1770 Natchez Way Unit n/a · Steamboat Springs, CO 80487

$275,000

4 bd · 4.5 ba · 5,409 sqft · SingleFamily · 160 Days on market

Built 1983 0.84 ac lot $1000/mo HOA · 26% of rent

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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 +16.4/30.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• DSCR +5.1/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The Castle stands out as a unique fractional ownership opportunity offering 6 weeks a year. The 2026 calendar weeks for this deed are January 3rd to 10th, February7th to February 14th, July 4th to July 18th, August 15th to August 22nd, October 3rd to October 10th. Constructed in the 1980s on a prime vantage point, this 5,400-square-foot duplex provides an excellent option for those seeking a mountain retreat in Steamboat Springs. Owners benefit from amenities such as private ski lockers, and even a vehicle for use during their stay that will be conveniently waiting for you at the airport. Each side of the duplex features four bedrooms, all with en-suite bathrooms, an indoor sauna, a washer

Key facts

• Indoor sauna
• Gas grill
• Private ski lockers

Tags

• PRIVATE SKI LOCKERS
• INDOOR SAUNA
• SPACIOUS DECK
• GAS GRILL
• HOT TUB
• OPEN LAYOUT

Property features AI

Finance

• Other: Located in the FAIRWAY MEADOWS subdivision; Building name: The Castle; Directions available
• HOA & community: Homeowners association with annual fee (snow removal included)

Exterior

• Parking: Parking lot
• Utilities: Public water; Public sewer; Electricity available; Cable available; Water available; Sewer available
• Home design: Residential timeshare; Duplex zoning
• Construction: Frame, concrete, and wood siding construction; Metal roof
• Exterior features: Deck; Has view; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Refrigerator
• Flooring: Carpet; Tile; Wood
• Bathrooms: 4 full bathrooms; 1 half bathroom
• Heating & cooling: Baseboard heating; Hot water heating; Wood heating; Wood stove
• Interior features: Furnished; Finished basement; Wood-burning fireplace
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 4-bed/4.5-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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 42% 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 $2k of loan paydown is wiped out by about $8k 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 $77k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.41% ✓
• Cap rate: 6.97%
• Cash-on-cash: 2.42%
• DSCR: 1.11
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $4,700,421
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1144 Redwoods Dr	0.43mi	4/4.5	5,146 (-5%)	7mo	$4,850,000	$942	66
1115 Steamboat Blvd	0.63mi	4/4.5	5,176 (-4%)	7mo	$4,500,000	$869	58
1329 Turning Leaf Ct Unit Share C	0.43mi	5/6.0 (+1)	5,027 (-7%)	9mo	$332,500	$66	49
1031 Steamboat Blvd	0.74mi	5/5.0 (+1)	5,644 (+4%)	10mo	$4,400,000	$780	43
665 Meadowbrook Cir	0.72mi	5/4.5 (+1)	4,898 (-9%)	6mo	$4,300,000	$878	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.82×
• Total profit: $-13,569
• Equity at exit: $41,003

10-year hold

• IRR: 12.0%
• Equity multiple: 2.26×
• Total profit: $96,673
• Equity at exit: $23,777

Cash invested: $77,000 (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: 5.9×

Monthly cashflow live

• Estimated rent: $3,868 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$1,000
• Vacancy / Maint / Mgmt: −$812
• Net cashflow: $155

Break-even live

Break-even rent $3,671

Max offer price $275,000

Occupancy floor 91%

Sensitivity live

Price	-10% $345	-5% $250	+0% $155	+5% $60	+10% $-35
Rent	-10% $-150	-5% $2	+0% $155	+5% $308	+10% $461
Rate	-1.0pp $294	-0.5pp $225	base $155	+0.5pp $84	+1.0pp $11

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1,000 · $12,000/yr

Listing history 17 events

1. 2026-06-19
   days on market $275,000 Active 160 DOM
2. 2026-06-18
   days on market $275,000 Active 159 DOM
3. 2026-06-17
   days on market $275,000 Active 158 DOM
4. 2026-06-16
   days on market $275,000 Active 157 DOM
5. 2026-06-15
   days on market $275,000 Active 156 DOM
6. 2026-06-14
   days on market $275,000 Active 154 DOM
7. 2026-06-12
   days on market $275,000 Active 153 DOM
8. 2026-06-09
   days on market $275,000 Active 150 DOM
9. 2026-06-08
   days on market $275,000 Active 149 DOM
10. 2026-06-07
    days on market $275,000 Active 148 DOM
11. 2026-06-07
    days on market $275,000 Active 147 DOM
12. 2026-06-04
    days on market $275,000 Active 144 DOM
13. 2026-06-02
    days on market $275,000 Active 143 DOM
14. 2026-06-01
    days on market $275,000 Active 142 DOM
15. 2026-05-31
    days on market $275,000 Active 141 DOM
16. 2026-05-31
    days on market $275,000 Active 140 DOM
17. 2026-01-11
    listed $275,000 Active

ⓘ 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 1/10 Low 8 d/yr ≥80°F today · 20 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: $46,414
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,713
• − Management: −$3,713
• − HOA: −$12,000
• − Depreciation: −$8,000
• Taxable loss: −$1,917
• Est. tax savings @ 24.0%: +$460
• After-tax cash flow: $2,321/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

1 event — show timeline

• 2026-01-11 Listed $275,000 SAR