98000 Ryan Gulch Rd #104 · Silverthorne, CO 80498

$50,000

2 bd · 2.0 ba · 824 sqft · Condo public records · 186 Days on market

Built 1981 $226/mo HOA · 8% of rent ↓ 17% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This outstanding property offers a 1/6th partial share, (a total of SIX 1/12th shares available), that can be purchased together OR separately. Enjoy this beautiful mountain condo that features 2 bedrooms and 2 baths with an open floor plan, offering ample space and abundant natural light, ideal for hosting everyone and creating memorable experiences. The assigned covered parking space that comes with the condo is rare in Summit County and there is plenty of overflow and guest parking as well. The living room boasts stunning views of the surrounding mountains vistas from the balcony and provides a cozy fireplace perfect for relaxation after a day of skiing or hiking. Situated at the top of

Key facts

• Mountain condo
• Open floor plan
• Stunning views

Tags

• MOUNTAIN CONDO
• OPEN FLOOR PLAN
• ASSIGNED COVERED PARKING
• STUNNING VIEWS
• COZY FIREPLACE
• EXCEPTIONAL HIKING TRAILS

Property features AI

Finance

• Other: Planned Unit Development zoning
• Financial info:
• HOA & community: Homeowners association with annual fee (annual amount listed separately); Association amenities include snow removal; Clubhouse

Exterior

• Parking: Assigned covered carport
• Security:
• Utilities: Public water; Sewer available and connected; Electricity available; Natural gas available; Cable available and connected
• Home design: Residential timeshare; One level; Entry on level 1
• Construction: Frame construction; Asphalt roof
• Exterior features: Deck; Community pool; Has view; Near public transit; Paved road

Interior

• Kitchen: Dishwasher; Electric range; Garbage disposal; Microwave; Refrigerator
• Bedrooms:
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating
• Interior features: Eat-in kitchen; Furnished; Wood-burning fireplace
• Laundry & utility: Common area laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $50k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 43.3% vs local median 1.1% in Silverthorne — 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 73/100 on livability (#51 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A-; Watch: amenities D+, cost of living F.
• Summit School District No. RE-1 (rural): math 27% / reading 43% proficiency, ranked #35 of 86 in CO (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Silverthorne Elementary School (math 5% / reading 12%, grade F, #922 of 966 statewide, top 97%, 342 students, 54% FRL); Summit Middle School (math 24% / reading 38%, grade F, #126 of 270 statewide, top 46%, 764 students, 38% FRL); Summit High School (math 37% / reading 62%, grade D, #115 of 381 statewide, top 34%, 1,132 students, 29% FRL).
• Market conditions: Rents flat; 314 active listings in the ZIP; solid renter incomes; 308 units permitted in Summit County in 2024 (123 in 5+ unit buildings).
• This rent runs 32% of the median local income ($106k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Summit County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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 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?
8. 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?
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: 5.64% ✓
• Cap rate: 43.29%
• Cash-on-cash: 132.13%
• DSCR: 6.88
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.88% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.03×
• Total profit: $84,439
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 13.70×
• Total profit: $177,814
• Equity at exit: $4,323

Cash invested: $14,000 (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 80498

• Rents YoY: 0.9%
• Active inventory: 314
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $2,818 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$176 /mo · $2,112/yr
• Insurance: −$21
• HOA: −$226
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $1,541

Break-even live

Break-even rent $867

Max offer price $50,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,570	-5% $1,556	+0% $1,541	+5% $1,527	+10% $1,513
Rent	-10% $1,319	-5% $1,430	+0% $1,541	+5% $1,653	+10% $1,764
Rate	-1.0pp $1,567	-0.5pp $1,554	base $1,541	+0.5pp $1,529	+1.0pp $1,515

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $226 · $2,712/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $50,000 Active 186 DOM
2. 2026-06-19
   days on market $50,000 Active 184 DOM
3. 2026-06-18
   days on market $50,000 Active 183 DOM
4. 2026-06-17
   days on market $50,000 Active 182 DOM
5. 2026-06-16
   days on market $50,000 Active 181 DOM
6. 2026-06-15
   days on market $50,000 Active 180 DOM
7. 2026-06-14
   days on market $50,000 Active 178 DOM
8. 2026-06-12
   days on market $50,000 Active 177 DOM
9. 2026-06-09
   days on market $50,000 Active 174 DOM
10. 2026-06-08
    days on market $50,000 Active 173 DOM
11. 2026-06-07
    days on market $50,000 Active 172 DOM
12. 2026-06-05
    days on market $50,000 Active 169 DOM
13. 2026-06-02
    days on market $50,000 Active 167 DOM
14. 2026-06-01
    days on market $50,000 Active 166 DOM
15. 2026-05-31
    days on market $50,000 Active 165 DOM
16. 2026-05-30
    days on market $50,000 Active 164 DOM
17. 2026-05-06
    price $50,000
18. 2025-12-17
    listed $60,000 Active

ⓘ 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: $2,112 · $176/mo
• Projected year-2 tax: $2,112 · $176/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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 10 d/yr ≥78°F today · 27 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,820
• − Mortgage interest: −$2,801
• − Property taxes: −$2,112
• − Insurance: −$250
• − Repairs & maintenance: −$2,706
• − Management: −$2,706
• − HOA: −$2,712
• − Depreciation: −$1,455
• Taxable income: $19,080
• Est. tax owed @ 24.0%: −$4,579
• After-tax cash flow: $13,919/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: Summit School District No. RE-1
• NCES district ID: 0806810
• Math proficiency: 27% ▼ -7.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $67,591
• Composite: 31.97/100
• National rank: #5840
• State rank: #35 of 86 in CO

Livability — Silverthorne

• Score: 73/100
• State rank: #51
• US rank: #5256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Summit County · 31,352 people
• City population: 8,881
• Metro: Breckenridge, CO
• Population (ZIP): 8,881
• Household income: $105,897
• Rent vs Own: 26.2% rent · 73.8% own
• Severe rent burden: 228.0

Population outlook (Summit County) Hauer SSP2

• Today (2025): 35,421 people
• By 2030: 37,983 · +7.2%
• By 2040: 42,597 · +20.3%
• By 2050: 46,695 · +31.8%
• By 2075: 55,288 · +56.1%
• By 2100: 61,033 · +72.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 22% Two or more races 17%
• Hispanic origin (detail): Mexican 14% Cuban 1%
• Common ancestry: Slovak 2% Lithuanian 2% Scottish 2%
• Foreign-born: 12% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 11% Other Indo-European 1%

Political lean MEDSL · Summit

• 2024 margin: Solid D (+37.2) · D 67.0% · R 29.9% · Other 3.1%
• 2008→2024 swing: +4.1pp toward D · 2008: 33.0pp · 2024: 37.2pp
• All cycles: 2024: D+37.2 2020: D+39.5 2016: D+27.6 2012: D+24.4 2008: D+33.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.79%
• Current HPI: 332.0375
• Rent YoY: ▲ 0.88%
• Metro: Breckenridge, 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

-16.7% since first listed

2 events — show timeline

• 2026-05-06 Price Changed $50,000 SAR
• 2025-12-17 Listed $60,000 SAR

Property tax history

+6.9%/yr

Latest (2025): $2,112 · -13.5% YoY. Source: county tax records.