2300 Mt Werner Cir Unit 462/465/466 · Steamboat Springs, CO 80487

$159,000

2 bd · 3.0 ba · 1,383 sqft · Condo · 9 Days on market

Built 1999 $704/mo HOA · 24% of rent

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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 +28.9/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Inviting Alpenglow floor plan. Valley & Flat Top Mountain Views. Comfortable unit that sleeps 10. Open kitchen, 2 fireplaces, Jetted Tub. Ownership includes all amenities and services of the Grand Hotel; Parking, Pools and Workout Center, Spa, Restaurants, Valet Service and Full Concierge.

Key facts

• Premiere location
• Outdoor pool
• Valet service

Tags

• PREMIERE LOCATION
• HIGH END AMENITIES
• OUTDOOR POOL
• FITNESS CENTER
• OWNERS LOUNGE
• VALET SERVICE

Property features AI

Finance

• HOA & community: Has homeowners association; Annual association fee; Fitness center; Clubhouse; Building amenities include elevators, reception area, storage, and WiFi; Building name: Steamboat Grand

Exterior

• Parking: Assigned parking in community structure
• Utilities: Cable available and connected; No utilities listed
• Home design: Residential timeshare; Multi-family zoning
• Construction: See remarks for roof
• Exterior features: Deck; Community pool; Storage; City lot; Near public transit; Paved road

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Oven; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Hot water heating; Has cooling
• Interior features: Furnished; Gas fireplace; Therapeutic whirlpool (accessibility feature); Has view
• Laundry & utility: Common area laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $539 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $159k).
• Cap rate 10.4% vs local median 0.1% in Steamboat 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 74/100 on livability (#41 in CO, #4,975 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, schools B; Watch: health & safety C-, amenities D, cost of living F.
• Steamboat Springs School District No. RE-2 (town): math 49% / reading 72% proficiency, ranked #4 of 86 in CO (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+10.6%/yr); 555 active listings in the ZIP; solid renter incomes; 597 units permitted in Routt County in 2024 (418 in 5+ unit buildings).
• This rent runs 32% of the median local income ($110k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Routt County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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.
• Current owner paid $65k; list at $159k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.86% ✓
• Cap rate: 10.36%
• Cash-on-cash: 14.54%
• DSCR: 1.65
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 12.9%
• Equity multiple: 1.56×
• Total profit: $24,730
• Equity at exit: $23,707

10-year hold

• IRR: 26.5%
• Equity multiple: 4.12×
• Total profit: $139,016
• Equity at exit: $13,747

Cash invested: $44,520 (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 80487

• Rents YoY: 10.6%
• Active inventory: 555
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,965 medium
• Mortgage (P&I): −$834
• Tax est. 1.5%: −$199 /mo · $2,385/yr
• Insurance: −$66
• HOA: −$704
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $539

Break-even live

Break-even rent $2,282

Max offer price $159,000

Occupancy floor 77%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $704 · $8,448/yr
• Likely covers: pooldoorman
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-21
   status Pending
2. 2026-05-12
   listed $159,000 Active
3. 2017-06-09
   soldstatus $65,000 295-char remark

   Show marketing remark (295 chars)

   Inviting Alpenglow floor plan. Valley & Flat Top Mountain Views. Comfortable unit that sleeps 10. Open kitchen, 2 fireplaces, Jetted Tub. Ownership includes all amenities and services of the Grand Hotel; Parking, Pools and Workout Center, Spa, Restaurants, Valet Service and Full Concierge.

4. 2016-10-15
   listed $70,000 295-char remark

   Show marketing remark (295 chars)

   Inviting Alpenglow floor plan. Valley & Flat Top Mountain Views. Comfortable unit that sleeps 10. Open kitchen, 2 fireplaces, Jetted Tub. Ownership includes all amenities and services of the Grand Hotel; Parking, Pools and Workout Center, Spa, Restaurants, Valet Service and Full Concierge.

5. 2014-10-29
   soldstatus $64,000 626-char remark

   Show marketing remark (626 chars)

   Rare, valley-facing Alpenglow located on the 4th floor close to elevators and ski access. Very versatile 2 bedroom / 3 bathroom Alpenglow unit. Jacuzzi tub in master. 2 gas log fireplaces. 6-7 weeks of ownership each year. Weeks this winter include Thanksgiving, New Years, and February and March spring breaks. Great rental potential. Wonderful year round amenities including pool, hot tub, fitness center, ski parking, restaurants, Owner's Ski Storage and lounge in Gondola Square. Convenient location in the hotel. Expansive views of Yampa Valley and Emerald Mountain. RCI exchange program. Financing is available!

6. 2014-07-23
   listed $69,000 626-char remark

   Show marketing remark (626 chars)

   Rare, valley-facing Alpenglow located on the 4th floor close to elevators and ski access. Very versatile 2 bedroom / 3 bathroom Alpenglow unit. Jacuzzi tub in master. 2 gas log fireplaces. 6-7 weeks of ownership each year. Weeks this winter include Thanksgiving, New Years, and February and March spring breaks. Great rental potential. Wonderful year round amenities including pool, hot tub, fitness center, ski parking, restaurants, Owner's Ski Storage and lounge in Gondola Square. Convenient location in the hotel. Expansive views of Yampa Valley and Emerald Mountain. RCI exchange program. Financing is available!

ⓘ 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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 8 d/yr ≥80°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,577
• − Mortgage interest: −$8,906
• − Property taxes: −$2,385
• − Insurance: −$795
• − Repairs & maintenance: −$2,846
• − Management: −$2,846
• − HOA: −$8,448
• − Depreciation: −$4,625
• Taxable income: $4,725
• Est. tax owed @ 24.0%: −$1,134
• After-tax cash flow: $5,338/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: Steamboat Springs School District No. RE-2
• NCES district ID: 0806660
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $67,833
• Composite: 53.1/100
• National rank: #1513
• State rank: #4 of 86 in CO

Livability — Steamboat Springs

• Score: 74/100
• State rank: #41
• US rank: #4975

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steamboat Springs, CO
• County: Routt County · 18,525 people
• City population: 18,525
• Metro: Steamboat Springs, CO
• Population (ZIP): 18,525
• Household income: $109,659
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 644.0

Population outlook (Routt County) Hauer SSP2

• Today (2025): 27,283 people
• By 2030: 28,555 · +4.7%
• By 2040: 30,578 · +12.1%
• By 2050: 32,328 · +18.5%
• By 2075: 36,897 · +35.2%
• By 2100: 38,794 · +42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 12% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Routt

• 2024 margin: Strong D (+27.7) · D 62.5% · R 34.8% · Other 2.8%
• 2008→2024 swing: +0.9pp no change · 2008: 26.9pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+27.6 2016: D+17.0 2012: D+15.6 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -342.73%
• Current HPI: 471.8844
• Rent YoY: ▲ 10.61%
• Metro: Steamboat 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

+130.4% since first listed

6 events — show timeline

• 2026-05-21 Pending — SAR
• 2026-05-12 Listed $159,000 SAR
• 2017-06-09 Sold (MLS) $65,000 REColorado as Distributed by MLS Grid
• 2016-10-15 Listed $70,000 REColorado as Distributed by MLS Grid
• 2014-10-29 Sold (MLS) $64,000 REColorado as Distributed by MLS Grid
• 2014-07-23 Listed $69,000 REColorado as Distributed by MLS Grid