534 & 536 Spruce St · Aspen, CO 81611

$7,495,000

8 bd · 5.0 ba · 4,308 sqft · MultiFamily · 142 Days on market

Built 1977 7,500 sqft lot $1740/sqft · 18% below area Est $9109k · 18% under ↓ 6% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Rent growth +5.0/5.0
• Schools +4.1/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

**Seller has City of Aspen Demo Permit Allotment** Aspen's Best Value! Take advantage of this opportunity to own both sides of a condominiumized duplex walking distance to Aspen's core! Bright and spacious with views of both Aspen Mountain and Buttermilk, the 4-bedroom, 4 bath, ~2,600 sq ft Unit 1 and the 3-bedroom, 2.5 bath, 1,600 sq ft unit 2 are ready for your vision! Live in one half, rent the other; purchase as an investment and rent both sides; or use it while planning a future renovation... the options are endless! A block off the bus line (both RFTA and school bus stop), just minutes from both Hunter Creek and Smuggler, and an easy walk to town through Oklahoma Flats... all for less than $1,850/sq ft!

Key facts

• 7,500 sq ft lot
• Built 1977
• Listed 141 days

What this means for you Summary

Snapshot

• This is a 1×4bd/2.5ba + 1×3bd/2.5ba units multifamily listed at $7.50M.

Deal economics

• At list price, monthly cash flow is $-37k ($-440k/yr) — negative. Per door: $-18k/mo.
• To cash-flow at today's rent, offer at most $2.18M (70.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.91M (74.5% below list).
• Recommended offer: $1.91M (74.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#142 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, schools B+; Watch: amenities F, cost of living F, health & safety F.
• Aspen School District No. 1 In The County Of Pitkin And Sta (rural): math 36% / reading 56% proficiency, ranked #18 of 86 in CO (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 4% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+22.1%/yr); 324 active listings in the ZIP; solid renter incomes; 145 units permitted in Pitkin County in 2024 (89 in 5+ unit buildings).
• At $19,107/mo this rent would consume 277% of the median local household income ($83k/yr) (locally 566% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $801k of equity ($52k loan paydown + $750k appreciation (10.0% local appreciation)).
• Pitkin County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$1.29M cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($6.60M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $455k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $1,910,700 (74.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 75% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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.

Investment metrics

• 1% rule: 0.25% ✗
• Cap rate: 0.42%
• Cash-on-cash: -20.99%
• DSCR: 0.07
• GRM: 32.7

CMA / ARV

• ARV (median comp): $9,108,854
• List price: $7,495,000
• Delta: -17.72%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.88×
• Total profit: $1,845,687
• Equity at exit: $6,752,090

10-year hold

• IRR: 12.0%
• Equity multiple: 4.59×
• Total profit: $7,524,206
• Equity at exit: $14,561,137

Cash invested: $2,098,600 (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 81611

• Home prices YoY: 3.6%
• Rents YoY: 22.1%
• Active inventory: 324
• Price-to-rent: 61.8×

Monthly cashflow live

• Estimated rent: $19,107 medium
• Mortgage (P&I): −$39,305
• Tax est. 1.5%: −$9,369 /mo · $112,425/yr
• Insurance: −$3,123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,012
• Net cashflow: $-36,702

Break-even live

Break-even rent $65,565

Max offer price $2,184,202

Occupancy floor —

Sensitivity live

Price	-10% $-31,522	-5% $-34,112	+0% $-36,702	+5% $-39,292	+10% $-41,881
Rent	-10% $-38,211	-5% $-37,456	+0% $-36,702	+5% $-35,947	+10% $-35,192
Rate	-1.0pp $-32,927	-0.5pp $-34,795	base $-36,702	+0.5pp $-38,644	+1.0pp $-40,620

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4	2.5	$10,113
1× unit	3	2.5	$8,993
Total (2 units)			$19,107

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: $1,873,750
• Closing costs: $224,850
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-19
   days on market $7,495,000 Active 142 DOM
2. 2026-06-18
   status $7,495,000 Active 141 DOM
3. 2026-06-09
   statusdays on market $7,495,000 Pending 141 DOM
4. 2026-06-08
   days on market $7,495,000 Active 140 DOM
5. 2026-06-07
   days on market $7,495,000 Active 139 DOM
6. 2026-06-05
   days on market $7,495,000 Active 136 DOM
7. 2026-06-02
   days on market $7,495,000 Active 134 DOM
8. 2026-06-01
   days on market $7,495,000 Active 133 DOM
9. 2026-05-31
   days on market $7,495,000 Active 132 DOM
10. 2026-05-30
    days on market $7,495,000 Active 131 DOM
11. 2026-05-14
    price $7,495,000 718-char remark

    Show marketing remark (718 chars)

    **Seller has City of Aspen Demo Permit Allotment** Aspen's Best Value! Take advantage of this opportunity to own both sides of a condominiumized duplex walking distance to Aspen's core! Bright and spacious with views of both Aspen Mountain and Buttermilk, the 4-bedroom, 4 bath, ~2,600 sq ft Unit 1 and the 3-bedroom, 2.5 bath, 1,600 sq ft unit 2 are ready for your vision! Live in one half, rent the other; purchase as an investment and rent both sides; or use it while planning a future renovation... the options are endless! A block off the bus line (both RFTA and school bus stop), just minutes from both Hunter Creek and Smuggler, and an easy walk to town through Oklahoma Flats... all for less than $1,850/sq ft!

12. 2026-02-13
    status Active 718-char remark

    Show marketing remark (718 chars)

    **Seller has City of Aspen Demo Permit Allotment** Aspen's Best Value! Take advantage of this opportunity to own both sides of a condominiumized duplex walking distance to Aspen's core! Bright and spacious with views of both Aspen Mountain and Buttermilk, the 4-bedroom, 4 bath, ~2,600 sq ft Unit 1 and the 3-bedroom, 2.5 bath, 1,600 sq ft unit 2 are ready for your vision! Live in one half, rent the other; purchase as an investment and rent both sides; or use it while planning a future renovation... the options are endless! A block off the bus line (both RFTA and school bus stop), just minutes from both Hunter Creek and Smuggler, and an easy walk to town through Oklahoma Flats... all for less than $1,850/sq ft!

13. 2026-01-24
    status Pending 718-char remark

    Show marketing remark (718 chars)

    **Seller has City of Aspen Demo Permit Allotment** Aspen's Best Value! Take advantage of this opportunity to own both sides of a condominiumized duplex walking distance to Aspen's core! Bright and spacious with views of both Aspen Mountain and Buttermilk, the 4-bedroom, 4 bath, ~2,600 sq ft Unit 1 and the 3-bedroom, 2.5 bath, 1,600 sq ft unit 2 are ready for your vision! Live in one half, rent the other; purchase as an investment and rent both sides; or use it while planning a future renovation... the options are endless! A block off the bus line (both RFTA and school bus stop), just minutes from both Hunter Creek and Smuggler, and an easy walk to town through Oklahoma Flats... all for less than $1,850/sq ft!

14. 2025-12-30
    listed $7,950,000 Active 718-char remark

    Show marketing remark (718 chars)

    **Seller has City of Aspen Demo Permit Allotment** Aspen's Best Value! Take advantage of this opportunity to own both sides of a condominiumized duplex walking distance to Aspen's core! Bright and spacious with views of both Aspen Mountain and Buttermilk, the 4-bedroom, 4 bath, ~2,600 sq ft Unit 1 and the 3-bedroom, 2.5 bath, 1,600 sq ft unit 2 are ready for your vision! Live in one half, rent the other; purchase as an investment and rent both sides; or use it while planning a future renovation... the options are endless! A block off the bus line (both RFTA and school bus stop), just minutes from both Hunter Creek and Smuggler, and an easy walk to town through Oklahoma Flats... all for less than $1,850/sq ft!

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 11 d/yr ≥81°F today · 28 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $229,284
• − Mortgage interest: −$419,837
• − Property taxes: −$112,425
• − Insurance: −$37,475
• − Repairs & maintenance: −$18,343
• − Management: −$18,343
• − Depreciation: −$218,036
• Taxable loss: −$595,174
• Est. tax savings @ 24.0%: +$142,842
• After-tax cash flow: $-297,579/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: Aspen School District No. 1 In The County Of Pitkin And Sta
• NCES district ID: 0802280
• Math proficiency: 36% ▼ -5.00%
• Reading proficiency: 56% ▼ -3.00%
• Median HH income: $66,694
• Composite: 40.98/100
• National rank: #3595
• State rank: #18 of 86 in CO

Livability — Aspen

• Score: 66/100
• State rank: #142
• US rank: #11780

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aspen, CO
• County: Pitkin County · 9,068 people
• City population: 9,068
• Metro: Glenwood Springs, CO
• Population (ZIP): 9,068
• Household income: $82,664
• Rent vs Own: 41.4% rent · 58.6% own
• Severe rent burden: 566.0

Population outlook (Pitkin County) Hauer SSP2

• Today (2025): 20,121 people
• By 2030: 21,110 · +4.9%
• By 2040: 22,707 · +12.9%
• By 2050: 24,105 · +19.8%
• By 2075: 27,933 · +38.8%
• By 2100: 30,018 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Salvadoran 4%
• Common ancestry: Slovak 3% Iranian 3% Romanian 3%
• Foreign-born: 15% · Canada, Dominican Republic, China
• Languages at home: 82% English-only · Spanish 9% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Pitkin

• 2024 margin: Solid D (+44.2) · D 71.0% · R 26.8% · Other 2.2%
• 2008→2024 swing: -4.6pp toward R · 2008: 48.8pp · 2024: 44.2pp
• All cycles: 2024: D+44.2 2020: D+51.9 2016: D+45.4 2012: D+37.9 2008: D+48.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.97%
• Current HPI: 370.9593
• Rent YoY: ▲ 22.07%
• Metro: Glenwood 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

-5.7% since first listed

4 events — show timeline

• 2026-05-14 Price Changed $7,495,000 AGMLS
• 2026-02-13 Relisted — AGMLS
• 2026-01-24 Pending — AGMLS
• 2025-12-30 Listed $7,950,000 AGMLS