62927 US Highway 40 Unit 202/204

Granby, CO 80446

$196,000F

1 bd · 2.0 ba · 801 sqft · Built 1982 · Condo · Active · 183 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,895/mo
• Mortgage (P&I): −$1,028
• Tax + insurance: −$327
• HOA: −$1,131
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-988/mo
• Annual: $-11,858/yr
• Cap rate: 0.24%
• Cash-on-cash: -21.61%
• DSCR: 0.04
• 1% rule: 0.97%
• Cash to close: $54,880

Investor read

• This is a 1-bed/2.0-bath condo listed at $196k. Condition is rated average.
• At list price, monthly cash flow is $-988 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $53k (73.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (3.3% below list).
• It's been on market 183 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (73.0% 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 70/100 on livability (#85 in CO) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: commute D+, amenities F, health & safety F.
• East Grand School District No. 2 (rural): math 36% / reading 58% proficiency, ranked #17 of 86 in CO (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fraser Valley Elementary School (math 44% / reading 67%, grade C+, #143 of 966 statewide, top 15%, 256 students, 11% FRL); East Grand Middle School (math 32% / reading 47%, grade F, #84 of 270 statewide, top 32%, 290 students, 22% FRL); Middle Park High School (math 42% / reading 67%, grade C-, #78 of 381 statewide, top 22%, 406 students, 20% FRL) — zoned schools at 18% FRL track the district average.
• Watch-outs: HOA is 60% of rent.
• Market conditions: 591 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 294 units permitted in Grand County in 2024 (82 in 5+ unit buildings).
• Grand County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $24k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 0.2% vs local median 1.5% in Granby — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 30% of the median local income ($75k/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 183 days. Have you received any prior offers? Is the seller open to a 73% 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — basic cabinetry, dated design
• Minor: bathroom fixtures — standard fixtures, dated design
• Minor: exterior siding — some discoloration
• Minor: interior walls — basic paint, some wear
• Minor: windows — standard windows, some wear