8822 E Florida Ave Apt G07

Four Square Mile, CO 80247

$80,000C

1 bd · 1.0 ba · 598 sqft · Built 1973 · Condo · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,129/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$104
• HOA: −$218
• Vac / Maint / Mgmt: −$237
• Net cashflow: $150/mo
• Annual: $1,803/yr
• Cap rate: 8.55%
• Cash-on-cash: 8.05%
• DSCR: 1.36
• 1% rule: 1.41%
• Cash to close: $22,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $80k.
• At list price, monthly cash flow is $150 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 19 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Cherry Creek School District No. 5 In The County Of Arapah (urban): math 40% / reading 58% proficiency, ranked #11 of 86 in CO (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents falling (-4.4%/yr); 72 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 3,927 units permitted in Arapahoe County in 2024 (1,525 in 5+ unit buildings).
• Arapahoe County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 8.5% vs local median 2.8% in Four Square Mile — 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.

Questions for listing agent

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.