550 S Spring St Unit F11-1 · Aspen, CO 81611

$425,000

2 bd · 2.5 ba · 1,567 sqft · Condo · 200 Days on market

Built 2019 Excellent condition $271/sqft · 89% below area $1917/mo HOA · 23% of rent ↓ 6% since listing

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Condition / age +4.8/5.0
• Schools +4.1/10.0
• Livability +3.3/5.0

Listing remarks MLS

Nestled at the base of Aspen Mountain, the Sky Residences are a collection of two and three-bedroom W‑branded shared ownership Residences within the W Aspen. The Residences are situated on the top two floors of the building and feature spectacular views of Aspen Mountain, downtown Aspen, Red Mountain, and Independence Pass. Owner amenities include access to all W Aspen signature amenities plus a private Residences only roof deck with spa, spacious seating areas, outdoor kitchen, and fire pit. Ownership benefits include garage parking and storage. W Aspen and The Sky Residences at W Aspen were designed by NYC-based nemaworkshop in partnership with Aspen-based Rowland+Broughton Architecture.

Key facts

• Private roof deck
• Fire pit
• Outdoor kitchen

Tags

• PRIVATE ROOF DECK
• OUTDOOR KITCHEN
• FIRE PIT

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $425k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $425k).
• Recommended offer: $374k (12.0% below list) — sets the bar for market timing.

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 $8,350/mo this rent would consume 121% 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 $45k of equity ($3k loan paydown + $42k appreciation (10.0% local appreciation)).
• Pitkin County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $119k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$73k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 200 days — a 12% lower offer ($374k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $374,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 200 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.96% ✓
• Cap rate: 11.21%
• Cash-on-cash: 17.57%
• DSCR: 1.78
• GRM: 4.2

CMA / ARV

• ARV (median comp): $3,753,266
• List price: $425,000
• Delta: -88.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 41.1%
• Equity multiple: 4.26×
• Total profit: $387,898
• Equity at exit: $382,874

10-year hold

• IRR: 38.1%
• Equity multiple: 10.81×
• Total profit: $1,166,928
• Equity at exit: $825,682

Cash invested: $119,000 (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: 4.2×

Monthly cashflow live

• Estimated rent: $8,350 medium
• Mortgage (P&I): −$2,229
• Tax est. 1.5%: −$531 /mo · $6,375/yr
• Insurance: −$177
• HOA: −$1,917
• Vacancy / Maint / Mgmt: −$1,754
• Net cashflow: $1,743

Break-even live

Break-even rent $6,144

Max offer price $425,000

Occupancy floor 74%

Sensitivity live

Price	-10% $2,036	-5% $1,890	+0% $1,743	+5% $1,596	+10% $1,449
Rent	-10% $1,083	-5% $1,413	+0% $1,743	+5% $2,073	+10% $2,402
Rate	-1.0pp $1,957	-0.5pp $1,851	base $1,743	+0.5pp $1,633	+1.0pp $1,521

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,917 · $23,004/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-19
   days on market $425,000 Active 200 DOM
2. 2026-06-18
   days on market $425,000 Active 199 DOM
3. 2026-06-17
   days on market $425,000 Active 198 DOM
4. 2026-06-16
   days on market $425,000 Active 197 DOM
5. 2026-06-15
   days on market $425,000 Active 196 DOM
6. 2026-06-14
   days on market $425,000 Active 194 DOM
7. 2026-06-12
   days on market $425,000 Active 193 DOM
8. 2026-06-09
   days on market $425,000 Active 190 DOM
9. 2026-06-08
   days on market $425,000 Active 189 DOM
10. 2026-06-07
    days on market $425,000 Active 188 DOM
11. 2026-06-05
    days on market $425,000 Active 185 DOM
12. 2026-06-02
    days on market $425,000 Active 183 DOM
13. 2026-06-01
    days on market $425,000 Active 182 DOM
14. 2026-05-31
    days on market $425,000 Active 181 DOM
15. 2026-05-30
    days on market $425,000 Active 180 DOM
16. 2026-04-03
    price $425,000 702-char remark

    Show marketing remark (702 chars)

    Nestled at the base of Aspen Mountain, the Sky Residences are a collection of two and three-bedroom W‑branded shared ownership Residences within the W Aspen. The Residences are situated on the top two floors of the building and feature spectacular views of Aspen Mountain, downtown Aspen, Red Mountain, and Independence Pass. Owner amenities include access to all W Aspen signature amenities plus a private Residences only roof deck with spa, spacious seating areas, outdoor kitchen, and fire pit. Ownership benefits include garage parking and storage. W Aspen and The Sky Residences at W Aspen were designed by NYC-based nemaworkshop in partnership with Aspen-based Rowland+Broughton Architecture.

17. 2025-11-26
    listed $450,000 Active 702-char remark

    Show marketing remark (702 chars)

    Nestled at the base of Aspen Mountain, the Sky Residences are a collection of two and three-bedroom W‑branded shared ownership Residences within the W Aspen. The Residences are situated on the top two floors of the building and feature spectacular views of Aspen Mountain, downtown Aspen, Red Mountain, and Independence Pass. Owner amenities include access to all W Aspen signature amenities plus a private Residences only roof deck with spa, spacious seating areas, outdoor kitchen, and fire pit. Ownership benefits include garage parking and storage. W Aspen and The Sky Residences at W Aspen were designed by NYC-based nemaworkshop in partnership with Aspen-based Rowland+Broughton Architecture.

ⓘ 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 10 d/yr ≥76°F today · 26 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: $100,205
• − Mortgage interest: −$23,807
• − Property taxes: −$6,375
• − Insurance: −$2,125
• − Repairs & maintenance: −$8,016
• − Management: −$8,016
• − HOA: −$23,004
• − Depreciation: −$12,364
• Taxable income: $16,498
• Est. tax owed @ 24.0%: −$3,960
• After-tax cash flow: $16,954/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.

Condition & rehab AI · 9 photos

Excellent 95/100 None rehab

This modern, move-in-ready condo in the W Aspen Sky Residences offers stunning views and a private roof deck with seating and fire pit, making it an excellent investment opportunity.

Value-add opportunities

• Both Private roof deck with seating and fire pit — Enhances both resale and rental value due to its unique amenity
• Resale Modern kitchen appliances — Upgrades the kitchen for a more modern aesthetic and functionality
• Both Landscaping and curb appeal improvements — Enhances the overall appeal and curb appeal of the property

Renovation cost estimate screening

Value-add ROI direction

• Both Private roof deck with seating and fire pit — Enhances both resale and rental value due to its unique amenity ↑
• Resale Modern kitchen appliances — Upgrades the kitchen for a more modern aesthetic and functionality ↑
• Both Landscaping and curb appeal improvements — Enhances the overall appeal and curb appeal of the property ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-5.6% since first listed

2 events — show timeline

• 2026-04-03 Price Changed $425,000 AGMLS
• 2025-11-26 Listed $450,000 AGMLS