2403 Cr 203 #44 · Durango, CO 81301

$174,900

2 bd · 2.0 ba · 1,008 sqft · Manufactured public records · 97 Days on market

Built 1980

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Why this score? — see what drove the C 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 +23.5/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful views of the red cliffs of the Animas mountain with the nearby verdant Animas river. Lot rent of $650 includes trash and snow removal. This is one of the few parks in Durango where the owner has the option to occupy or rent. All appliances stay, but the seller will be taking the window curtains and rods.

Key facts

• Fenced yard
• Eat-in kitchen
• Modern bathrooms

Tags

• EAT-IN KITCHEN
• MODERN BATHROOMS
• FENCED YARD
• HUGE STORAGE UNIT
• DETACHED UNIT
• ARTIST STUDIO

Property features AI

Finance

• Financial info: Annual tax amount listed (2025)

Exterior

• Home design: Used as a single-family residence; Zoned residential single family

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Unfurnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 1.1% in Durango — 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 68/100 on livability (#106 in CO) — a middle-class / working-renter tenant base. Strengths: amenities A-, schools B+, employment B+; Watch: commute F, cost of living F.
• Durango School District No. 9-R (town): math 27% / reading 49% proficiency, ranked #30 of 86 in CO (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.9%/yr); 580 active listings in the ZIP; solid renter incomes; 306 units permitted in La Plata County in 2024 (93 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 $5k of value loss. Plan a longer hold.
• La Plata County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $34k; list at $175k implies a 422% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.11% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.96%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.94% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-7,729
• Equity at exit: $26,078

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $19,563
• Equity at exit: $15,122

Cash invested: $48,972 (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 81301

• Rents YoY: 2.9%
• Active inventory: 580
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,941 medium
• Mortgage (P&I): −$917
• Tax est. 1.5%: −$219 /mo · $2,624/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $325

Break-even live

Break-even rent $1,530

Max offer price $174,900

Occupancy floor 78%

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $174,900 Active 97 DOM
2. 2026-06-18
   days on market $174,900 Active 96 DOM
3. 2026-06-17
   days on market $174,900 Active 95 DOM
4. 2026-06-16
   days on market $174,900 Active 94 DOM
5. 2026-06-15
   days on market $174,900 Active 93 DOM
6. 2026-06-14
   days on market $174,900 Active 91 DOM
7. 2026-06-12
   days on market $174,900 Active 90 DOM
8. 2026-06-09
   days on market $174,900 Active 87 DOM
9. 2026-06-08
   days on market $174,900 Active 86 DOM
10. 2026-06-07
    days on market $174,900 Active 85 DOM
11. 2026-06-05
    days on market $174,900 Active 82 DOM
12. 2026-06-03
    days on market $174,900 Active 81 DOM
13. 2026-06-02
    days on market $174,900 Active 80 DOM
14. 2026-06-01
    days on market $174,900 Active 79 DOM
15. 2026-05-31
    days on market $174,900 Active 78 DOM
16. 2026-05-30
    days on market $174,900 Active 77 DOM
17. 2026-03-16
    status Active
18. 2026-03-11
    historical
19. 2026-03-09
    listed $174,900 Active
20. 2021-04-29
    soldstatus $33,500 315-char remark

    Show marketing remark (315 chars)

    Beautiful views of the red cliffs of the Animas mountain with the nearby verdant Animas river. Lot rent of $650 includes trash and snow removal. This is one of the few parks in Durango where the owner has the option to occupy or rent. All appliances stay, but the seller will be taking the window curtains and rods.

21. 2021-02-12
    listed $35,450 315-char remark

    Show marketing remark (315 chars)

    Beautiful views of the red cliffs of the Animas mountain with the nearby verdant Animas river. Lot rent of $650 includes trash and snow removal. This is one of the few parks in Durango where the owner has the option to occupy or rent. All appliances stay, but the seller will be taking the window curtains and rods.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 9 d/yr ≥87°F today · 24 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,297
• − Mortgage interest: −$9,797
• − Property taxes: −$2,624
• − Insurance: −$874
• − Repairs & maintenance: −$1,864
• − Management: −$1,864
• − Depreciation: −$5,088
• Taxable income: $1,186
• Est. tax owed @ 24.0%: −$285
• After-tax cash flow: $3,615/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: Durango School District No. 9-R
• NCES district ID: 0803480
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $58,711
• Composite: 33.58/100
• National rank: #5420
• State rank: #30 of 86 in CO

Livability — Durango

• Score: 68/100
• State rank: #106
• US rank: #9262

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: La Plata County · 40,010 people
• City population: 29,774
• Metro: Durango, CO
• Population (ZIP): 29,774
• Household income: $83,943
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 1194.0

Population outlook (La Plata County) Hauer SSP2

• Today (2025): 62,781 people
• By 2030: 66,492 · +5.9%
• By 2040: 72,944 · +16.2%
• By 2050: 78,543 · +25.1%
• By 2075: 89,403 · +42.4%
• By 2100: 94,984 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 8% Two or more races 7% Native American 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 4% Italian 3% Portuguese 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1%

Political lean MEDSL · La Plata

• 2024 margin: D (+18.6) · D 58.0% · R 39.3% · Other 2.8%
• 2008→2024 swing: +2.4pp toward D · 2008: 16.3pp · 2024: 18.6pp
• All cycles: 2024: D+18.6 2020: D+17.7 2016: D+9.2 2012: D+8.8 2008: D+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -651.69%
• Current HPI: 223.832
• Rent YoY: ▲ 2.94%
• Metro: Durango, 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

+393.4% since first listed

5 events — show timeline

• 2026-03-16 Relisted — cren
• 2026-03-11 Listing Removed — cren
• 2026-03-09 Listed $174,900 cren
• 2021-04-29 Sold (MLS) $33,500 cren
• 2021-02-12 Listed $35,450 cren

Property tax history

+10.7%/yr

Latest (2025): $132 · +161.5% YoY. Source: county tax records.