62880 Lasalle Rd Unit 78 (Spruce Drive) · Montrose, CO 81401

$72,000

3 bd · 1.0 ba · 1,216 sqft · Manufactured public records · 116 Days on market

Built 1994 Est $97k · 26% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come see this immaculate updated home in River Meadows, located on the banks of the Uncompahgre River. This recently remodeled 3 bedroom, 2 bath home is flooded with natural light and has an open concept living/dining/ kitchen and a split floor plan. It is freshly painted throughout with all new light fixtures, ceiling fans and vinyl flooring. The kitchen features brand-new cabinets, counter tops, sink, range, range hood, dishwasher and refrigerator. There is also a new water heater. Down the hall from the great room you will find the laundry room conveniently located next to the primary suite with double sinks, a soaking tub, new shower surround and new toilet. On the other side of the ho

Key facts

• Open concept living
• New counter tops
• New water heater

Tags

• UPDATED HOME
• OPEN CONCEPT LIVING
• NEW LIGHT FIXTURES
• NEW CABINETS
• NEW COUNTER TOPS
• NEW WATER HEATER

Property features AI

Finance

• Financial info: Annual tax information available
• HOA & community: Community clubhouse; Community playground; Pet restrictions apply

Exterior

• Parking: Driveway access
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; High-speed internet available; Cellular phone reception
• Home design: Manufactured single-wide home; One story; Skirted foundation with tie-downs
• Construction: Metal siding; Skirt and tie-down foundation
• Exterior features: Shed; Chain link partial backyard fencing; Paved road access

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: Primary bedroom on the main level
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Evaporative cooling
• Interior features: Ceiling fans; Vaulted ceilings; Main-level primary bedroom; Metal single-pane windows; Unfurnished
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $72k.

Deal economics

• At list price, monthly cash flow is $652 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• Recommended offer: $66k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.3% vs local median 2.0% in Montrose — 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 68/100 on livability (#109 in CO) — a middle-class / working-renter tenant base. Strengths: housing A+; Watch: amenities C-, schools D+, employment D+.
• Montrose County School District Re-1J (town): math 22% / reading 36% proficiency, ranked #55 of 86 in CO (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 371 active listings in the ZIP; 271 units permitted in Montrose County in 2024 (22 in 5+ unit buildings).
• This rent runs 32% of the median local income ($71k/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 $498 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Montrose County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,520 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
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: 2.64% ✓
• Cap rate: 24.28%
• Cash-on-cash: 64.22%
• DSCR: 3.86
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $97,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
62880 Lasalle Rd #139	0.00mi	3/2.0	1,216 (0%)	6mo	$64,000	$53	91
62880 Lasalle Rd Rd Unit 131	0.00mi	3/2.0	1,248 (+3%)	10mo	$100,000	$80	83
62880 Lasalle Rd #100	0.00mi	3/2.0	1,216 (0%)	20mo	$75,450	$62	79
62880 Lasalle Rd #71	0.00mi	3/2.0	1,280 (+5%)	17mo	$60,000	$47	73
62880 Lasalle Rd #147	0.00mi	2/2.0 (-1)	1,152 (-5%)	13mo	$85,000	$74	71
62650 Lasalle Rd #805	0.29mi	3/2.0	1,155 (-5%)	5mo	$120,000	$104	70
62880 Lasalle Rd #113	0.00mi	3/2.0	1,120 (-8%)	18mo	$95,000	$85	68
62650 Lasalle Rd #331	0.29mi	3/2.0	1,140 (-6%)	10mo	$111,500	$98	64
62880 Lasalle Rd #117	0.00mi	3/2.0	1,120 (-8%)	23mo	$79,000	$71	64
62650 Lasalle Rd #337	0.29mi	3/2.0	1,140 (-6%)	12mo	$125,000	$110	62
62650 Lasalle Rd #807	0.29mi	3/2.0	1,140 (-6%)	13mo	$105,000	$92	62
62650 Lasalle Rd #334	0.29mi	3/2.0	1,140 (-6%)	24mo	$80,000	$70	52

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.2%
• Equity multiple: 2.49×
• Total profit: $30,129
• Equity at exit: $10,735

10-year hold

• IRR: 42.1%
• Equity multiple: 5.00×
• Total profit: $80,733
• Equity at exit: $6,225

Cash invested: $20,160 (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 81401

• Active inventory: 371
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,900 medium
• Mortgage (P&I): −$378
• Tax from tax record: −$15 /mo · $179/yr
• Insurance: −$30
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $652

Break-even live

Break-even rent $1,075

Max offer price $72,000

Occupancy floor 61%

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $72,000 Active 116 DOM
2. 2026-06-18
   days on market $72,000 Active 115 DOM
3. 2026-06-17
   days on market $72,000 Active 114 DOM
4. 2026-06-16
   days on market $72,000 Active 113 DOM
5. 2026-06-15
   days on market $72,000 Active 112 DOM
6. 2026-06-14
   days on market $72,000 Active 110 DOM
7. 2026-06-12
   days on market $72,000 Active 109 DOM
8. 2026-06-09
   days on market $72,000 Active 106 DOM
9. 2026-06-08
   days on market $72,000 Active 105 DOM
10. 2026-06-07
    days on market $72,000 Active 104 DOM
11. 2026-06-02
    days on market $72,000 Active 99 DOM
12. 2026-06-01
    days on market $72,000 Active 98 DOM
13. 2026-05-31
    days on market $72,000 Active 97 DOM
14. 2026-05-30
    days on market $72,000 Active 96 DOM
15. 2026-02-22
    listed $72,000 Active

ⓘ 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: $179 · $15/mo
• Projected year-2 tax: $396 · $33/mo
• Expected delta: +$217/yr (+$18/mo · 121.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 61% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥91°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,806
• − Mortgage interest: −$4,033
• − Property taxes: −$179
• − Insurance: −$5,478
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − Depreciation: −$2,095
• Taxable income: $7,372
• Est. tax owed @ 24.0%: −$1,769
• After-tax cash flow: $6,059/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: Montrose County School District Re-1J
• NCES district ID: 0805790
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 36% ▼ -7.00%
• Median HH income: $45,650
• Composite: 24.9/100
• National rank: #7577
• State rank: #55 of 86 in CO

Livability — Montrose

• Score: 68/100
• State rank: #109
• US rank: #9310

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montrose County · 24,228 people
• City population: 24,228
• Metro: Montrose, CO
• Population (ZIP): 24,228
• Household income: $71,286
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 682.0

Population outlook (Montrose County) Hauer SSP2

• Today (2025): 39,229 people
• By 2030: 37,791 · -3.7%
• By 2040: 33,829 · -13.8%
• By 2050: 29,530 · -24.7%
• By 2075: 20,559 · -47.6%
• By 2100: 12,144 · -69.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 20% Two or more races 13% Native American 1%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Slovak 4% Romanian 3% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1%

Political lean MEDSL · Montrose

• 2024 margin: Solid R (+32.6) · D 32.6% · R 65.2% · Other 2.2%
• 2008→2024 swing: -2.8pp toward R · 2008: -29.8pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+36.5 2016: R+42.1 2012: R+36.4 2008: R+29.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.94%
• Current HPI: 373.4909
• Rent YoY: —
• Metro: Montrose, 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

• 2026-02-22 Listed $72,000 cren

Property tax history

+7.2%/yr

Latest (2025): $179 · +142.2% YoY. Source: county tax records.