232 W Hyman Ave Unit 4 (wks 10,20) and 8 (wk 43) · Aspen, CO 81611

$26,000

1 bd · 1.0 ba · 555 sqft · Condo public records · 171 Days on market

Built 1983 $236/mo HOA · 4% of rent

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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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Schools +4.1/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

The Shadow Mountain Lodge is one of Aspen's best kept secrets. Located just 4 blocks from cultural activities and skiing, yet nestled comfortably in Aspen's secluded West End. Enjoy 3 set deeded weeks in the heart of Aspen, including prime March spring skiing, late May summer, and an addition week in Oct. Well organized yet spacious 1 BR condo with fully equipped kitchen and views of Aspen Mountain. HOA amenities include heated outdoor pool, jacuzzi, sauna, daily house-keeping, management team, laundry facility, ski locker, and off street parking. HOA fees include property taxes and utilities! Option to join the RCI vacation exchange program. Ownership includes weeks 10 & 20 in Unit 4 and week 43 in Unit 8. Photos are stock photos and may not be representative of actual unit.

Key facts

• Off street parking
• Ski locker
• Sauna

Tags

• FULLY EQUIPPED KITCHEN
• HEATED OUTDOOR POOL
• JACUZZI
• SAUNA
• SKI LOCKER
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $26k.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $26k).
• Recommended offer: $23k (12.0% below list) — sets the bar for market timing.

Location & tenants

• 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.
• 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).
• At $5,719/mo this rent would consume 83% 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.

Forward outlook

• In year one you build about $3k of equity ($180 loan paydown + $3k appreciation (10.0% local appreciation)).
• 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $3k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $22,880 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 21.99% ✓
• Cap rate: 195.61%
• Cash-on-cash: 676.15%
• DSCR: 31.08
• GRM: 0.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 43.01×
• Total profit: $305,869
• Equity at exit: $23,423

10-year hold

• IRR: —
• Equity multiple: 106.85×
• Total profit: $770,613
• Equity at exit: $50,512

Cash invested: $7,280 (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 81611

• Home prices YoY: 3.6%
• Rents YoY: 22.1%
• Active inventory: 324
• Price-to-rent: 0.4×

Monthly cashflow live

• Estimated rent: $5,719 medium
• Mortgage (P&I): −$136
• Tax est. 1.5%: −$32 /mo · $390/yr
• Insurance: −$11
• HOA: −$236
• Vacancy / Maint / Mgmt: −$1,201
• Net cashflow: $4,102

Break-even live

Break-even rent $526

Max offer price $26,000

Occupancy floor 23%

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: $6,500
• Closing costs: $780
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $236 · $2,832/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-12
   days on market $26,000 Active 171 DOM
2. 2026-06-09
   days on market $26,000 Active 168 DOM
3. 2026-06-08
   days on market $26,000 Active 167 DOM
4. 2026-06-07
   days on market $26,000 Active 166 DOM
5. 2026-06-05
   days on market $26,000 Active 163 DOM
6. 2026-06-02
   days on market $26,000 Active 161 DOM
7. 2026-06-01
   days on market $26,000 Active 160 DOM
8. 2026-05-31
   days on market $26,000 Active 159 DOM
9. 2026-05-30
   days on market $26,000 Active 158 DOM
10. 2026-03-21
    price $26,000 791-char remark

    Show marketing remark (791 chars)

    The Shadow Mountain Lodge is one of Aspen's best kept secrets. Located just 4 blocks from cultural activities and skiing, yet nestled comfortably in Aspen's secluded West End. Enjoy 3 set deeded weeks in the heart of Aspen, including prime March spring skiing, late May summer, and an addition week in Oct. Well organized yet spacious 1 BR condo with fully equipped kitchen and views of Aspen Mountain. HOA amenities include heated outdoor pool, jacuzzi, sauna, daily house-keeping, management team, laundry facility, ski locker, and off street parking. HOA fees include property taxes and utilities! Option to join the RCI vacation exchange program. Ownership includes weeks 10 & 20 in Unit 4 and week 43 in Unit 8. Photos are stock photos and may not be representative of actual unit.

11. 2025-12-22
    listed $29,000 Active 791-char remark

    Show marketing remark (791 chars)

    The Shadow Mountain Lodge is one of Aspen's best kept secrets. Located just 4 blocks from cultural activities and skiing, yet nestled comfortably in Aspen's secluded West End. Enjoy 3 set deeded weeks in the heart of Aspen, including prime March spring skiing, late May summer, and an addition week in Oct. Well organized yet spacious 1 BR condo with fully equipped kitchen and views of Aspen Mountain. HOA amenities include heated outdoor pool, jacuzzi, sauna, daily house-keeping, management team, laundry facility, ski locker, and off street parking. HOA fees include property taxes and utilities! Option to join the RCI vacation exchange program. Ownership includes weeks 10 & 20 in Unit 4 and week 43 in Unit 8. Photos are stock photos and may not be representative of actual unit.

12. 2023-12-14
    soldstatus $29,000 Closed 776-char remark

    Show marketing remark (776 chars)

    3 week deeded ownership in downtown Aspen; including late Dec holiday time, early April skiing, and late Sept fall colors. The Shadow Mountain Lodge is one of Aspen's best kept secrets. Located just 4 blocks from cultural activities and skiing, yet nestled comfortably in Aspen's private west end. Well organized, spacious 1 BR condo with fully equipped kitchen and views of Aspen Mountain. HOA amenities include heated outdoor pool, jacuzzi, sauna, daily maid service, laundry facility, ski locker, and off street parking. HOA fees include property taxes! Option to join the RCI vacation exchange program. Non-smoking, no pets lodge. Three week deeded (1/15th) ownership includes weeks 14,39,51 in Unit 4. Photos are stock photos and may not be representative of actual unit.

13. 2023-11-21
    listed $28,500 Active 776-char remark

    Show marketing remark (776 chars)

    3 week deeded ownership in downtown Aspen; including late Dec holiday time, early April skiing, and late Sept fall colors. The Shadow Mountain Lodge is one of Aspen's best kept secrets. Located just 4 blocks from cultural activities and skiing, yet nestled comfortably in Aspen's private west end. Well organized, spacious 1 BR condo with fully equipped kitchen and views of Aspen Mountain. HOA amenities include heated outdoor pool, jacuzzi, sauna, daily maid service, laundry facility, ski locker, and off street parking. HOA fees include property taxes! Option to join the RCI vacation exchange program. Non-smoking, no pets lodge. Three week deeded (1/15th) ownership includes weeks 14,39,51 in Unit 4. Photos are stock photos and may not be representative of actual unit.

14. 2023-07-20
    soldstatus $24,000 Closed
15. 2023-06-21
    status Pending
16. 2023-06-12
    listed $22,000 Active
17. 2017-05-04
    soldstatus $6,500
18. 2017-05-02
    soldstatus $11,000
19. 2014-10-06
    soldstatus $1,500
20. 2010-11-03
    soldstatus $17,000
21. 2006-05-26
    soldstatus $24,900
22. 2003-07-24
    soldstatus $10,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,622
• − Mortgage interest: −$1,456
• − Property taxes: −$390
• − Insurance: −$130
• − Repairs & maintenance: −$5,490
• − Management: −$5,490
• − HOA: −$2,832
• − Depreciation: −$756
• Taxable income: $52,078
• Est. tax owed @ 24.0%: −$12,499
• After-tax cash flow: $36,725/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: Aspen School District No. 1 In The County Of Pitkin And Sta
• NCES district ID: 0802280
• Math proficiency: 36% ▼ -5.00%
• Reading proficiency: 56% ▼ -3.00%
• Median HH income: $66,694
• Composite: 40.98/100
• National rank: #3595
• State rank: #18 of 86 in CO

Livability — Aspen

• Score: 66/100
• State rank: #142
• US rank: #11780

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aspen, CO
• County: Pitkin County · 9,068 people
• City population: 9,068
• Metro: Glenwood Springs, CO
• Population (ZIP): 9,068
• Household income: $82,664
• Rent vs Own: 41.4% rent · 58.6% own
• Severe rent burden: 566.0

Population outlook (Pitkin County) Hauer SSP2

• Today (2025): 20,121 people
• By 2030: 21,110 · +4.9%
• By 2040: 22,707 · +12.9%
• By 2050: 24,105 · +19.8%
• By 2075: 27,933 · +38.8%
• By 2100: 30,018 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Salvadoran 4%
• Common ancestry: Slovak 3% Iranian 3% Romanian 3%
• Foreign-born: 15% · Canada, Dominican Republic, China
• Languages at home: 82% English-only · Spanish 9% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Pitkin

• 2024 margin: Solid D (+44.2) · D 71.0% · R 26.8% · Other 2.2%
• 2008→2024 swing: -4.6pp toward R · 2008: 48.8pp · 2024: 44.2pp
• All cycles: 2024: D+44.2 2020: D+51.9 2016: D+45.4 2012: D+37.9 2008: D+48.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.97%
• Current HPI: 370.9593
• Rent YoY: ▲ 22.07%
• Metro: Glenwood 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

+160.0% since first listed

13 events — show timeline

• 2026-03-21 Price Changed $26,000 AGMLS
• 2025-12-22 Listed $29,000 AGMLS
• 2023-12-14 Sold (MLS) $29,000 AGMLS
• 2023-11-21 Listed $28,500 AGMLS
• 2023-07-20 Sold (MLS) $24,000 AGMLS
• 2023-06-21 Pending — AGMLS
• 2023-06-12 Listed $22,000 AGMLS
• 2017-05-04 Sold (MLS) $6,500 AGMLS
• 2017-05-02 Sold (MLS) $11,000 AGMLS
• 2014-10-06 Sold (MLS) $1,500 AGMLS
• 2010-11-03 Sold (MLS) $17,000 AGMLS
• 2006-05-26 Sold (MLS) $24,900 AGMLS
• 2003-07-24 Sold (Public Records) $10,000 Public Records

Property tax history

+7.2%/yr

Latest (2025): $2,793 · -3.9% YoY. Source: county tax records.