4537 Lamplighter Cir

Colorado Springs, CO 80916

$150,000D-

2 bd · 2.0 ba · 1,028 sqft · Built 1985 · Condo · Active · 202 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,540/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$109
• HOA: −$360
• Vac / Maint / Mgmt: −$323
• Net cashflow: $-38/mo
• Annual: $-462/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• 1% rule: 1.03%
• Cash to close: $42,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $150k.
• At list price, monthly cash flow is $-38 ($-462/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (4.5% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 202 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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.
• Harrison School District No. 2 In The County Of El Paso An (urban): math 16% / reading 35% proficiency, ranked #67 of 86 in CO (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising (+2.4%/yr); 183 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 3,906 units permitted in El Paso County in 2024 (872 in 5+ unit buildings).
• El Paso County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $35k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $150k implies a 124% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 202 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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?
• 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?