1325 Dream Island Plz Unit 2.5 · Steamboat Springs, CO 80487

$198,000

2 bd · 1.0 ba · 744 sqft · Manufactured public records · 72 Days on market

Built 1970

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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 +28.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• 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
• Appreciation +0.0/10.0

Listing remarks

Tucked along the banks of the Yampa River in the sought-after Dream Island community, this oversized 3-bedroom, 2-bath home offers a rare blend of space, setting, and lifestyle in the heart of Downtown Steamboat Springs. Sold unfurnished and thoughtfully updated, the home features newer roof and siding (approximately 8 years old), a brand-new pellet stove paired with forced air heat, in-unit washer and dryer, and a new sliding glass door that opens to your private outdoor retreat. Step outside and the magic really begins. Enjoy a fully fenced yard, a generous riverside deck perfect for entertaining, a storage shed, and a beautiful mature evergreen that adds both shade and charm. Imagine flo

Key facts

• Newer roof
• Forced air heat
• Newer siding

Tags

• NEWER ROOF
• NEWER SIDING
• PELLET STOVE
• FORCED AIR HEAT
• IN-UNIT WASHER AND DRYER
• SLIDING GLASS DOOR

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer (sewer connected); Electricity available; Cable available; Water available
• Home design: Mobile home; One story; Entry level: 1; Has a view; On waterfront (river front)
• Construction: Wood siding; Roof: see remarks
• Exterior features: Deck; Shed(s); River frontage; Near public transit; Paved road

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: Total rooms: 8
• Flooring: Laminate flooring
• Bathrooms: Two three-quarter bathrooms
• Heating & cooling: Forced air heating; Has heating
• Interior features: Ceiling fan(s); Entrance foyer; Eat-in kitchen; See remarks
• Laundry & utility: In-unit washer and dryer; Washer/Dryer included; Dryer included; Washer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $198k.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $198k).
• Recommended offer: $186k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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: Strawberry Park Elementary School (math 52% / reading 62%, grade C+, #115 of 966 statewide, top 14%, 389 students, 13% 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 10% FRL track the district average.
• Market conditions: Rents rising fast (+10.6%/yr); 555 active listings in the ZIP; solid renter incomes; 597 units permitted in Routt County in 2024 (418 in 5+ unit buildings).

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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $55k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $34k; list at $198k implies a 482% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,120 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.30% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.29%
• DSCR: 1.64
• GRM: 6.4

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: -1.5%
• Equity multiple: 0.94×
• Total profit: $-3,325
• Equity at exit: $29,522

10-year hold

• IRR: 13.9%
• Equity multiple: 2.43×
• Total profit: $79,264
• Equity at exit: $17,119

Cash invested: $55,440 (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: 555
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,568 medium
• Mortgage (P&I): −$1,038
• Tax est. 1.5%: −$248 /mo · $2,970/yr
• Insurance: −$82
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $234

Break-even live

Break-even rent $2,272

Max offer price $198,000

Occupancy floor 86%

Sensitivity live

Price	-10% $371	-5% $302	+0% $234	+5% $165	+10% $97
Rent	-10% $31	-5% $132	+0% $234	+5% $335	+10% $437
Rate	-1.0pp $333	-0.5pp $284	base $234	+0.5pp $182	+1.0pp $130

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $198,000 Active 72 DOM
2. 2026-06-18
   days on market $198,000 Active 71 DOM
3. 2026-06-17
   days on market $198,000 Active 70 DOM
4. 2026-06-16
   days on market $198,000 Active 69 DOM
5. 2026-06-15
   days on market $198,000 Active 68 DOM
6. 2026-06-14
   days on market $198,000 Active 66 DOM
7. 2026-06-12
   days on market $198,000 Active 65 DOM
8. 2026-06-09
   days on market $198,000 Active 62 DOM
9. 2026-06-08
   days on market $198,000 Active 61 DOM
10. 2026-06-07
    days on market $198,000 Active 60 DOM
11. 2026-06-07
    days on market $198,000 Active 59 DOM
12. 2026-06-04
    days on market $198,000 Active 56 DOM
13. 2026-06-03
    price $198,000 Active 55 DOM
14. 2026-06-02
    days on market $208,000 Active 55 DOM
15. 2026-06-01
    days on market $208,000 Active 54 DOM
16. 2026-05-31
    days on market $208,000 Active 53 DOM
17. 2026-05-31
    days on market $208,000 Active 52 DOM
18. 2026-04-08
    listed $208,000 Active
19. 2002-05-17
    soldstatus $34,000

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 95% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 2/10 Low 8 d/yr ≥84°F today · 22 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: $30,815
• − Mortgage interest: −$11,091
• − Property taxes: −$2,970
• − Insurance: −$6,108
• − Repairs & maintenance: −$2,465
• − Management: −$2,465
• − Depreciation: −$5,760
• Taxable loss: −$45
• Est. tax savings @ 24.0%: +$11
• After-tax cash flow: $2,816/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

+511.8% since first listed

2 events — show timeline

• 2026-04-08 Listed $208,000 SAR
• 2002-05-17 Sold (Public Records) $34,000 Public Records

Property tax history

+14.9%/yr

Latest (2025): $208 · +395.9% YoY. Source: county tax records.