39 BOOMERANG Rd Unit 8402/Winter Interest 16

Aspen, CO 81611

$99,000D+

2 bd · 2.5 ba · 1,444 sqft · Built 2001 · Condo · Active · 383 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,262/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$1,845
• Vac / Maint / Mgmt: −$1,735
• Net cashflow: $3,997/mo
• Annual: $47,970/yr
• Cap rate: 54.75%
• Cash-on-cash: 173.05%
• DSCR: 8.70
• 1% rule: 8.35%
• Cash to close: $27,720

Investor read

• This is a 2-bed/2.5-bath condo listed at $99k.
• At list price, monthly cash flow is $4k ($48k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $99k).
• It's been on market 383 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($684 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#142 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, schools B+; Watch: amenities F, cost of living F, health & safety F.
• Aspen School District No. 1 In The County Of Pitkin And Sta (rural): math 36% / reading 56% proficiency, ranked #18 of 86 in CO (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 4% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents rising fast (+22.1%/yr); 324 active listings in the ZIP; solid renter incomes; 145 units permitted in Pitkin County in 2024 (89 in 5+ unit buildings).
• Pitkin County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $28k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $8,262/mo this rent would consume 120% of the median local household income ($83k/yr) (locally 566% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 383 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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?
• 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.