202 Main St · Romeo, CO 81120

$90,000

4 bd · 2.0 ba · 1,216 sqft · Other · 37 Days on market

Built 1945 Fair condition ↓ 7% since listing

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Why this score? — see what drove the B- 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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.0/5.0

Listing remarks

Sold as is. This home is located on a 5 spacious lots, including a corner lot. This home is on City Water and Sewer but it does have a private well Rental Property or Primary Home 4 bedroom 2 bathroom home. Located on 5 city lots. With a spacious Master bedroom with a walkthrough closet. And 3 secondary bedrooms. 2 outbuildings 1 for storage and 12x60 & quot; Man Cave& quot; . Exterior painted July of 2021.

Key facts

• 2 outbuildings
• Private well
• City water and sewer

Tags

• 5 SPACIOUS LOTS
• CORNER LOT
• CITY WATER AND SEWER
• PRIVATE WELL
• 2 OUTBUILDINGS
• EXTERIOR PAINTED JULY 2021

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $90k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 50/100 on livability (#402 in CO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: health & safety C-, schools F, crime F.
• North Conejos School District No. Re1J (rural): math 32% / reading 46% proficiency, ranked #33 of 86 in CO (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 60 active listings in the ZIP; 39 units permitted in Conejos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($622 loan paydown + $3k appreciation (3.5% local appreciation)).
• Conejos County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. 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: 1.26% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.16%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.54% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.1%
• Equity multiple: 2.23×
• Total profit: $31,049
• Equity at exit: $43,221

10-year hold

• IRR: 21.7%
• Equity multiple: 4.28×
• Total profit: $82,768
• Equity at exit: $68,834

Cash invested: $25,200 (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 81120

• Home prices YoY: 1.6%
• Active inventory: 60
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,137 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $276

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 71%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $90,000 Active 37 DOM
2. 2026-06-17
   days on market $90,000 Active 36 DOM
3. 2026-06-16
   days on market $90,000 Active 35 DOM
4. 2026-06-16
   price $90,000 Active 34 DOM
5. 2026-06-15
   days on market $135,000 Active 34 DOM
6. 2026-06-14
   days on market $135,000 Active 32 DOM
7. 2026-06-13
   days on market $135,000 Active 31 DOM
8. 2026-06-10
   days on market $135,000 Active 29 DOM
9. 2026-06-09
   days on market $135,000 Active 28 DOM
10. 2026-06-08
    days on market $135,000 Active 27 DOM
11. 2026-06-07
    days on market $135,000 Active 26 DOM
12. 2026-06-03
    days on market $135,000 Active 22 DOM
13. 2026-06-02
    days on market $135,000 Active 21 DOM
14. 2026-06-01
    days on market $135,000 Active 20 DOM
15. 2026-05-31
    days on market $135,000 Active 19 DOM
16. 2026-05-31
    days on market $135,000 Active 18 DOM
17. 2026-05-13
    price $135,000
18. 2026-05-12
    listed $145,000 Active

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 8 d/yr ≥84°F today · 23 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: $13,646
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,092
• − Management: −$1,092
• − Depreciation: −$2,618
• Taxable income: $2,003
• Est. tax owed @ 24.0%: −$481
• After-tax cash flow: $2,836/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.

Condition & rehab AI · 0 photos

Fair 40/100 Moderate rehab

This home requires significant updates and repairs, particularly in the kitchen and bathrooms, to improve its condition and value. Updating these areas will significantly enhance its appeal and functionality.

Repairs flagged

• Major Kitchen countertops — The countertops are visibly worn and need replacement.
• Major Kitchen cabinets — The cabinets are outdated and in poor condition.
• Major Bathroom fixtures — The bathroom fixtures are old and in need of replacement.
• Major Flooring — The flooring is worn and in need of replacement.
• Major Interior walls — The walls show signs of water damage and need repainting.
• Major Landscaping — The landscaping is overgrown and needs trimming and maintenance.

Value-add opportunities

• Resale Updating the kitchen with new cabinets and countertops — Updating the kitchen will significantly improve the home's appeal and functionality, making it more attractive to potential buyers.
• Resale Updating the bathrooms with new fixtures and tiling — Updating the bathrooms will enhance the home's appeal and functionality, making it more attractive to potential buyers.
• Both Painting the exterior and landscaping — Painting the exterior and landscaping will improve the home's curb appeal and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · The countertops are visibly worn and need replacement.	Major	$15,000–50,000
Kitchen cabinets · The cabinets are outdated and in poor condition.	Major	$15,000–50,000
Bathroom fixtures · The bathroom fixtures are old and in need of replacement.	Major	$15,000–50,000
Flooring · The flooring is worn and in need of replacement.	Major	$15,000–50,000
Interior walls · The walls show signs of water damage and need repainting.	Major	$15,000–50,000
Landscaping · The landscaping is overgrown and needs trimming and maintenance.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Resale Updating the kitchen with new cabinets and countertops — Updating the kitchen will significantly improve the home's appeal and functionality, making it more attractive to potential buyers. ↑
• Resale Updating the bathrooms with new fixtures and tiling — Updating the bathrooms will enhance the home's appeal and functionality, making it more attractive to potential buyers. ↑
• Both Painting the exterior and landscaping — Painting the exterior and landscaping will improve the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: North Conejos School District No. Re1J
• NCES district ID: 0805100
• Math proficiency: 32% ▼ -4.00%
• Reading proficiency: 46% ▼ -8.00%
• Median HH income: $37,238
• Composite: 32.39/100
• National rank: #5732
• State rank: #33 of 86 in CO

Livability — Romeo

• Score: 50/100
• State rank: #402
• US rank: #25555

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Romeo, CO
• City population: 368
• Population (ZIP): 1,976

Population outlook (Conejos County) Hauer SSP2

• Today (2025): 7,690 people
• By 2030: 7,358 · -4.3%
• By 2040: 6,576 · -14.5%
• By 2050: 5,778 · -24.9%
• By 2075: 4,221 · -45.1%
• By 2100: 2,619 · -65.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% White 37% Two or more races 29% Native American 2%
• Hispanic origin (detail): Mexican 25% Puerto Rican 1%
• Common ancestry: Slovak 2% Iranian 1% Russian 1%
• Foreign-born: 2% · Canada
• Languages at home: 69% English-only · Spanish 31%

Political lean MEDSL · Conejos

• 2024 margin: R (+17.8) · D 39.6% · R 57.5% · Other 2.9%
• 2008→2024 swing: -30.8pp toward R · 2008: 12.9pp · 2024: -17.8pp
• All cycles: 2024: R+17.8 2020: R+7.5 2016: R+3.3 2012: D+9.6 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.54%
• Current HPI: 224.0231
• Rent YoY: —
• Metro: —
• 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

-6.9% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $135,000 FSBO.com
• 2026-05-12 Listed $145,000 FSBO.com