2355 Ski Time Square Dr #123

Steamboat Springs, CO 80487

$204,000D

3 bd · 3.0 ba · 2,039 sqft · Built 1997 · Condo · Pending · 192 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,220/mo
• Mortgage (P&I): −$1,070
• Tax + insurance: −$642
• HOA: −$1,120
• Vac / Maint / Mgmt: −$676
• Net cashflow: $-288/mo
• Annual: $-3,461/yr
• Cap rate: 4.99%
• Cash-on-cash: -4.66%
• DSCR: 0.79
• 1% rule: 1.58%
• Cash to close: $57,120

Investor read

• This is a 3-bed/3.0-bath condo listed at $204k.
• 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).
• It's been on market 192 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (25.0% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: property tax is 2.9% of price; flood insurance adds $66/mo; HOA is 35% of rent.
• 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).
• Routt County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• 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.
• This rent runs 35% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.