372 Gcr 442 2 Rd #2

Grand Lake, CO 80447

$399,000F

3 bd · 4.0 ba · 1,480 sqft · Built 1983 · MultiFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,114/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$665
• HOA: −$811
• Vac / Maint / Mgmt: −$444
• Net cashflow: $-1,898/mo
• Annual: $-22,779/yr
• Cap rate: 0.58%
• Cash-on-cash: -20.39%
• DSCR: 0.09
• 1% rule: 0.53%
• Cash to close: $111,720

Investor read

• This is a 3-bed/4.0-bath multifamily listed at $399k. Condition is rated good.
• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (68.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (47.0% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $124k (68.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#184 in CO) — a middle-class / working-renter tenant base. Strengths: crime B+; Watch: cost of living C-, housing C-, schools D.
• East Grand School District No. 2 (rural): math 36% / reading 58% proficiency, ranked #17 of 86 in CO (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 38% of rent.
• Market conditions: 271 active listings in the ZIP; solid renter incomes; 294 units permitted in Grand County in 2024 (82 in 5+ unit buildings).
• Grand County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.