17240 Honeydew Ct · Colorado Springs, CO 80831

$410,000

3 bd · 2.0 ba · 1,848 sqft · Manufactured public records · 36 Days on market

Built 1996 2.45 ac lot $222/sqft · 10% below area Est $457k · 10% under

---

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 +12.1/15.0
• Cash flow +9.3/30.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• Rent growth +3.3/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Looking for a home on acreage in Peyton, Colorado with no HOA and room to spread out? Welcome to this great 3-bedroom, 2-bath home situated on 2.45 acres in desirable School District 49. This property offers the space, flexibility, and lifestyle many Colorado buyers are searching for — whether you’re looking for your first home, a quieter setting outside the city, or a property with room for hobbies, animals, equipment, or future possibilities. Inside, you’ll find 1,848 square feet with a spacious open-concept layout connecting the living room, kitchen, and dining areas. The main living spaces feature new wood laminate flooring, fresh interior paint, and a warm, inviting f

Key facts

• Acreage
• School district 49
• Flexible use

Tags

• ACREAGE
• NO HOA
• SCHOOL DISTRICT 49
• OPEN-CONCEPT LAYOUT
• LARGE OUTBUILDING
• FLEXIBLE USE

Property features AI

Finance

• Financial info: Financing available: Cash, Conventional, FHA, USDA, VA
• HOA & community: Homeowners association exists (no applicable fee)

Exterior

• Parking: 4 garage spaces; Detached garage; Carport
• Utilities: Municipal water; Electricity available; Propane service
• Home design: Single-family home; HUD standard manufactured structure
• Construction: Wood siding; Composite shingle roof; Crawl space foundation; Existing home (not new construction)
• Exterior features: 360-degree views; Cul-de-sac lot; Level yard; Mountain views; RV parking; Outbuilding(s)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range (Gas/Electric); Refrigerator
• Bedrooms: Main-floor bedroom
• Flooring: Carpet; Wood laminate
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Propane heating; Wood heating; Central air conditioning
• Interior features: 5-piece bathroom; Skylights; Stove-style fireplace
• Laundry & utility: Washer and dryer included; Main-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $410k.

Deal economics

• At list price, monthly cash flow is $-297 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $357k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $275k (32.9% below list).
• Recommended offer: $275k (32.9% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.3% in Colorado 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 78/100 on livability (#23 in CO, #2,639 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, housing A+, health & safety A+; Watch: cost of living C-, crime F.
• El Paso County Colorado School District 49 (urban): math 27% / reading 47% proficiency, ranked #27 of 86 in CO (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.1%/yr); 513 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 3,906 units permitted in El Paso County in 2024 (872 in 5+ unit buildings).

Forward outlook

• 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.
• El Paso County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($398k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $275,284 (32.9% 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 36 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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. 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?
7. 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.
8. 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.
9. 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: 0.67% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.11%
• DSCR: 0.86
• GRM: 12.4

CMA / ARV

• ARV (median comp): $457,111
• List price: $410,000
• Delta: -10.31%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.09% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.26×
• Total profit: $-85,304
• Equity at exit: $61,132

10-year hold

• IRR: -15.1%
• Equity multiple: 0.14×
• Total profit: $-98,371
• Equity at exit: $35,449

Cash invested: $114,800 (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 80831

• Home prices YoY: -30.4%
• Rents YoY: 3.1%
• Active inventory: 513
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,753 medium
• Mortgage (P&I): −$2,150
• Tax from tax record: −$151 /mo · $1,813/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $-297

Break-even live

Break-even rent $3,129

Max offer price $357,481

Occupancy floor —

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16985 Sage Crest Rd Peyton, CO	4.0	2.5	1729	$2,795	$1.62	2d	1	0.73mi

Listing history 14 events

1. 2026-06-13
   statusdays on market $410,000 Pending 36 DOM
2. 2026-06-10
   days on market $410,000 Active 34 DOM
3. 2026-06-09
   days on market $410,000 Active 33 DOM
4. 2026-06-08
   days on market $410,000 Active 32 DOM
5. 2026-06-07
   days on market $410,000 Active 31 DOM
6. 2026-06-05
   days on market $410,000 Active 28 DOM
7. 2026-06-03
   days on market $410,000 Active 27 DOM
8. 2026-06-03
   days on market $410,000 Active 26 DOM
9. 2026-06-01
   days on market $410,000 Active 25 DOM
10. 2026-05-31
    days on market $410,000 Active 24 DOM
11. 2026-05-04
    listed $410,000 Active 1766-char remark
12. 2022-05-10
    soldstatus $370,000
13. 2022-04-09
    price $370,000
14. 2021-10-14
    soldstatus $102,324

ⓘ 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: $1,813 · $151/mo
• Projected year-2 tax: $2,255 · $188/mo
• Expected delta: +$442/yr (+$37/mo · 24.3%)

ⓘ 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 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,034
• − Mortgage interest: −$22,966
• − Property taxes: −$1,813
• − Insurance: −$2,050
• − Repairs & maintenance: −$2,643
• − Management: −$2,643
• − Depreciation: −$11,927
• Taxable loss: −$11,009
• Est. tax savings @ 24.0%: +$2,642
• After-tax cash flow: $-926/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: El Paso County Colorado School District 49
• NCES district ID: 0803870
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 47% ▼ -1.00%
• Median HH income: $75,604
• Composite: 34.38/100
• National rank: #5210
• State rank: #27 of 86 in CO

Livability — Colorado Springs

• Score: 78/100
• State rank: #23
• US rank: #2639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: El Paso County · 689,348 people
• City population: 555,783
• Metro: Colorado Springs, CO
• Population (ZIP): 33,912
• Household income: $132,467
• Rent vs Own: 7.8% rent · 92.2% own
• Severe rent burden: 142.0

Population outlook (El Paso County) Hauer SSP2

• Today (2025): 768,926 people
• By 2030: 815,739 · +6.1%
• By 2040: 903,489 · +17.5%
• By 2050: 981,204 · +27.6%
• By 2075: 1,155,542 · +50.3%
• By 2100: 1,202,070 · +56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Two or more races 14% Hispanic / Latino 12% Black 4% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Italian 4% Slovak 3% Portuguese 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5% Other Asian/Pacific 1%

Political lean MEDSL · El Paso

• 2024 margin: Lean R (+9.8) · D 43.8% · R 53.5% · Other 2.7%
• 2008→2024 swing: +9.0pp toward D · 2008: -18.8pp · 2024: -9.8pp
• All cycles: 2024: R+9.8 2020: R+10.8 2016: R+22.6 2012: R+21.4 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.34%
• Current HPI: 264.0763
• Rent YoY: ▲ 3.09%
• Metro: Colorado 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

+300.7% since first listed

5 events — show timeline

• 2026-06-12 Pending — elevateMLS
• 2026-05-04 Listed $410,000 elevateMLS
• 2022-05-10 Sold (Public Records) $370,000 Public Records
• 2022-04-09 Price Changed $370,000 elevateMLS
• 2021-10-14 Sold (Public Records) $102,324 Public Records

Property tax history

+11.6%/yr

Latest (2025): $1,813 · +20.0% YoY. Source: county tax records.