3030 Oneal Pkwy Unit R-18

Boulder, CO 80301

$246,000D-

2 bd · 1.5 ba · 1,074 sqft · Built 1971 · Condo · Active · 396 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,310/mo
• Mortgage (P&I): −$1,290
• Tax + insurance: −$476
• HOA: −$700
• Vac / Maint / Mgmt: −$485
• Net cashflow: $-642/mo
• Annual: $-7,703/yr
• Cap rate: 3.49%
• Cash-on-cash: -10.03%
• DSCR: 0.55
• 1% rule: 0.94%
• Cash to close: $68,880

Investor read

• This is a 2-bed/1.5-bath condo listed at $246k. Condition is rated good.
• At list price, monthly cash flow is $-642 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (37.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (6.1% below list).
• It's been on market 396 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (37.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#24 in CO, #2,958 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D+, cost of living F.
• Boulder Valley School District No. Re2 (urban): math 49% / reading 67% proficiency, ranked #6 of 86 in CO (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Columbine Elementary School (math 15% / reading 32%, grade F, #634 of 966 statewide, top 67%, 405 students, 64% FRL); Casey Middle School (math 34% / reading 47%, grade F, #76 of 270 statewide, top 28%, 452 students, 57% FRL); Boulder High School (math 64% / reading 81%, grade B+, #18 of 381 statewide, top 4%, 2,074 students, 28% FRL) — zoned schools average 50% FRL vs 16% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 46% at this address vs 58% district-wide (-12 pts) — the specific schools serving this property underperform the Boulder Valley School District No. Re2 average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• Market conditions: Rents soft (-2.3%/yr); 260 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,688 units permitted in Boulder County in 2024 (1,136 in 5+ unit buildings).
• Boulder County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts; this cycle's ask has dropped $129k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.5% vs local median 1.6% in Boulder — 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

• 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?
• It's been on market 396 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.