1817 28th St · Greeley, CO 80631

$1,500,000

24 bd · 12.0 ba · 10,692 sqft · MultiFamily · 140 Days on market

Built 1971 0.61 ac lot

---

Why this score? — see what drove the C 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 +24.0/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

PROPERTY HIGHLIGHTS- Brick construction. Excellent visibility from Highway 34. Individually meter gas and electric (tenants pay). Sprinklered lawn. Forced air A/C. Value-add through management. Parking: 4 spaces per unit. Minutes from UNC and many other amenities

Key facts

• 0.61 acre lot
• Built 1971
• Listed 140 days

Property features AI

Finance

• Financial info: Total of 12 units; Gross income reported: $177,840; Net operating income reported: $125,086; Income includes lease/rents; Tenants responsible for deposit, gas, and electricity; Minimal flood or C-rating
• HOA & community: No association fees or transfer fees; No association reserves

Exterior

• Utilities: City water with meter installed; Separate electric meters; Separate gas meters; No water rights
• Home design: Residential income property; Three or more levels; Not new (previously owned); Zoned RH
• Construction: Frame construction; Flat roof
• Exterior features: Patio; Balcony

Interior

• Kitchen: Appliances included (details unspecified)
• Bedrooms: Twelve 2-bedroom units
• Bathrooms: Twelve 1-bath units
• Heating & cooling: Individual heat source; Ceiling fan(s)
• Interior features: Some appliances included; Ceiling fan(s)
• Laundry & utility: Community laundry

What this means for you Summary

Snapshot

• This is a 12 × 2-bed/1.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $245/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.3% in Greeley — 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 68/100 on livability (#115 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: cost of living C-, crime F, amenities F.
• Greeleyschool District No. 6 In The County Of Weld And Sta (urban): math 15% / reading 31% proficiency, ranked #71 of 86 in CO (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Jackson Elementary School (math 15% / reading 22%, grade F, #724 of 966 statewide, top 77%, 471 students, 83% FRL); Greeley Central High School (math 14% / reading 36%, grade F, #263 of 381 statewide, top 69%, 1,484 students, 64% FRL) — zoned schools average 74% FRL vs 54% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.7%/yr); 180 active listings in the ZIP; 3,170 units permitted in Weld County in 2024 (278 in 5+ unit buildings).
• At $16,836/mo this rent would consume 370% of the median local household income ($55k/yr) (locally 3061% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Weld County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago 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.
• Current owner paid $775k; list at $1.50M implies a 94% gain — meaningful room to come down on a strong offer.

Recommended offer $1,320,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 1.12% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.38%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.75×
• Total profit: $-105,264
• Equity at exit: $223,655

10-year hold

• IRR: -1.6%
• Equity multiple: 0.90×
• Total profit: $-40,664
• Equity at exit: $129,693

Cash invested: $420,000 (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 80631

• Rents YoY: -0.7%
• Active inventory: 180
• Price-to-rent: 89.1×

Monthly cashflow live

• Estimated rent: $16,836 high
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,536
• Net cashflow: $2,934

Break-even live

Break-even rent $13,122

Max offer price $1,500,000

Occupancy floor 78%

12-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	2	1	$16,836
Total (12 units)			$16,836

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-21
   status Pending
2. 2026-03-24
   status Active
3. 2026-02-20
   status Pending
4. 2025-12-02
   status Active
5. 2025-11-26
   historical
6. 2025-11-24
   listed $1,500,000 Active
7. 2024-12-24
   historical
8. 2024-12-23
   price $1,800,000
9. 2024-10-01
   listed $2,100,000 Active
10. 2015-01-20
    soldstatus $775,000 263-char remark

    Show marketing remark (263 chars)

    PROPERTY HIGHLIGHTS- Brick construction. Excellent visibility from Highway 34. Individually meter gas and electric (tenants pay). Sprinklered lawn. Forced air A/C. Value-add through management. Parking: 4 spaces per unit. Minutes from UNC and many other amenities

11. 2014-11-03
    listed $775,000 263-char remark

    Show marketing remark (263 chars)

    PROPERTY HIGHLIGHTS- Brick construction. Excellent visibility from Highway 34. Individually meter gas and electric (tenants pay). Sprinklered lawn. Forced air A/C. Value-add through management. Parking: 4 spaces per unit. Minutes from UNC and many other amenities

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $202,032
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$16,163
• − Management: −$16,163
• − Depreciation: −$43,636
• Taxable income: $12,047
• Est. tax owed @ 24.0%: −$2,891
• After-tax cash flow: $32,320/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: Greeleyschool District No. 6 In The County Of Weld And Sta
• NCES district ID: 0804410
• Math proficiency: 15% ▼ -7.00%
• Reading proficiency: 31% ▼ -4.00%
• Median HH income: $46,417
• Composite: 19.99/100
• National rank: #8667
• State rank: #71 of 86 in CO

Livability — Greeley

• Score: 68/100
• State rank: #115
• US rank: #9841

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greeley, CO
• County: Weld County · 332,652 people
• City population: 119,344
• Metro: Greeley, CO
• Population (ZIP): 53,722
• Household income: $54,591
• Rent vs Own: 53.3% rent · 46.7% own
• Severe rent burden: 3061.0

Population outlook (Weld County) Hauer SSP2

• Today (2025): 351,957 people
• By 2030: 385,304 · +9.5%
• By 2040: 451,818 · +28.4%
• By 2050: 514,478 · +46.2%
• By 2075: 648,733 · +84.3%
• By 2100: 720,400 · +104.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Hispanic / Latino 54% White 39% Two or more races 15% Black 3% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 45%
• Common ancestry: Italian 2% Slovak 2% Portuguese 2%
• Foreign-born: 19% · Canada, Philippines
• Languages at home: 65% English-only · Spanish 33%

Political lean MEDSL · Weld

• 2024 margin: Strong R (+21.0) · D 38.2% · R 59.2% · Other 2.6%
• 2008→2024 swing: -12.2pp toward R · 2008: -8.7pp · 2024: -21.0pp
• All cycles: 2024: R+21.0 2020: R+18.0 2016: R+22.4 2012: R+13.2 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -329.59%
• Current HPI: 295.4309
• Rent YoY: ▼ -0.65%
• Metro: Greeley, 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

+93.5% since first listed

11 events — show timeline

• 2026-05-21 Pending — IRES
• 2026-03-24 Relisted — IRES
• 2026-02-20 Pending — IRES
• 2025-12-02 Relisted — IRES
• 2025-11-26 Listing Removed — IRES
• 2025-11-24 Listed $1,500,000 IRES
• 2024-12-24 Listing Removed — IRES
• 2024-12-23 Price Changed $1,800,000 IRES
• 2024-10-01 Listed $2,100,000 IRES
• 2015-01-20 Sold (MLS) $775,000 IRES
• 2014-11-03 Listed $775,000 IRES