2432 Lexington Village Ln · Colorado Springs, CO 80916

$225,000

3 bd · 3.0 ba · 1,530 sqft · Condo public records · 5 Days on market

Built 1983 $315/mo HOA · 15% of rent

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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 +13.1/30.0
• ARV discount +7.5/15.0
• 1% rule +4.2/10.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready and beautifully updated! This condo was fully remodeled in 2023 offering modern finishes, effortless style, and convenient access to everything you need! Popcorn ceilings were removed, newer paint, newer carpet, and new luxury vinyl flooring that create a fresh, cohesive look throughout. The bright, open living area features a cozy fireplace and a sliding glass door walkout to your private fenced-in backyard with deck—perfect for relaxing and for pets! The updated kitchen shines with granite countertops, newer white cabinets, a breakfast bar, and newer stainless steel appliances! Updated light fixtures add a modern touch throughout the home. Bathrooms have been thoughtfu

Key facts

• Updated kitchen
• Newer white cabinets
• Granite countertops

Tags

• PRIVATE FENCED-IN BACKYARD
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• NEWER WHITE CABINETS
• BREAKFAST BAR
• UPDATED LIGHT FIXTURES

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-9 ($-107/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (7.6% below list).
• Recommended offer: $208k (7.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.3% in Colorado Springs — 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 78/100 on livability (#23 in CO, #2,639 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, housing A+, health & safety A+; Watch: cost of living C-, crime F.
• Harrison School District No. 2 In The County Of El Paso An (urban): math 16% / reading 35% proficiency, ranked #67 of 86 in CO (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 183 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 3,906 units permitted in El Paso County in 2024 (872 in 5+ unit buildings).
• This rent runs 37% of the median local income ($67k/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.
• El Paso County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $34k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $207,910 (7.6% below list)

Questions for the listing agent

1. 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?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.92% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.17%
• DSCR: 0.99
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.36% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.39×
• Total profit: $-38,266
• Equity at exit: $33,548

10-year hold

• IRR: -10.5%
• Equity multiple: 0.38×
• Total profit: $-39,071
• Equity at exit: $19,454

Cash invested: $63,000 (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 80916

• Home prices YoY: -27.6%
• Rents YoY: 2.4%
• Active inventory: 183
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,079 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$63 /mo · $752/yr
• Insurance: −$94
• HOA: −$315
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $-9

Break-even live

Break-even rent $2,090

Max offer price $223,429

Occupancy floor 95%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4575 Monica Dr Colorado Springs, CO	4.0	2.0	1750	$2,095	$1.20	2d	1	0.29mi
2320 Bruno Cir Colorado Springs, CO	4.0	2.0	1311	$2,229	$1.70	21d	1	0.37mi
2702 Dickens Dr Colorado Springs, CO	3.0	2.0	1300	$2,093	$1.61	14d	1	0.47mi
4115 Morley Dr Colorado Springs, CO	4.0	2.0	1739	$2,095	$1.20	23d	1	0.53mi
1960 S Chelton Rd Colorado Springs, CO	3.0	1.0–2.0	810	$1,385	$1.71	23d	1	0.63mi
4027 Charleston Dr Colorado Springs, CO	3.0	2.0	1232	$2,000	$1.62	14d	1	0.69mi
4919 Rusty Nail Pt Colorado Springs, CO	3.0	1.5	1237	$1,900	$1.54	2d	1	0.72mi
4960 Fountain Ford Vw Colorado Springs, CO	1.0–3.0	1.0–2.0	973	$2,311	$2.38	2d	28	0.72mi
4221 Baytown Dr Unit 4221 Colorado Springs, CO	2.0	2.0	1067	$1,650	$1.55	21d	1	0.73mi
4062 Baytown Dr Colorado Springs, CO	2.0	2.0	1232	$1,795	$1.46	23d	1	0.75mi
3063 Harpy Grv Colorado Springs, CO	3.0	2.5	1561	$1,950	$1.25	2d	1	0.77mi
4325 Fountain Springs Grv Colorado Springs, CO	1.0–3.0	1.0–2.0	920	$1,658	$1.80	2d	5	0.77mi
4814 Hawk Meadow Dr Colorado Springs, CO	3.0	2.5	1579	$2,295	$1.45	23d	1	0.78mi
3098 Shikra Vw Colorado Springs, CO	3.0	2.5	1561	$2,195	$1.41	14d	1	0.79mi
3127 Moonbeam Cir S Colorado Springs, CO	3.0	2.0	1482	$2,099	$1.42	2d	1	0.80mi
1810 Kaleidos Vw Colorado Springs, CO	1.0–3.0	1.0–2.0	1023	$2,200	$2.15	2d	6	0.91mi
4287 Deerfield Hills Dr Colorado Springs, CO	3.0	1.5	1138	$2,150	$1.89	2d	1	0.93mi
5150 Selby Ranch Pt Colorado Springs, CO	3.0–4.0	2.5–3.5	1626	$2,365	$1.45	2d	93	0.94mi
2129 Delta Dr Colorado Springs, CO	2.0–3.0	1.0–1.5	960	$1,625	$1.69	23d	4	0.94mi
4710 Spacewalk Way Colorado Springs, CO	2.0	2.0	1068	$2,049	$1.92	2d	1	0.99mi
4815 Tory Ridge Dr Colorado Springs, CO	3.0	2.5	1415	$2,850	$2.01	2d	1	1.00mi
4710 Jet Wing Cir W Colorado Springs, CO	3.0	3.0	1700	$2,099	$1.23	23d	1	1.04mi
4287 Deerfield Hills Rd Colorado Springs, CO	3.0	1.5	1138	$2,150	$1.89	2d	1	1.04mi
4535 Jet Wing Cir W Colorado Springs, CO	3.0	2.0	1806	$2,449	$1.36	2d	1	1.07mi
1334 Firefly Cir Colorado Springs, CO	2.0	2.5	1300	$1,700	$1.31	14d	1	1.12mi
1342 Firefly Cir Colorado Springs, CO	3.0	1.5	1560	$1,600	$1.03	2d	1	1.13mi
3459 Springnite Dr Colorado Springs, CO	3.0	2.0	1351	$1,700	$1.26	23d	1	1.14mi
3448 Kingfisher Nest Grv Colorado Springs, CO	2.0	2.5	1216	$1,600	$1.32	23d	1	1.18mi
3965 Colony Hills Cir Colorado Springs, CO	4.0	2.0	1616	$2,250	$1.39	2d	1	1.18mi
2311 Sonoma Dr Colorado Springs, CO	4.0	2.0	1836	$2,280	$1.24	21d	1	1.19mi
4096 Colony Hills Cir Colorado Springs, CO	3.0	2.0	1607	$2,093	$1.30	2d	1	1.21mi
1609 Zebulon Dr Colorado Springs, CO	2.0–3.0	2.0	1029	$1,744	$1.69	14d	7	1.22mi
1540 Sparton Grv Unit 102 Colorado Springs, CO	3.0	3.0	1552	$2,195	$1.41	2d	1	1.25mi
1518 Tyram Grv Unit 102 Colorado Springs, CO	3.0	3.0	1552	$2,195	$1.41	2d	1	1.29mi
2458 Sonoma Dr Colorado Springs, CO	3.0	2.0	1686	$2,200	$1.30	23d	1	1.30mi
3241 Viero Dr Colorado Springs, CO	4.0	3.5	2034	$2,450	$1.20	2d	1	1.30mi
2404 Monterey Rd Colorado Springs, CO	3.0	2.0	1862	$2,500	$1.34	2d	1	1.31mi
1071 Cana Grv Colorado Springs, CO	3.0	2.5	1932	$2,295	$1.19	23d	1	1.34mi
4275 Sanders Vw Colorado Springs, CO	1.0–3.0	1.0–2.0	932	$3,006	$3.23	2d	27	1.34mi
1340 Inverness Dr Colorado Springs, CO	1.0–3.0	1.0–2.0	936	$2,026	$2.16	2d	17	1.34mi

HOA detail condo

• Monthly dues: $315 · $3,780/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $225,000 Active 5 DOM
2. 2026-06-17
   days on market $225,000 Active 4 DOM
3. 2026-06-16
   days on market $225,000 Active 3 DOM
4. 2026-06-15
   days on market $225,000 Active 2 DOM
5. 2026-06-14
   days on marketlisting id $225,000 Active 1 DOM
6. 2026-06-13
   days on market $225,000 Active 9 DOM
7. 2026-06-10
   days on market $225,000 Active 7 DOM
8. 2026-06-09
   days on market $225,000 Active 6 DOM
9. 2026-06-08
   days on market $225,000 Active 5 DOM
10. 2026-06-07
    days on market $225,000 Active 4 DOM
11. 2026-06-05
    remarks 693-char remark
12. 2026-06-05
    pricedays on marketlisting id $225,000 Active 1 DOM
13. 2026-06-03
    days on market $259,000 Active 22 DOM
14. 2026-06-03
    days on market $259,000 Active 21 DOM
15. 2026-06-01
    days on market $259,000 Active 20 DOM
16. 2026-05-31
    days on market $259,000 Active 19 DOM
17. 2026-05-12
    listed $259,000 Active
18. 2026-01-23
    historical $1,695
19. 2025-12-19
    listed $1,695
20. 2024-01-13
    historical $1,695
21. 2023-11-29
    price $1,695
22. 2023-10-30
    listed $1,795
23. 2023-10-30
    historical $1,795
24. 2023-10-29
    listed $1,795
25. 2022-08-15
    soldstatus $190,000
26. 2004-03-19
    soldstatus $92,500
27. 1998-10-02
    soldstatus $28,100
28. 1998-10-02
    soldstatus $46,800
29. 1990-02-01
    soldstatus $30,400
30. 1985-06-01
    soldstatus $53,000

ⓘ 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: $752 · $63/mo
• Projected year-2 tax: $1,238 · $103/mo
• Expected delta: +$485/yr (+$40/mo · 64.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,949
• − Mortgage interest: −$12,603
• − Property taxes: −$752
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,996
• − Management: −$1,996
• − HOA: −$3,780
• − Depreciation: −$6,545
• Taxable loss: −$3,849
• Est. tax savings @ 24.0%: +$924
• After-tax cash flow: $817/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: Harrison School District No. 2 In The County Of El Paso An
• NCES district ID: 0804530
• Math proficiency: 16% ▼ -13.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $40,242
• Composite: 21.47/100
• National rank: #8333
• State rank: #67 of 86 in CO

Livability — Colorado Springs

• Score: 78/100
• State rank: #23
• US rank: #2639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colorado Springs, CO
• County: El Paso County · 689,348 people
• City population: 555,783
• Metro: Colorado Springs, CO
• Population (ZIP): 41,104
• Household income: $67,127
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 2041.0

Population outlook (El Paso County) Hauer SSP2

• Today (2025): 768,926 people
• By 2030: 815,739 · +6.1%
• By 2040: 903,489 · +17.5%
• By 2050: 981,204 · +27.6%
• By 2075: 1,155,542 · +50.3%
• By 2100: 1,202,070 · +56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 38% White 37% Two or more races 18% Black 15% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 28% Puerto Rican 2%
• Common ancestry: Lithuanian 1% Romanian 1% Slovak 1%
• Foreign-born: 13% · Canada, South Korea
• Languages at home: 73% English-only · Spanish 22% French/Haitian/Cajun 1% Tagalog/Filipino 1%

Political lean MEDSL · El Paso

• 2024 margin: Lean R (+9.8) · D 43.8% · R 53.5% · Other 2.7%
• 2008→2024 swing: +9.0pp toward D · 2008: -18.8pp · 2024: -9.8pp
• All cycles: 2024: R+9.8 2020: R+10.8 2016: R+22.6 2012: R+21.4 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.77%
• Current HPI: 301.5415
• Rent YoY: ▲ 2.36%
• Metro: Colorado 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

+388.7% since first listed

14 events — show timeline

• 2026-05-12 Listed $259,000 FSBO.com
• 2026-01-23 Rental Removed $1,695 TURBOTENANT
• 2025-12-19 Listed for Rent $1,695 TURBOTENANT
• 2024-01-13 Rental Removed $1,695 APPFOLIO
• 2023-11-29 Price Changed $1,695 APPFOLIO
• 2023-10-30 Listed for Rent $1,795 APPFOLIO
• 2023-10-30 Rental Removed $1,795 TURBOTENANT
• 2023-10-29 Listed for Rent $1,795 TURBOTENANT
• 2022-08-15 Sold (Public Records) $190,000 Public Records
• 2004-03-19 Sold (Public Records) $92,500 Public Records
• 1998-10-02 Sold (Public Records) $46,800 Public Records
• 1998-10-02 Sold (Public Records) $28,100 Public Records
• 1990-02-01 Sold (Public Records) $30,400 Public Records
• 1985-06-01 Sold (Public Records) $53,000 Public Records

Property tax history

+4.2%/yr

Latest (2024): $752 · +37.9% YoY. Source: county tax records.