20 Hackamore Dr

Granby, CO 80446

$344,213B

6 bd · 7.5 ba · 1,023 sqft · Built 2025 · MultiFamily · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,669/mo
• Mortgage (P&I): −$1,805
• Tax + insurance: −$574
• HOA: −$85
• Vac / Maint / Mgmt: −$1,190
• Net cashflow: $2,015/mo
• Annual: $24,177/yr
• Cap rate: 13.32%
• Cash-on-cash: 25.08%
• DSCR: 2.12
• 1% rule: 1.65%
• Cash to close: $96,380

Investor read

• This is a 3 × 2.0-bed/2.5-bath units multifamily listed at $344k.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $672/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $344k).
• It's been on market 160 days — a 12% lower offer ($303k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $303k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#85 in CO) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: commute D+, amenities F, health & safety F.
• East Grand School District No. 2 (rural): math 36% / reading 58% proficiency, ranked #17 of 86 in CO (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 424 active listings in the ZIP; 294 units permitted in Grand County in 2024 (82 in 5+ unit buildings).
• Grand County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $96k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.3% vs local median 1.4% in Granby — 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 $5,669/mo this rent would consume 91% of the median local household income ($75k/yr) (locally 105% 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 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.