100 Bachelor Rdg #3214

Edwards, CO 81620

$120,000B+

3 bd · 4.0 ba · 2,243 sqft · Built 2002 · Condo · Pending · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,206/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$266
• HOA: −$1,641
• Vac / Maint / Mgmt: −$883
• Net cashflow: $786/mo
• Annual: $9,435/yr
• Cap rate: 14.82%
• Cash-on-cash: 30.45%
• DSCR: 2.36
• 1% rule: 3.51%
• Cash to close: $33,600

Investor read

• This is a 3-bed/4.0-bath condo listed at $120k.
• At list price, monthly cash flow is $786 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $120k).
• It's been on market 64 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($830 loan paydown + $8k appreciation (6.6% local appreciation)).
• Location reads 59/100 on livability (#268 in CO) — a working-class tenant base; expect higher turnover. Strengths: crime A, employment B+; Watch: schools D-, amenities F, commute F.
• Eagle County School District No. RE-50 (town): math 22% / reading 42% proficiency, ranked #39 of 86 in CO (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo; HOA is 39% of rent.
• Market conditions: 456 active listings in the ZIP; solid renter incomes; 387 units permitted in Eagle County in 2024 (256 in 5+ unit buildings).
• Eagle County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 6y 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.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.8% vs local median 0.4% in Edwards — 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.
• At $4,206/mo this rent would consume 49% of the median local household income ($103k/yr) (locally 744% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?
• 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.