98000 Ryan Gulch Rd #104

Silverthorne, CO 80498

$50,000D

2 bd · 2.0 ba · 824 sqft · Built 1981 · Condo · Active · 186 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,818/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$197
• HOA: −$226
• Vac / Maint / Mgmt: −$592
• Net cashflow: $1,541/mo
• Annual: $18,498/yr
• Cap rate: 43.29%
• Cash-on-cash: 132.13%
• DSCR: 6.88
• 1% rule: 5.64%
• Cash to close: $14,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $50k.
• 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).
• It's been on market 186 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Watch-outs: property tax is 4.2% of price.
• 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).
• 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.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• 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.
• This rent runs 32% of the median local income ($106k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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?