11435 Falcon Hwy · Colorado Springs, CO 80831

$339,900

2 bd · 2.0 ba · 1,707 sqft · SingleFamily public records · 5 Days on market

Built 1971 5.00 ac lot $199/sqft · 16% below area Est $405k · 16% under

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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 +14.7/15.0
• Cash flow +8.2/30.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Wow, what an opportunity to own one of the closest rural parcels in proximity to Colorado Springs! This gem lies 2 lots from the corner of Falcon Hwy and Hwy 24. This home lies just minutes from shopping, restaurants and Peterson AFB. The massive barn out back was once another living quarters, so the potential is endless! Property boasts two wells! The main home has that classic brick and siding combo from the early 70's and has an oversized 2-car garage right across from the front door. A wood-burning fireplace graces the main living room which also leads to a huge sun-room on the rear of the home. This home won't last long, so come see it today!

Key facts

• Massive barn
• Rural parcels
• Two wells

Tags

• RURAL PARCELS
• TWO WELLS
• MASSIVE BARN
• WOOD-BURNING FIREPLACE
• HUGE SUN-ROOM

Property features AI

Finance

• Financial info: Financing available: Cash, Conventional, FHA203K
• HOA & community: No HOA

Exterior

• Parking: Detached 2-car garage
• Utilities: Well water; Electricity available; Propane available
• Home design: Single-family property; Existing home
• Construction: Wood-frame structure; Brick and wood siding; Composite shingle roof; Slab foundation; No finished basement
• Exterior features: Level lot; Five acres

Interior

• Bedrooms: Includes a main-floor bedroom
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Hot water heat; No cooling system
• Interior features: Hot water heating; No central cooling

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $340k.

Deal economics

• At list price, monthly cash flow is $-322 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $283k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (32.6% below list).
• Recommended offer: $229k (32.6% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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.
• Zoned schools: Falcon Elementary School of Technology (math 24% / reading 24%, grade F, #606 of 966 statewide, top 65%, 257 students, 48% FRL); Falcon Middle School (math 17% / reading 37%, grade F, #154 of 270 statewide, top 59%, 937 students, 27% FRL); Falcon High School (math 32% / reading 67%, grade D, #115 of 381 statewide, top 34%, 1,248 students, 23% FRL) — zoned schools average 33% FRL vs 17% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 523 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $10k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $52k; list at $340k implies a 556% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $229,254 (32.6% 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. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 5.16%
• Cash-on-cash: -4.06%
• DSCR: 0.82
• GRM: 12.4

CMA / ARV

• ARV (median comp): $405,000
• List price: $339,900
• Delta: -16.07%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6518 Watusi Rd	0.44mi	3/2.0 (+1)	1,696 (-1%)	0mo	$405,000	$239	73
5985 N Meridian Rd	0.57mi	3/2.0 (+1)	1,708 (+0%)	10mo	$422,270	$247	60
6567 Watusi Rd	0.48mi	3/2.0 (+1)	1,722 (+1%)	22mo	$425,000	$247	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -23.1%
• Equity multiple: 0.21×
• Total profit: $-75,469
• Equity at exit: $50,680

10-year hold

• IRR: -17.5%
• Equity multiple: 0.04×
• Total profit: $-91,660
• Equity at exit: $29,388

Cash invested: $95,172 (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: 523
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,293 high
• Mortgage (P&I): −$1,782
• Tax from tax record: −$209 /mo · $2,507/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $-322

Break-even live

Break-even rent $2,700

Max offer price $283,039

Occupancy floor —

Sensitivity live

Price	-10% $-129	-5% $-226	+0% $-322	+5% $-418	+10% $-514
Rent	-10% $-503	-5% $-412	+0% $-322	+5% $-231	+10% $-141
Rate	-1.0pp $-151	-0.5pp $-235	base $-322	+0.5pp $-410	+1.0pp $-500

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: $84,975
• Closing costs: $10,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6628 Watusi Rd Peyton, CO	3.0	3.0	1735	$1,995	$1.15	4d	1	0.52mi
6628 Watusi Rd Unit 1 Peyton, CO	3.0	2.5	1735	$1,995	$1.15	4d	1	0.53mi
7146 Honeycomb Dr Peyton, CO	3.0	2.0	1784	$2,400	$1.35	4d	1	0.91mi
11663 Ducal Pt Peyton, CO	3.0	3.0	1600	$2,380	$1.49	4d	1	1.21mi
7553 Jaoul Pt Peyton, CO	3.0	2.5	1639	$2,300	$1.40	4d	1	1.28mi
11914 Rodez Grv Peyton, CO	2.0	2.0	1408	$2,199	$1.56	12d	1	1.33mi

Listing history 2 events

1. 2026-05-15
   listed $339,900 Active 655-char remark
2. 1976-04-01
   soldstatus $51,800

ⓘ 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: $2,507 · $209/mo
• Projected year-2 tax: $2,507 · $209/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥87°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: $27,510
• − Mortgage interest: −$19,040
• − Property taxes: −$2,507
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,201
• − Management: −$2,201
• − Depreciation: −$9,888
• Taxable loss: −$10,025
• Est. tax savings @ 24.0%: +$2,406
• After-tax cash flow: $-1,457/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

+556.2% since first listed

3 events — show timeline

• 2026-05-21 Pending — elevateMLS
• 2026-05-15 Listed $339,900 elevateMLS
• 1976-04-01 Sold (Public Records) $51,800 Public Records

Property tax history

+5.1%/yr

Latest (2025): $2,507 · +10.0% YoY. Source: county tax records.