726 E 3rd · Cortez, CO 81321

$235,000

3 bd · 1.0 ba · 1,206 sqft · SingleFamily public records · 52 Days on market

Built 1963 8,276 sqft lot Est $279k · 16% under

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Why this score? — see what drove the D+ 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 +14.9/30.0
• ARV discount +14.5/15.0
• DSCR +4.6/10.0
• Livability +3.4/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great family home with a large, open living area and fireplace. The huge south facing window in the family room allows the natural light to flood in. This home has recently been updated with new carpet, kitchen makeover, bathroom makeover , fresh interior paint and more. Newer efficient furnace (Goodman 80,000 btu w/ 96% efficiency) and metal roof. Nice fenced back yard that includes 2 sheds. Metal workbench and compressor in shed are included. The main level of the home is 1486 (per county) with an unfinished basement that provides many possibilities. At $108/sf, this home is a great buy!

Key facts

• Alley access
• Space to entertain
• Space to relax

Tags

• CONVENIENT LOCATION
• ALLEY ACCESS
• ADDITIONAL PARKING
• SPACE TO RELAX
• SPACE TO GARDEN
• SPACE TO ENTERTAIN

Property features AI

Exterior

• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Cable available; High-speed internet available; Cellular phone reception
• Home design: Single-story; Stick built construction
• Construction: Stick built construction
• Exterior features: Shed; Partial fencing; City street frontage; Residential single-family lot

Interior

• Kitchen: Oven; Range; Dishwasher; Refrigerator; Kitchen island; Eat-in kitchen; Kitchen/dining combo
• Flooring: Hardwood; Partially carpeted; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; Wood heating; Evaporative cooling
• Interior features: Unfurnished; Eat-in kitchen; Kitchen island; Kitchen/dining combo
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $70 ($838/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (20.0% below list).
• Recommended offer: $188k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.3% in Cortez — 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 67/100 on livability (#125 in CO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D-, crime F, amenities F.
• Montezuma-Cortez School District No. Re-1 (town): math 16% / reading 33% proficiency, ranked #70 of 86 in CO (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 226 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 24 units permitted in Montezuma County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $150k; list at $235k implies a 57% 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 $187,958 (20.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
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 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: 0.80% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.27%
• DSCR: 1.06
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $278,586
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 S Valley Rd	0.05mi	3/1.0	1,196 (-1%)	10mo	$260,000	$217	88
208 E 3rd St	0.46mi	3/2.0	1,258 (+4%)	1mo	$200,000	$159	66
629 E 2nd St	0.12mi	3/2.0	1,056 (-12%)	12mo	$284,500	$269	60
771 Aspen Dr	0.46mi	3/2.0	1,272 (+6%)	9mo	$290,000	$228	58
109 S Madison St	0.36mi	2/1.5 (-1)	1,149 (-5%)	12mo	$167,000	$145	58
1322 E North St	0.45mi	3/2.0	1,144 (-5%)	14mo	$215,000	$188	55
201 S Washington St	0.42mi	4/2.0 (+1)	1,300 (+8%)	5mo	$333,000	$256	54
502 E Montezuma Ave	0.45mi	3/1.5	1,278 (+6%)	19mo	$330,000	$258	51
608 S Madison St	0.41mi	3/1.0	1,056 (-12%)	13mo	$244,000	$231	49
532 E Arbecam	0.48mi	3/2.0	1,026 (-15%)	0mo	$290,000	$283	48
412 S Ash St	0.48mi	3/1.0	1,044 (-13%)	19mo	$225,000	$216	39
526 Geralds Way	0.45mi	3/2.0	1,384 (+15%)	15mo	$375,000	$271	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.3%
• Equity multiple: 0.49×
• Total profit: $-33,734
• Equity at exit: $35,039

10-year hold

• IRR: -5.6%
• Equity multiple: 0.63×
• Total profit: $-24,057
• Equity at exit: $20,319

Cash invested: $65,800 (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 81321

• Active inventory: 226
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,880 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$85 /mo · $1,017/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $70

Break-even live

Break-even rent $1,791

Max offer price $235,000

Occupancy floor 91%

Sensitivity live

Price	-10% $203	-5% $136	+0% $70	+5% $3	+10% $-63
Rent	-10% $-79	-5% $-4	+0% $70	+5% $144	+10% $218
Rate	-1.0pp $188	-0.5pp $130	base $70	+0.5pp $9	+1.0pp $-53

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 S Chestnut St Cortez, CO	3.0	2.0	1398	$1,800	$1.29	3d	1	0.73mi
446 S Linden St Cortez, CO	2.0	1.0	1040	$1,700	$1.63	3d	1	0.83mi
1082 N Mildred Rd Cortez, CO	3.0	2.0	1200	$2,150	$1.79	24d	1	0.95mi
417 S Cedar St Cortez, CO	2.0	1.0	760	$1,350	$1.78	24d	1	1.12mi

Listing history 24 events

1. 2026-06-21
   days on market $235,000 Active 52 DOM
2. 2026-06-18
   days on market $235,000 Active 49 DOM
3. 2026-06-17
   days on market $235,000 Active 48 DOM
4. 2026-06-16
   days on market $235,000 Active 47 DOM
5. 2026-06-15
   days on market $235,000 Active 46 DOM
6. 2026-06-14
   days on market $235,000 Active 44 DOM
7. 2026-06-10
   days on market $235,000 Active 41 DOM
8. 2026-06-09
   days on market $235,000 Active 40 DOM
9. 2026-06-08
   days on market $235,000 Active 39 DOM
10. 2026-06-07
    days on market $235,000 Active 38 DOM
11. 2026-06-05
    days on market $235,000 Active 35 DOM
12. 2026-06-03
    days on market $235,000 Active 34 DOM
13. 2026-06-02
    days on market $235,000 Active 33 DOM
14. 2026-06-01
    days on market $235,000 Active 32 DOM
15. 2026-05-31
    days on market $235,000 Active 31 DOM
16. 2026-05-31
    days on market $235,000 Active 30 DOM
17. 2026-05-15
    status Active
18. 2026-04-06
    listed $235,000 Active
19. 2024-10-14
    historical
20. 2024-09-27
    listed $245,000 Active
21. 2019-08-26
    soldstatus $150,000 596-char remark

    Show marketing remark (596 chars)

    Great family home with a large, open living area and fireplace. The huge south facing window in the family room allows the natural light to flood in. This home has recently been updated with new carpet, kitchen makeover, bathroom makeover , fresh interior paint and more. Newer efficient furnace (Goodman 80,000 btu w/ 96% efficiency) and metal roof. Nice fenced back yard that includes 2 sheds. Metal workbench and compressor in shed are included. The main level of the home is 1486 (per county) with an unfinished basement that provides many possibilities. At $108/sf, this home is a great buy!

22. 2019-08-26
    soldstatus $150,000

    Show marketing remark (596 chars)

    Great family home with a large, open living area and fireplace. The huge south facing window in the family room allows the natural light to flood in. This home has recently been updated with new carpet, kitchen makeover, bathroom makeover , fresh interior paint and more. Newer efficient furnace (Goodman 80,000 btu w/ 96% efficiency) and metal roof. Nice fenced back yard that includes 2 sheds. Metal workbench and compressor in shed are included. The main level of the home is 1486 (per county) with an unfinished basement that provides many possibilities. At $108/sf, this home is a great buy!

23. 2019-07-23
    listed $160,000 596-char remark

    Show marketing remark (596 chars)

    Great family home with a large, open living area and fireplace. The huge south facing window in the family room allows the natural light to flood in. This home has recently been updated with new carpet, kitchen makeover, bathroom makeover , fresh interior paint and more. Newer efficient furnace (Goodman 80,000 btu w/ 96% efficiency) and metal roof. Nice fenced back yard that includes 2 sheds. Metal workbench and compressor in shed are included. The main level of the home is 1486 (per county) with an unfinished basement that provides many possibilities. At $108/sf, this home is a great buy!

24. 2006-01-10
    soldstatus $77,550

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CO · Resets to sale price

• Current annual tax: $1,017 · $85/mo
• Projected year-2 tax: $1,292 · $108/mo
• Expected delta: +$275/yr (+$23/mo · 27.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,555
• − Mortgage interest: −$13,164
• − Property taxes: −$1,017
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,804
• − Management: −$1,804
• − Depreciation: −$6,836
• Taxable loss: −$3,246
• Est. tax savings @ 24.0%: +$779
• After-tax cash flow: $1,617/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: Montezuma-Cortez School District No. Re-1
• NCES district ID: 0803090
• Math proficiency: 16% ▼ -2.00%
• Reading proficiency: 33% ▼ -1.00%
• Median HH income: $42,394
• Composite: 20.85/100
• National rank: #8499
• State rank: #70 of 86 in CO

Livability — Cortez

• Score: 67/100
• State rank: #125
• US rank: #10641

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortez, CO
• County: Montezuma County · 18,723 people
• City population: 14,236
• Metro: nan
• Population (ZIP): 14,236
• Household income: $59,506
• Rent vs Own: 25.4% rent · 74.6% own
• Severe rent burden: 403.0

Population outlook (Montezuma County) Hauer SSP2

• Today (2025): 26,943 people
• By 2030: 27,208 · +1.0%
• By 2040: 27,372 · +1.6%
• By 2050: 27,180 · +0.9%
• By 2075: 26,493 · -1.7%
• By 2100: 23,364 · -13.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 15% Two or more races 10% Native American 9% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 3% Iranian 3% Italian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 87% English-only · Spanish 6% Chinese 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Montezuma

• 2024 margin: Strong R (+21.0) · D 38.3% · R 59.3% · Other 2.5%
• 2008→2024 swing: -1.6pp toward R · 2008: -19.4pp · 2024: -21.0pp
• All cycles: 2024: R+21.0 2020: R+22.4 2016: R+30.3 2012: R+23.6 2008: R+19.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -274.25%
• Current HPI: 264.2281
• Rent YoY: —
• Metro: nan
• 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

+203.0% since first listed

8 events — show timeline

• 2026-05-15 Relisted — cren
• 2026-04-06 Listed $235,000 cren
• 2024-10-14 Listing Removed — cren
• 2024-09-27 Listed $245,000 cren
• 2019-08-26 Sold (Public Records) $150,000 Public Records
• 2019-08-26 Sold (MLS) $150,000 cren
• 2019-07-23 Listed $160,000 cren
• 2006-01-10 Sold (Public Records) $77,550 Public Records

Property tax history

+6.9%/yr

Latest (2025): $1,017 · +28.8% YoY. Source: county tax records.