351 E 2nd St

Akron, CO 80720

$254,900B-

25 bd · 25.0 ba · 1,320 sqft · Built 1955 · MultiFamily · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,976/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$247
• HOA: −$0
• Vac / Maint / Mgmt: −$835
• Net cashflow: $1,557/mo
• Annual: $18,682/yr
• Cap rate: 13.62%
• Cash-on-cash: 26.18%
• DSCR: 2.16
• 1% rule: 1.56%
• Cash to close: $71,372

Investor read

• This is a 5 × 1-bed/1.0-bath units multifamily listed at $255k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $311/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $255k).
• It's been on market 108 days — a 9% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $232k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#182 in CO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Akron School District No. R-1 (rural): math 20% / reading 30% proficiency, ranked #133 of 176 in CO (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Akron Elementary School (math 17% / reading 34%, grade F, #594 of 966 statewide, top 62%, 327 students, 57% FRL); Akron High School (math 10% / reading 30%, grade F, #315 of 381 statewide, top 85%, 100 students, 42% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 2 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 13 sale attempts since 20y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $71k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.