24 N Garo Ave · Colorado Springs, CO 80909

$152,900

3 bd · 2.0 ba · 1,816 sqft · SingleFamily public records · 57 Days on market

Built 1959 8,352 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

Key facts

• 8,352 sq ft lot
• Garage
• Built 1959

Property features AI

Exterior

• Parking: Attached 1-car garage; One parking space total
• Utilities: Electricity available; Natural gas available
• Home design: Single-family residence; One story; Property is unattached; Owned by Bank/GSE
• Construction: Brick and wood siding exterior; Composition roof; House structure
• Exterior features: Public water; Public sewer; Lot is approximately 0.19 acres; Zoned R-1 6

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Three bedrooms total — two on the main level and one in the basement
• Bathrooms: Two bathrooms total — one full bath on the main level and one half bath in the basement
• Heating & cooling: Forced air heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $153k.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• Recommended offer: $148k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 3.3% in Colorado 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 78/100 on livability (#23 in CO, #2,639 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, housing A+, health & safety A+; Watch: cost of living C-, crime F.
• Colorado Springs School District No. 11 In The County Of E (urban): math 20% / reading 37% proficiency, ranked #56 of 86 in CO (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Rogers Elementary School (math 5% / reading 12%, grade F, #922 of 966 statewide, top 97%, 295 students, 79% FRL); Galileo School of Math And Science (math 2% / reading 12%, grade F, #260 of 270 statewide, top 99%, 382 students, 84% FRL); Palmer High School (math 26% / reading 58%, grade F, #155 of 381 statewide, top 42%, 1,384 students, 55% FRL) — zoned schools average 73% FRL vs 49% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 180 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 3,906 units permitted in El Paso County in 2024 (872 in 5+ unit buildings).
• This rent runs 38% of the median local income ($64k/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.
• El Paso County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $27k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $153k implies a 749% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,313 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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.
7. 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.
8. 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: 1.33% ✓
• Cap rate: 10.97%
• Cash-on-cash: 16.70%
• DSCR: 1.74
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $359,568
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2531 Gunnison St	0.22mi	3/1.0	1,844 (+2%)	2mo	$360,000	$195	81
120 N Hayman Ave	0.12mi	3/2.0	1,694 (-7%)	7mo	$370,000	$218	77
10 N Garo Ave	0.06mi	4/2.0 (+1)	2,050 (+13%)	0mo	$337,000	$164	71
26 Arrawanna St	0.43mi	3/2.0	1,689 (-7%)	2mo	$335,000	$198	67
10 S Roosevelt St	0.61mi	4/2.0 (+1)	1,834 (+1%)	3mo	$360,000	$196	63
3231 Michigan Ave	0.72mi	4/2.0 (+1)	1,821 (+0%)	2mo	$360,000	$198	59
17 N Claremont St	0.67mi	4/2.0 (+1)	1,800 (-1%)	5mo	$385,000	$214	58
815 East Hills Rd	0.73mi	3/2.0	1,720 (-5%)	5mo	$367,000	$213	53
2415 E Willamette Ave	0.54mi	4/2.5 (+1)	1,956 (+8%)	4mo	$365,000	$187	51
2459 E Willamette Ave	0.49mi	3/1.0	1,598 (-12%)	5mo	$325,000	$203	49
123 S Brentwood Dr	0.61mi	4/2.0 (+1)	2,080 (+14%)	1mo	$203,000	$98	42
604 Bryce Dr	0.74mi	4/3.0 (+1)	1,599 (-12%)	4mo	$310,000	$194	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.87% rent growth · sell at horizon

5-year hold

• IRR: 6.6%
• Equity multiple: 1.25×
• Total profit: $10,882
• Equity at exit: $22,798

10-year hold

• IRR: 15.0%
• Equity multiple: 2.15×
• Total profit: $49,175
• Equity at exit: $13,220

Cash invested: $42,812 (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 80909

• Rents YoY: 1.9%
• Active inventory: 180
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,031 high
• Mortgage (P&I): −$802
• Tax from tax record: −$144 /mo · $1,724/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $596

Break-even live

Break-even rent $1,277

Max offer price $152,900

Occupancy floor 66%

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: $38,225
• Closing costs: $4,587
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 Balfour Ave Colorado Springs, CO	3.0	1.0	1391	$2,000	$1.44	23d	1	0.06mi
2205 Willow Tree Grv Colorado Springs, CO	1.0–3.0	1.0–2.0	962	$2,170	$2.25	3d	21	0.48mi
2310 E Saint Vrain St Unit 102 Colorado Springs, CO	2.0	1.0	1245	$1,600	$1.29	23d	1	0.55mi
2902 Airport Rd Colorado Springs, CO	2.0–3.0	1.0–2.0	1202	$1,900	$1.58	3d	2	0.59mi
827 Sequoia Dr Colorado Springs, CO	4.0	2.0	1694	$2,700	$1.59	3d	1	1.01mi
3591 Indigo Ridge Pt Colorado Springs, CO	4.0	2.0	2040	$2,195	$1.08	3d	1	1.07mi
213 Audubon Dr Colorado Springs, CO	3.0	3.0	2157	$2,325	$1.08	23d	1	1.10mi
1123 Iowa Ave Colorado Springs, CO	4.0	1.5	1900	$2,400	$1.26	14d	1	1.13mi
913 N Chelton Rd Colorado Springs, CO	1.0–3.0	1.0–2.5	1062	$1,775	$1.67	3d	5	1.15mi
1210 Iowa Ave Colorado Springs, CO	2.0	1.5	1300	$2,126	$1.64	23d	1	1.20mi
1011 N Meade Ave Colorado Springs, CO	2.0	1.0	1400	$3,500	$2.50	14d	1	1.24mi
1114 Wynkoop Dr Colorado Springs, CO	4.0	2.0	1600	$2,000	$1.25	3d	1	1.25mi
3005 E Fountain Blvd Colorado Springs, CO	3.0	1.5	1950	$2,000	$1.03	14d	1	1.29mi
1117 E Platte Ave Colorado Springs, CO	4.0	2.0	1988	$2,600	$1.31	23d	1	1.37mi
1305 Wynkoop Dr Colorado Springs, CO	4.0	3.0	1810	$2,480	$1.37	21d	1	1.39mi
1428 Bellaire Dr Colorado Springs, CO	3.0	2.0	2100	$2,650	$1.26	14d	1	1.44mi
3125 E Fountain Blvd Colorado Springs, CO	2.0–3.0	1.5	1650	$1,875	$1.14	2d	7	1.46mi
922 E High St Colorado Springs, CO	3.0	2.0	1352	$2,150	$1.59	3d	1	1.47mi
3798 Venice Grv Colorado Springs, CO	3.0	2.5	2431	$2,100	$0.86	23d	1	1.49mi

Listing history 23 events

1. 2026-06-14
   status $152,900 Pending 57 DOM
2. 2026-06-10
   days on market $152,900 Active 57 DOM
3. 2026-06-09
   days on market $152,900 Active 56 DOM
4. 2026-06-08
   days on market $152,900 Active 55 DOM
5. 2026-06-07
   days on market $152,900 Active 54 DOM
6. 2026-06-05
   days on market $152,900 Active 51 DOM
7. 2026-06-03
   pricedays on market $152,900 Active 50 DOM
8. 2026-06-03
   days on market $164,900 Active 49 DOM
9. 2026-06-01
   days on market $164,900 Active 48 DOM
10. 2026-05-31
    days on market $164,900 Active 47 DOM
11. 2026-05-21
    price $164,900 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

12. 2026-05-21
    price $164,900 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

13. 2026-05-21
    price $164,900 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

14. 2026-04-30
    status Active 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

15. 2026-04-30
    status Active 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

16. 2026-04-30
    status Active 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

17. 2026-04-16
    status Pending 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

18. 2026-04-16
    status Pending 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

19. 2026-04-16
    historical Under Contract - Showing 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

20. 2026-03-31
    listed $179,900 Active 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

21. 2026-03-31
    listed $179,900 Active 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

22. 2026-03-29
    listed $179,900 Active 211-char remark

    Show marketing remark (211 chars)

    Formerly a 3 bed, 1.5 bath home with finished basement, large lot and separate our building/shop/garage. This is a Bank Approved Short sale. This home has been in a fire. Call Listing agent for more information.

23. 1968-04-01
    soldstatus $18,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CO · Resets to sale price

• Current annual tax: $1,724 · $144/mo
• Projected year-2 tax: $1,724 · $144/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,378
• − Mortgage interest: −$8,565
• − Property taxes: −$1,724
• − Insurance: −$764
• − Repairs & maintenance: −$1,950
• − Management: −$1,950
• − Depreciation: −$4,448
• Taxable income: $4,976
• Est. tax owed @ 24.0%: −$1,194
• After-tax cash flow: $5,954/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: Colorado Springs School District No. 11 In The County Of E
• NCES district ID: 0803060
• Math proficiency: 20% ▼ -8.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $47,884
• Composite: 24.69/100
• National rank: #7613
• State rank: #56 of 86 in CO

Livability — Colorado Springs

• Score: 78/100
• State rank: #23
• US rank: #2639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colorado Springs, CO
• County: El Paso County · 689,348 people
• City population: 555,783
• Metro: Colorado Springs, CO
• Population (ZIP): 35,486
• Household income: $64,035
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 2565.0

Population outlook (El Paso County) Hauer SSP2

• Today (2025): 768,926 people
• By 2030: 815,739 · +6.1%
• By 2040: 903,489 · +17.5%
• By 2050: 981,204 · +27.6%
• By 2075: 1,155,542 · +50.3%
• By 2100: 1,202,070 · +56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 21% Two or more races 13% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 8% German/W. Germanic 1%

Political lean MEDSL · El Paso

• 2024 margin: Lean R (+9.8) · D 43.8% · R 53.5% · Other 2.7%
• 2008→2024 swing: +9.0pp toward D · 2008: -18.8pp · 2024: -9.8pp
• All cycles: 2024: R+9.8 2020: R+10.8 2016: R+22.6 2012: R+21.4 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -363.33%
• Current HPI: 276.1246
• Rent YoY: ▲ 1.87%
• Metro: Colorado 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

+816.1% since first listed

13 events — show timeline

• 2026-05-21 Price Changed $164,900 elevateMLS
• 2026-05-21 Price Changed $164,900 IRES
• 2026-05-21 Price Changed $164,900 REColorado as Distributed by MLS Grid
• 2026-04-30 Relisted — IRES
• 2026-04-30 Relisted — REColorado as Distributed by MLS Grid
• 2026-04-30 Relisted — elevateMLS
• 2026-04-16 Pending — IRES
• 2026-04-16 Pending — REColorado as Distributed by MLS Grid
• 2026-04-16 Contingent — elevateMLS
• 2026-03-31 Listed $179,900 REColorado as Distributed by MLS Grid
• 2026-03-31 Listed $179,900 IRES
• 2026-03-29 Listed $179,900 elevateMLS
• 1968-04-01 Sold (Public Records) $18,000 Public Records

Property tax history

+6.4%/yr

Latest (2024): $1,724 · -54.4% YoY. Source: county tax records.