231 Snake Lake Dr · Red Feather Lakes, CO 80545

$389,000

3 bd · 1.0 ba · 1,792 sqft · SingleFamily public records · 137 Days on market

Built 1974 0.27 ac lot Est $504k · 23% under

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Why this score? — see what drove the B 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 +24.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.5/10.0
• Appreciation +4.7/10.0
• Schools +4.5/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great mountain home or getaway. Spacious open floor plan with living room, kitchen, primary bedroom and full 3 piece bath main level. 2 bedrooms, family room and laundry including washer & dryer and rough in bath lower level. Upgraded kitchen cabinets, countertops and stainless appliances. Cozy living room fireplace. Nice deck for enjoying fresh mountain air. Well maintained and nicely landscaped. Tucked away location close to Letitia Lake and Snake Lake. Can join Red Feather Lakes fishing assoc. to access private lakes and close to public lakes and hiking trails. Shared well and sewage disposal vault.

Key facts

• 0.27 acre lot
• Built 1974
• Listed 136 days

Property features AI

Finance

• HOA & community: Trails nearby

Exterior

• Parking: No garage; No designated parking features
• Utilities: Well water (meter installed); Electricity available; Cable available; Satellite available; High-speed internet available
• Home design: Single-family residence; Two levels; Residential property
• Construction: Frame and stone construction; Metal roof
• Exterior features: Deck; Fenced yard; Dog run/kennel; Wooded lot with evergreen trees and native grass; Rolling terrain; Lake access; Dirt road access; Storage structure

Interior

• Kitchen: Electric range; Refrigerator; Microwave; Freezer; Disposal; Gas barbecue
• Bedrooms: 3 bedrooms (all bedrooms conform)
• Bathrooms: 1 full bathroom
• Interior features: Separate dining room; Cathedral ceilings; Open floorplan; Pantry; Walk-in closets; French doors; Window coverings; Fireplace tools included
• Laundry & utility: Washer; Dryer; Fire alarm

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $389k.

Deal economics

• At list price, monthly cash flow is $811 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $389k).
• Recommended offer: $342k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 4.2% in Red Feather Lakes — 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 55/100 on livability (#344 in CO) — a working-class tenant base; expect higher turnover. Strengths: employment B+, housing B+; Watch: cost of living C-, crime D-, amenities F.
• Poudre School District R-1 (urban): math 45% / reading 60% proficiency, ranked #10 of 86 in CO (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cache La Poudre Elementary School (math 44% / reading 37%, grade F, #342 of 966 statewide, top 36%, 298 students, 32% FRL); Poudre High School (math 36% / reading 59%, grade D, #131 of 381 statewide, top 34%, 1,663 students, 38% FRL).
• Market conditions: 156 active listings in the ZIP; 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).

Forward outlook

• In year one you build about $523 of equity ($3k loan paydown + $-2k appreciation (-0.6% local appreciation)).
• Larimer County population projected at +51% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $109k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $160k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $342,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is D 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?
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: 1.05% ✓
• Cap rate: 8.80%
• Cash-on-cash: 8.94%
• DSCR: 1.40
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $503,552
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
255 Bogie Ave	0.31mi	2/2.0 (-1)	1,848 (+3%)	3mo	$380,000	$206	69
788 Fox Acres Dr W	0.57mi	2/2.0 (-1)	1,930 (+8%)	20mo	$660,000	$342	35
33 Walela Ln	0.65mi	3/2.0	1,976 (+10%)	24mo	$555,000	$281	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.56% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.28×
• Total profit: $30,111
• Equity at exit: $102,244

10-year hold

• IRR: 11.8%
• Equity multiple: 2.21×
• Total profit: $132,255
• Equity at exit: $114,651

Cash invested: $108,920 (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 80545

• Home prices YoY: -0.2%
• Active inventory: 156
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $4,084 medium
• Mortgage (P&I): −$2,040
• Tax from tax record: −$213 /mo · $2,557/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$858
• Net cashflow: $811

Break-even live

Break-even rent $3,057

Max offer price $389,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,031	-5% $921	+0% $811	+5% $701	+10% $591
Rent	-10% $489	-5% $650	+0% $811	+5% $972	+10% $1,134
Rate	-1.0pp $1,007	-0.5pp $910	base $811	+0.5pp $710	+1.0pp $608

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $389,000 Active 137 DOM
2. 2026-06-18
   days on market $389,000 Active 134 DOM
3. 2026-06-17
   days on market $389,000 Active 133 DOM
4. 2026-06-16
   pricedays on market $389,000 Active 132 DOM
5. 2026-06-15
   days on market $398,500 Active 131 DOM
6. 2026-06-14
   days on market $398,500 Active 129 DOM
7. 2026-06-10
   days on market $398,500 Active 126 DOM
8. 2026-06-09
   days on market $398,500 Active 125 DOM
9. 2026-06-08
   days on market $398,500 Active 124 DOM
10. 2026-06-07
    days on market $398,500 Active 123 DOM
11. 2026-06-03
    days on market $398,500 Active 119 DOM
12. 2026-06-02
    days on market $398,500 Active 118 DOM
13. 2026-06-01
    pricedays on market $398,500 Active 117 DOM
14. 2026-05-31
    days on market $410,000 Active 116 DOM
15. 2026-05-30
    days on market $410,000 Active 115 DOM
16. 2026-05-17
    price $410,000
17. 2026-04-08
    price $425,000
18. 2026-04-03
    price $459,900
19. 2026-03-02
    price $484,900
20. 2026-02-05
    listed $548,500 Active
21. 2025-12-31
    historical
22. 2025-12-09
    price $430,000
23. 2025-10-09
    price $490,000
24. 2025-09-08
    price $525,000
25. 2025-09-08
    price $515,000
26. 2025-07-24
    price $550,000
27. 2025-06-18
    listed $575,000 Active
28. 2022-07-18
    soldstatus $410,000
29. 2022-07-15
    soldstatus $410,000 Sold 616-char remark

    Show marketing remark (616 chars)

    Great mountain home or getaway. Spacious open floor plan with living room, kitchen, primary bedroom and full 3 piece bath main level. 2 bedrooms, family room and laundry including washer & dryer and rough in bath lower level. Upgraded kitchen cabinets, countertops and stainless appliances. Cozy living room fireplace. Nice deck for enjoying fresh mountain air. Well maintained and nicely landscaped. Tucked away location close to Letitia Lake and Snake Lake. Can join Red Feather Lakes fishing assoc. to access private lakes and close to public lakes and hiking trails. Shared well and sewage disposal vault.

30. 2022-06-09
    historical Active - Backup 616-char remark

    Show marketing remark (616 chars)

    Great mountain home or getaway. Spacious open floor plan with living room, kitchen, primary bedroom and full 3 piece bath main level. 2 bedrooms, family room and laundry including washer & dryer and rough in bath lower level. Upgraded kitchen cabinets, countertops and stainless appliances. Cozy living room fireplace. Nice deck for enjoying fresh mountain air. Well maintained and nicely landscaped. Tucked away location close to Letitia Lake and Snake Lake. Can join Red Feather Lakes fishing assoc. to access private lakes and close to public lakes and hiking trails. Shared well and sewage disposal vault.

31. 2022-05-18
    listed $410,000 Active 616-char remark

    Show marketing remark (616 chars)

    Great mountain home or getaway. Spacious open floor plan with living room, kitchen, primary bedroom and full 3 piece bath main level. 2 bedrooms, family room and laundry including washer & dryer and rough in bath lower level. Upgraded kitchen cabinets, countertops and stainless appliances. Cozy living room fireplace. Nice deck for enjoying fresh mountain air. Well maintained and nicely landscaped. Tucked away location close to Letitia Lake and Snake Lake. Can join Red Feather Lakes fishing assoc. to access private lakes and close to public lakes and hiking trails. Shared well and sewage disposal vault.

32. 2015-11-19
    soldstatus $175,500
33. 2003-08-28
    soldstatus $150,000
34. 1993-09-01
    soldstatus $66,000

ⓘ 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: $2,557 · $213/mo
• Projected year-2 tax: $2,557 · $213/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 7/10 Severe
• 🌡 Heat 1/10 Low 7 d/yr ≥81°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 26 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,007
• − Mortgage interest: −$21,790
• − Property taxes: −$2,557
• − Insurance: −$1,945
• − Repairs & maintenance: −$3,921
• − Management: −$3,921
• − Depreciation: −$11,316
• Taxable income: $3,557
• Est. tax owed @ 24.0%: −$854
• After-tax cash flow: $8,880/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: Poudre School District R-1
• NCES district ID: 0803990
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 60% ▼ -2.00%
• Median HH income: $57,281
• Composite: 45.5/100
• National rank: #2610
• State rank: #10 of 86 in CO

Livability — Red Feather Lakes

• Score: 55/100
• State rank: #344
• US rank: #23247

Category grades

Amenities F Commute F Cost of living C- Crime D- Employment B+ Housing B+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Red Feather Lakes, CO
• Population (ZIP): 913

Population outlook (Larimer County) Hauer SSP2

• Today (2025): 415,361 people
• By 2030: 457,762 · +10.2%
• By 2040: 542,310 · +30.6%
• By 2050: 627,048 · +51.0%
• By 2075: 833,722 · +100.7%
• By 2100: 952,590 · +129.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 3%
• Common ancestry: Portuguese 3% Italian 2% Slovak 1%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Larimer

• 2024 margin: D (+17.6) · D 57.4% · R 39.8% · Other 2.9%
• 2008→2024 swing: +7.9pp toward D · 2008: 9.7pp · 2024: 17.6pp
• All cycles: 2024: D+17.6 2020: D+15.4 2016: D+4.9 2012: D+5.2 2008: D+9.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.56%
• Current HPI: 280.4591
• Rent YoY: —
• Metro: —
• 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

+521.2% since first listed

19 events — show timeline

• 2026-05-17 Price Changed $410,000 IRES
• 2026-04-08 Price Changed $425,000 IRES
• 2026-04-03 Price Changed $459,900 IRES
• 2026-03-02 Price Changed $484,900 IRES
• 2026-02-05 Listed $548,500 IRES
• 2025-12-31 Listing Removed — IRES
• 2025-12-09 Price Changed $430,000 IRES
• 2025-10-09 Price Changed $490,000 IRES
• 2025-09-08 Price Changed $525,000 IRES
• 2025-09-08 Price Changed $515,000 IRES
• 2025-07-24 Price Changed $550,000 IRES
• 2025-06-18 Listed $575,000 IRES
• 2022-07-18 Sold (Public Records) $410,000 Public Records
• 2022-07-15 Sold (MLS) $410,000 IRES
• 2022-06-09 Contingent — IRES
• 2022-05-18 Listed $410,000 IRES
• 2015-11-19 Sold (Public Records) $175,500 Public Records
• 2003-08-28 Sold (Public Records) $150,000 Public Records
• 1993-09-01 Sold (Public Records) $66,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $2,557 · +12.6% YoY. Source: county tax records.