2438 Barkman Dr · Colorado Springs, CO 80916

$279,000

4 bd · 2.0 ba · 1,879 sqft · SingleFamily public records · 13 Days on market

Built 1972 8,400 sqft lot Est $387k · 28% under

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Why this score? — see what drove the C- 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 +15.7/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• Livability +3.9/5.0
• 1% rule +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Ranch Style Home is in Harrison School District 2. It was Built in 1972 and is over 1,800 sq ft. A good opportunity to own a home with 4 Bedrooms, 2 Bathrooms & a 1-car attached Garage with Stucco Exterior. The Driveway is Extended Featuring 2 More Car Spaces. The Front Yard boosts Mature Trees as well. This home Features a Living Room, Kitchen with Nice Appliances:Refrigerator, Gas Oven, Microwave, Dishwasher and Plenty of Cabinets. The Master is on the Main level along with 2 other bedrooms all sharing a 3/4 Bathroom which has Quartz Counter Tops. The Basement features 1 more Bedroom, a Family Room, a Bonus room, a Laundry/Storage Room, another 3/4 Bathroom with Dual Shower Heads. In The backyard you will find a Storage Shed ...plenty of space for your family to enjoy a barbecue or play with your pup, Plus RV parking on the concrete area with its own gate, as well as Peach, Plum and Lilac trees. This is an established neighborhood close to Academy Blvd and easy access to Shopping. In walking proximity to James Irwin schools (District 2).Public transportation across the street.

Key facts

• 8,400 sq ft lot
• Garage
• Built 1972

Property features AI

Finance

• Financial info: Financing accepted: Cash, Conventional, FHA, VA
• HOA & community: No homeowners association

Exterior

• Parking: Attached 1-car garage
• Utilities: Municipal water; Cable available; Electricity available; Gas available
• Home design: Single family home; Existing home
• Construction: Wood frame construction; Wood siding; Composite shingle roof; Full basement (approximately 81% finished)
• Exterior features: Concrete patio; Rear fence; Concrete driveway; Corner lot; Level lot

Interior

• Bedrooms: Main floor bedroom
• Bathrooms: Two 3/4 bathrooms
• Heating & cooling: Forced air heating; Ceiling fan(s)
• Interior features: Ceiling fans; Forced air heating
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $279k.

Deal economics

• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (18.0% below list).
• Recommended offer: $229k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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.
• 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.
• Zoned schools: Bricker Elementary School (math 5% / reading 22%, grade F, #824 of 966 statewide, top 88%, 275 students, 50% FRL); Panorama Middle School (math 6% / reading 17%, grade F, #240 of 270 statewide, top 89%, 403 students, 66% FRL); Sierra High School (math 8% / reading 42%, grade F, #264 of 381 statewide, top 69%, 908 students, 54% FRL).
• Market conditions: Rents rising (+2.4%/yr); 189 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 3,906 units permitted in El Paso County in 2024 (872 in 5+ unit buildings).
• This rent runs 41% of the median local income ($67k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $41k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $228,728 (18.0% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 0.82% ✗
• Cap rate: 6.83%
• Cash-on-cash: 1.92%
• DSCR: 1.09
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $387,074
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2466 W Payne Cir	0.21mi	4/2.0	1,878 (-0%)	2mo	$307,000	$163	89
4055 Jet Wing Pl	0.32mi	4/2.0	1,878 (-0%)	2mo	$411,000	$219	83
2233 Farnsworth Dr	0.39mi	4/2.0	1,880 (+0%)	2mo	$364,900	$194	80
4505 S Anjelina Cir	0.22mi	4/2.0	1,666 (-11%)	1mo	$375,000	$225	70
4525 Melville Dr	0.43mi	3/1.0 (-1)	1,902 (+1%)	2mo	$317,000	$167	67
2050 S Chelton Rd	0.45mi	3/2.0 (-1)	1,755 (-7%)	0mo	$385,000	$219	63
3114 Moonbeam Cir	0.73mi	4/2.0	1,800 (-4%)	2mo	$360,000	$200	57
4320 Kanaly Ct	0.61mi	4/2.0	1,669 (-11%)	1mo	$388,000	$232	52
2645 Prescott Cir E	0.51mi	3/2.0 (-1)	1,679 (-11%)	1mo	$346,000	$206	52
2515 Plymouth Dr	0.56mi	4/3.0	2,132 (+14%)	1mo	$371,000	$174	47
2227 Sierra Park Dr	0.45mi	3/2.5 (-1)	1,601 (-15%)	1mo	$369,500	$231	46
2835 Blake Dr	0.70mi	3/1.0 (-1)	2,016 (+7%)	1mo	$360,000	$179	45

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 · 2.36% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.50×
• Total profit: $-38,840
• Equity at exit: $41,600

10-year hold

• IRR: -6.1%
• Equity multiple: 0.62×
• Total profit: $-29,987
• Equity at exit: $24,123

Cash invested: $78,120 (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 80916

• Home prices YoY: -27.6%
• Rents YoY: 2.4%
• Active inventory: 189
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,287 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$103 /mo · $1,233/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $125

Break-even live

Break-even rent $2,129

Max offer price $279,000

Occupancy floor 90%

Sensitivity live

Price	-10% $283	-5% $204	+0% $125	+5% $46	+10% $-33
Rent	-10% $-56	-5% $34	+0% $125	+5% $215	+10% $306
Rate	-1.0pp $265	-0.5pp $196	base $125	+0.5pp $53	+1.0pp $-21

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4115 Morley Dr Colorado Springs, CO	4.0	2.0	1739	$2,095	$1.20	25d	1	0.28mi
4575 Monica Dr Colorado Springs, CO	4.0	2.0	1750	$2,095	$1.20	4d	1	0.35mi
2915 Monica Dr W Colorado Springs, CO	5.0	3.0	2030	$2,800	$1.38	25d	1	0.46mi
4027 Charleston Dr Colorado Springs, CO	3.0	2.0	1232	$2,000	$1.62	16d	1	0.52mi
2320 Bruno Cir Colorado Springs, CO	4.0	2.0	1311	$2,229	$1.70	23d	1	0.65mi
3127 Moonbeam Cir S Colorado Springs, CO	3.0	2.0	1482	$2,099	$1.42	4d	1	0.67mi
2702 Dickens Dr Colorado Springs, CO	3.0	2.0	1300	$2,093	$1.61	16d	1	0.67mi
1810 Kaleidos Vw Colorado Springs, CO	1.0–3.0	1.0–2.0	1023	$2,200	$2.15	4d	6	0.84mi
4919 Rusty Nail Pt Colorado Springs, CO	3.0	1.5	1237	$1,900	$1.54	4d	1	0.85mi
3063 Harpy Grv Colorado Springs, CO	3.0	2.5	1561	$1,950	$1.25	4d	1	0.86mi
3098 Shikra Vw Colorado Springs, CO	3.0	2.5	1561	$2,195	$1.41	16d	1	0.88mi
4814 Hawk Meadow Dr Colorado Springs, CO	3.0	2.5	1579	$2,295	$1.45	25d	1	0.90mi
2311 Sonoma Dr Colorado Springs, CO	4.0	2.0	1836	$2,280	$1.24	23d	1	0.92mi
4960 Fountain Ford Vw Colorado Springs, CO	1.0–3.0	1.0–2.0	973	$2,311	$2.38	4d	28	0.93mi
3965 Colony Hills Cir Colorado Springs, CO	4.0	2.0	1616	$2,250	$1.39	4d	1	1.00mi
3459 Springnite Dr Colorado Springs, CO	3.0	2.0	1351	$1,700	$1.26	25d	1	1.01mi
2458 Sonoma Dr Colorado Springs, CO	3.0	2.0	1686	$2,200	$1.30	25d	1	1.02mi
3469 Hunterwood Dr Colorado Springs, CO	3.0	3.0	2264	$2,199	$0.97	4d	1	1.03mi
2404 Monterey Rd Colorado Springs, CO	3.0	2.0	1862	$2,500	$1.34	4d	1	1.04mi
4096 Colony Hills Cir Colorado Springs, CO	3.0	2.0	1607	$2,093	$1.30	4d	1	1.06mi
4815 Tory Ridge Dr Colorado Springs, CO	3.0	2.5	1415	$2,850	$2.01	4d	1	1.06mi
5150 Selby Ranch Pt Colorado Springs, CO	3.0–4.0	2.5–3.5	1626	$3,356	$2.06	4d	93	1.10mi
1540 Sparton Grv Unit 102 Colorado Springs, CO	3.0	3.0	1552	$2,195	$1.41	4d	1	1.12mi
1518 Tyram Grv Unit 102 Colorado Springs, CO	3.0	3.0	1552	$2,195	$1.41	4d	1	1.16mi
4710 Jet Wing Cir W Colorado Springs, CO	3.0	3.0	1700	$2,099	$1.23	25d	1	1.17mi
4535 Jet Wing Cir W Colorado Springs, CO	3.0	2.0	1806	$2,449	$1.36	4d	1	1.17mi
1342 Firefly Cir Colorado Springs, CO	3.0	1.5	1560	$1,600	$1.03	4d	1	1.19mi
1340 Inverness Dr Colorado Springs, CO	1.0–3.0	1.0–2.0	936	$2,026	$2.16	4d	17	1.30mi
1071 Cana Grv Colorado Springs, CO	3.0	2.5	1932	$2,295	$1.19	25d	1	1.33mi
2335 CoralBell Grv Colorado Springs, CO	1.0–3.0	1.0–2.0	997	$2,498	$2.50	25d	34	1.33mi
2335 CoralBell Grv Colorado Springs, CO	2.0–3.0	1.0–2.0	1004	$2,195	$2.19	4d	7	1.33mi
4275 Sanders Vw Colorado Springs, CO	1.0–3.0	1.0–2.0	932	$3,006	$3.23	4d	27	1.38mi
1055 Petra Hts Colorado Springs, CO	3.0	2.5	1702	$2,200	$1.29	25d	1	1.38mi
3241 Viero Dr Colorado Springs, CO	4.0	3.5	2034	$2,450	$1.20	4d	1	1.45mi
2414 Sombrero Dr Colorado Springs, CO	4.0	2.0	1800	$2,200	$1.22	16d	1	1.45mi
2046 Del Mar Dr Colorado Springs, CO	5.0	2.0	1824	$2,500	$1.37	4d	1	1.49mi
894 Petra Hts Colorado Springs, CO	3.0	2.5	1671	$2,045	$1.22	4d	1	1.49mi

Listing history 10 events

1. 2026-06-21
   pricedays on market $279,000 Active 13 DOM
2. 2026-06-18
   days on market $299,000 Active 10 DOM
3. 2026-06-17
   days on market $299,000 Active 9 DOM
4. 2026-06-16
   days on market $299,000 Active 8 DOM
5. 2026-06-15
   days on market $299,000 Active 7 DOM
6. 2026-06-14
   days on market $299,000 Active 5 DOM
7. 2026-06-13
   days on market $299,000 Active 4 DOM
8. 2026-06-10
   days on market $299,000 Active 2 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-09
    listed $299,000 Active 1 DOM

ⓘ 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: $1,233 · $103/mo
• Projected year-2 tax: $1,534 · $128/mo
• Expected delta: +$301/yr (+$25/mo · 24.4%)

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 18 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: $27,447
• − Mortgage interest: −$15,628
• − Property taxes: −$1,233
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,196
• − Management: −$2,196
• − Depreciation: −$8,116
• Taxable loss: −$3,317
• Est. tax savings @ 24.0%: +$796
• After-tax cash flow: $2,294/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: Harrison School District No. 2 In The County Of El Paso An
• NCES district ID: 0804530
• Math proficiency: 16% ▼ -13.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $40,242
• Composite: 21.47/100
• National rank: #8333
• State rank: #67 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): 41,104
• Household income: $67,127
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 2041.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 38% White 37% Two or more races 18% Black 15% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 28% Puerto Rican 2%
• Common ancestry: Lithuanian 1% Romanian 1% Slovak 1%
• Foreign-born: 13% · Canada, South Korea
• Languages at home: 73% English-only · Spanish 22% French/Haitian/Cajun 1% Tagalog/Filipino 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: ▼ -114.77%
• Current HPI: 301.5415
• Rent YoY: ▲ 2.36%
• 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

+280.9% since first listed

12 events — show timeline

• 2026-06-08 Price Changed $299,000 elevateMLS
• 2026-06-08 Listed $320,000 elevateMLS
• 2025-11-24 Price Changed $360,000 elevateMLS
• 2022-07-05 Sold (Public Records) $360,000 Public Records
• 2022-07-01 Sold (MLS) $360,000 IRES
• 2022-07-01 Sold (MLS) $360,000 REColorado as Distributed by MLS Grid
• 2022-05-28 Pending — REColorado as Distributed by MLS Grid
• 2022-05-25 Price Changed $354,999 REColorado as Distributed by MLS Grid
• 2022-05-25 Price Changed $354,999 elevateMLS
• 2022-05-20 Listed $354,999 IRES
• 2022-05-20 Listed $364,999 REColorado as Distributed by MLS Grid
• 1996-09-04 Sold (Public Records) $78,500 Public Records

Property tax history

+4.0%/yr

Latest (2024): $1,233 · +28.4% YoY. Source: county tax records.