202 Main St

Romeo, CO 81120

$90,000B-

4 bd · 2.0 ba · 1,216 sqft · Built 1945 · Other · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,137/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $276/mo
• Annual: $3,316/yr
• Cap rate: 9.98%
• Cash-on-cash: 13.16%
• DSCR: 1.59
• 1% rule: 1.26%
• Cash to close: $25,200

Investor read

• This is a 4-bed/2.0-bath other listed at $90k. Condition is rated fair.
• 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).
• It's been on market 37 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($622 loan paydown + $3k appreciation (3.5% local appreciation)).
• 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.
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 60 active listings in the ZIP; 39 units permitted in Conejos County in 2024 (0 in 5+ unit buildings).
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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.