. 2026-06-09
   days on market $204,000 Active 186 DOM
6. 2026-06-08
   days on market $204,000 Active 185 DOM
7. 2026-06-07
   days on market $204,000 Active 184 DOM
8. 2026-06-07
   days on market $204,000 Active 183 DOM
9. 2026-06-04
   days on market $204,000 Active 180 DOM
10. 2026-06-02
    days on market $204,000 Active 179 DOM
11. 2026-06-01
    days on market $204,000 Active 178 DOM
12. 2026-05-31
    days on market $204,000 Active 177 DOM
13. 2026-05-31
    days on market $204,000 Active 176 DOM
14. 2026-02-15
    price $204,000
15. 2026-01-09
    price $210,000
16. 2025-12-16
    price $215,000
17. 2025-12-05
    listed $225,000 Active
18. 2022-06-27
    soldstatus $145,000 16-char remark

    Show marketing remark (16 chars)

    Membership #3-31

19. 2022-06-27
    soldstatus $145,000 16-char remark

    Show marketing remark (16 chars)

    Membership #3-31

20. 2018-03-21
    soldstatus $120,000
21. 2017-08-16
    soldstatus $105,000
22. 2017-08-16
    soldstatus $105,000
23. 2017-02-18
    historical
24. 2017-02-09
    listed $118,900
25. 2017-02-09
    listed $118,900
26. 2016-01-19
    listed $128,500
27. 2015-07-02
    soldstatus $128,950
28. 2015-06-30
    soldstatus $128,950
29. 2014-06-06
    listed $141,500
30. 2012-07-31
    soldstatus $125,000
31. 2012-07-30
    soldstatus $125,000
32. 2012-04-18
    historical
33. 2011-09-07
    listed $159,000
34. 2011-03-21
    historical
35. 2010-11-08
    listed $152,900
36. 2010-03-08
    listed $189,000
37. 2009-06-23
    soldstatus $200,000
38. 2009-05-29
    listed $200,000
39. 2008-12-02
    soldstatus $200,000
40. 2008-11-20
    soldstatus $182,000
41. 2008-05-21
    listed $179,000
42. 2008-05-13
    listed $239,000
43. 2008-05-05
    soldstatus $209,000
44. 2008-03-05
    soldstatus $230,000
45. 2007-11-01
    listed $239,000
46. 2007-08-03
    soldstatus $205,000
47. 2007-04-11
    listed $219,000
48. 2006-11-08
    historical
49. 2005-11-07
    listed $192,500
50. 2000-08-18
    soldstatus $159,000

ⓘ 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: $5,889 · $491/mo
• Projected year-2 tax: $5,889 · $491/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 8/10 Severe FEMA zone X (unshaded) · 79% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 9 d/yr ≥80°F today · 24 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: $38,637
• − Mortgage interest: −$11,427
• − Property taxes: −$5,889
• − Insurance: −$1,817
• − Repairs & maintenance: −$3,091
• − Management: −$3,091
• − HOA: −$13,440
• − Depreciation: −$5,935
• Taxable loss: −$6,053
• Est. tax savings @ 24.0%: +$1,453
• After-tax cash flow: $-2,008/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

+41.7% since first listed

45 events — show timeline

• 2026-02-15 Price Changed $204,000 SAR
• 2026-01-09 Price Changed $210,000 SAR
• 2025-12-16 Price Changed $215,000 SAR
• 2025-12-05 Listed $225,000 SAR
• 2022-06-27 Sold (MLS) $145,000 SAR
• 2022-06-27 Sold (MLS) $145,000 REColorado as Distributed by MLS Grid
• 2018-03-21 Sold (Public Records) $120,000 Public Records
• 2017-08-16 Sold (MLS) $105,000 SAR
• 2017-08-16 Sold (MLS) $105,000 REColorado as Distributed by MLS Grid
• 2017-02-18 Listing Removed — REColorado as Distributed by MLS Grid
• 2017-02-09 Listed $118,900 SAR
• 2017-02-09 Listed $118,900 REColorado as Distributed by MLS Grid
• 2016-01-19 Listed $128,500 REColorado as Distributed by MLS Grid
• 2015-07-02 Sold (Public Records) $128,950 Public Records
• 2015-06-30 Sold (MLS) $128,950 REColorado as Distributed by MLS Grid
• 2014-06-06 Listed $141,500 REColorado as Distributed by MLS Grid
• 2012-07-31 Sold (Public Records) $125,000 Public Records
• 2012-07-30 Sold (MLS) $125,000 REColorado as Distributed by MLS Grid
• 2012-04-18 Listing Removed — REColorado as Distributed by MLS Grid
• 2011-09-07 Listed $159,000 REColorado as Distributed by MLS Grid
• 2011-03-21 Listing Removed — REColorado as Distributed by MLS Grid
• 2010-11-08 Listed $152,900 REColorado as Distributed by MLS Grid
• 2010-03-08 Listed $189,000 REColorado as Distributed by MLS Grid
• 2009-06-23 Sold (Public Records) $200,000 Public Records
• 2009-05-29 Listed $200,000 REColorado as Distributed by MLS Grid
• 2008-12-02 Sold (Public Records) $200,000 Public Records
• 2008-11-20 Sold (Public Records) $182,000 Public Records
• 2008-05-21 Listed $179,000 REColorado as Distributed by MLS Grid
• 2008-05-13 Listed $239,000 REColorado as Distributed by MLS Grid
• 2008-05-05 Sold (Public Records) $209,000 Public Records
• 2008-03-05 Sold (Public Records) $230,000 Public Records
• 2007-11-01 Listed $239,000 REColorado as Distributed by MLS Grid
• 2007-08-03 Sold (Public Records) $205,000 Public Records
• 2007-04-11 Listed $219,000 REColorado as Distributed by MLS Grid
• 2006-11-08 Listing Removed — REColorado as Distributed by MLS Grid
• 2005-11-07 Listed $192,500 REColorado as Distributed by MLS Grid
• 2000-08-18 Sold (Public Records) $159,000 Public Records
• 1999-02-11 Sold (Public Records) $144,000 Public Records
• 1998-12-03 Sold (Public Records) $5,341,100 Public Records
• 1998-08-18 Sold (Public Records) $144,000 Public Records
• 1998-06-05 Sold (Public Records) $144,000 Public Records
• 1998-05-21 Sold (Public Records) $134,400 Public Records
• 1998-05-05 Sold (Public Records) $144,000 Public Records
• 1998-05-05 Sold (Public Records) $144,000 Public Records
• 1998-03-19 Sold (Public Records) $144,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $5,889 · +43.0% YoY. Source: county tax records.