69 Snowberry Creek Rd

Florissant, CO 80816

$120,000B-

2 bd · 1.0 ba · 619 sqft · Built 1982 · SingleFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,754/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$368
• Net cashflow: $668/mo
• Annual: $8,012/yr
• Cap rate: 12.97%
• Cash-on-cash: 23.85%
• DSCR: 2.06
• 1% rule: 1.46%
• Cash to close: $33,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $668 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 123 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#311 in CO) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A, housing A-; Watch: amenities F, commute F, employment F.
• Woodland Park School District No. Re-2 (town): math 28% / reading 47% proficiency, ranked #29 of 86 in CO (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Summit Elementary School (math 24% / reading 32%, grade F, #540 of 966 statewide, top 57%, 259 students, 36% FRL); Woodland Park Middle School (math 27% / reading 47%, grade F, #95 of 270 statewide, top 37%, 386 students, 34% FRL); Woodland Park High School (math 37% / reading 62%, grade D, #115 of 381 statewide, top 34%, 579 students, 33% FRL).
• Market conditions: 280 active listings in the ZIP; 148 units permitted in Teller County in 2024 (0 in 5+ unit buildings).
• Teller County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $120k implies a 220% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.0% vs local median 3.3% in Florissant — 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.

Questions for listing agent

• It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.