17920 E 104th Pl Unit C

Commerce City, CO 80022

$305,000D

3 bd · 3.0 ba · 1,373 sqft · Built 2005 · Condo · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,914/mo
• Mortgage (P&I): −$1,599
• Tax + insurance: −$562
• HOA: −$496
• Vac / Maint / Mgmt: −$612
• Net cashflow: $-355/mo
• Annual: $-4,266/yr
• Cap rate: 4.89%
• Cash-on-cash: -5.00%
• DSCR: 0.78
• 1% rule: 0.96%
• Cash to close: $85,400

Investor read

• This is a 3-bed/3.0-bath condo listed at $305k.
• At list price, monthly cash flow is $-355 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (20.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (4.4% below list).
• It's been on market 93 days — a 9% lower offer ($278k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (20.6% 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 $9k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#137 in CO) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime F, amenities F, cost of living F.
• School District 27J (suburban): math 20% / reading 37% proficiency, ranked #46 of 86 in CO (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Turnberry Elementary (math 12% / reading 32%, grade F, #660 of 966 statewide, top 70%, 762 students, 34% FRL); Otho E Stuart Middle School (math 10% / reading 44%, grade F, #154 of 270 statewide, top 59%, 791 students, 42% FRL); Prairie View High School (math 15% / reading 38%, grade F, #262 of 381 statewide, top 69%, 1,821 students, 36% FRL).
• Market conditions: Rents rising (+2.6%/yr); 509 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,299 units permitted in Adams County in 2024 (343 in 5+ unit buildings).
• Adams County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 11y ago; this cycle's ask has dropped $70k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.9% vs local median 3.9% in Commerce City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 34% of the median local income ($104k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 93 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?