2300 Mount Werner #321 · Steamboat Springs, CO 80487

$168,000

2 bd · 3.0 ba · 1,412 sqft · Condo public records · 443 Days on market

Built 1999 $692/mo HOA · 23% of rent ↓ 15% since listing

---

Why this score? — see what drove the B 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 +28.3/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is an 1/8th share Fractional ownership at The Steamboat Grand Resort Hotel and Condominium, the much coveted Alpenglow floorplan with multiple lockoff options. The accessibility of 3 doors (320,321,323) and 3 baths entering each section of the property enhances many rental opportunities as 3 separate rental spaces. Combined annual rental histories show patterns that the property rents as 1 whole unit OR 3 separate bedroom/bath suites. Enjoy beautiful views of the Ski Mountain from this 3rd floor location, and all the amenities that The Steamboat Grand Resort has to offer, which includes valet Parking, ski valet, salt water pool and hot tubs, fitness center, spa, steam room , hot sauna, shuttle service, front desk, covered parking, on-site dining options and stores, and more. Elevate your experience in Steamboat Springs at The Steamboat Grand Resort.

Key facts

• Outdoor pool
• Two lock-off options
• Oversized hot tubs

Tags

• TWO LOCK-OFF OPTIONS
• STEAMBOAT SKI AREA DECK VIEWS
• EASY ACCESS TO GONDOLA SQUARE
• FULL-SERVICE AMENITIES
• OUTDOOR POOL
• OVERSIZED HOT TUBS

Property features AI

Finance

• Other: Located in Steamboat Grand Resort Hotel condominium; Directions: Mount Werner Road toward the ski mountain, left onto Mount Werner Circle; The Grand Hotel is on the right. Unit #321.
• HOA & community: Homeowners association with fitness center; Association fee: $8,308 annually (about $692.33/month); On-site management, elevators, food service, steam room; Community pool

Exterior

• Parking: Underground community parking structure
• Utilities: Public water; Public sewer (connected); Cable available; Electricity available; Natural gas available; Phone available
• Home design: Residential timeshare; Has view
• Construction: Wood siding; Composition roof
• Exterior features: Deck; Community pool; Storage; Near public transit; Paved public road

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Furnished; Gas fireplace
• Laundry & utility: Common area laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $168k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $168k).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 0.1% in Steamboat 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 74/100 on livability (#41 in CO, #4,975 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, schools B; Watch: health & safety C-, amenities D, cost of living F.
• Steamboat Springs School District No. RE-2 (town): math 49% / reading 72% proficiency, ranked #4 of 86 in CO (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+10.6%/yr); 555 active listings in the ZIP; solid renter incomes; 597 units permitted in Routt County in 2024 (418 in 5+ unit buildings).
• This rent runs 33% of the median local income ($110k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Routt County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $47k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 443 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 443 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.78% ✓
• Cap rate: 10.15%
• Cash-on-cash: 13.77%
• DSCR: 1.61
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.50×
• Total profit: $23,390
• Equity at exit: $25,049

10-year hold

• IRR: 25.4%
• Equity multiple: 3.94×
• Total profit: $138,291
• Equity at exit: $14,526

Cash invested: $47,040 (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 80487

• Rents YoY: 10.6%
• Active inventory: 555
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,986 medium
• Mortgage (P&I): −$881
• Tax from tax record: −$176 /mo · $2,113/yr
• Insurance: −$70
• HOA: −$692
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $540

Break-even live

Break-even rent $2,303

Max offer price $168,000

Occupancy floor 77%

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $692 · $8,304/yr
• Likely covers: waterpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-19
   days on market $168,000 Active 443 DOM
2. 2026-06-18
   days on market $168,000 Active 442 DOM
3. 2026-06-17
   days on market $168,000 Active 441 DOM
4. 2026-06-16
   days on market $168,000 Active 440 DOM
5. 2026-06-15
   days on market $168,000 Active 439 DOM
6. 2026-06-14
   days on market $168,000 Active 437 DOM
7. 2026-06-12
   days on market $168,000 Active 436 DOM
8. 2026-06-09
   days on market $168,000 Active 433 DOM
9. 2026-06-08
   days on market $168,000 Active 432 DOM
10. 2026-06-07
    days on market $168,000 Active 431 DOM
11. 2026-06-07
    days on market $168,000 Active 430 DOM
12. 2026-06-04
    days on market $168,000 Active 427 DOM
13. 2026-06-02
    days on market $168,000 Active 426 DOM
14. 2026-06-01
    days on market $168,000 Active 425 DOM
15. 2026-05-31
    days on market $168,000 Active 424 DOM
16. 2026-05-31
    days on market $168,000 Active 423 DOM
17. 2025-07-23
    price $168,000
18. 2025-04-02
    listed $175,000 Active
19. 2024-12-10
    soldstatus $163,900 Closed 866-char remark

    Show marketing remark (866 chars)

    This is an 1/8th share Fractional ownership at The Steamboat Grand Resort Hotel and Condominium, the much coveted Alpenglow floorplan with multiple lockoff options. The accessibility of 3 doors (320,321,323) and 3 baths entering each section of the property enhances many rental opportunities as 3 separate rental spaces. Combined annual rental histories show patterns that the property rents as 1 whole unit OR 3 separate bedroom/bath suites. Enjoy beautiful views of the Ski Mountain from this 3rd floor location, and all the amenities that The Steamboat Grand Resort has to offer, which includes valet Parking, ski valet, salt water pool and hot tubs, fitness center, spa, steam room , hot sauna, shuttle service, front desk, covered parking, on-site dining options and stores, and more. Elevate your experience in Steamboat Springs at The Steamboat Grand Resort.

20. 2024-11-16
    status Pending 866-char remark

    Show marketing remark (866 chars)

    This is an 1/8th share Fractional ownership at The Steamboat Grand Resort Hotel and Condominium, the much coveted Alpenglow floorplan with multiple lockoff options. The accessibility of 3 doors (320,321,323) and 3 baths entering each section of the property enhances many rental opportunities as 3 separate rental spaces. Combined annual rental histories show patterns that the property rents as 1 whole unit OR 3 separate bedroom/bath suites. Enjoy beautiful views of the Ski Mountain from this 3rd floor location, and all the amenities that The Steamboat Grand Resort has to offer, which includes valet Parking, ski valet, salt water pool and hot tubs, fitness center, spa, steam room , hot sauna, shuttle service, front desk, covered parking, on-site dining options and stores, and more. Elevate your experience in Steamboat Springs at The Steamboat Grand Resort.

21. 2024-11-13
    listed $163,900 Active 866-char remark

    Show marketing remark (866 chars)

    This is an 1/8th share Fractional ownership at The Steamboat Grand Resort Hotel and Condominium, the much coveted Alpenglow floorplan with multiple lockoff options. The accessibility of 3 doors (320,321,323) and 3 baths entering each section of the property enhances many rental opportunities as 3 separate rental spaces. Combined annual rental histories show patterns that the property rents as 1 whole unit OR 3 separate bedroom/bath suites. Enjoy beautiful views of the Ski Mountain from this 3rd floor location, and all the amenities that The Steamboat Grand Resort has to offer, which includes valet Parking, ski valet, salt water pool and hot tubs, fitness center, spa, steam room , hot sauna, shuttle service, front desk, covered parking, on-site dining options and stores, and more. Elevate your experience in Steamboat Springs at The Steamboat Grand Resort.

22. 2022-08-26
    soldstatus $210,000
23. 2020-11-18
    soldstatus $127,000
24. 2020-11-17
    soldstatus $127,000 1067-char remark

    Show marketing remark (1067 chars)

    Alpenglow floor plan, units 320,321, and 323. Looking for the space to bring the whole family and then some? This Alpenglow can sleep up to 10, plus has lots of room for hanging out. Huge square whirlpool tub in the master bathroom. Three doors for six different lock-off capabilities. Gorgeous unit with wonderful views - ski mountain and other surrounding mountains, 2 fireplaces, and 2 decks. 13 weeks a year of usage for the rest of your life! Unsurpassed amenities at a Four Diamond Luxury Hotel including covered parking garage, year-round shuttle, heated outdoor pool, hot tubs, sauna, full-service spa, elevators, clubhouse, athletic facilities, free base area ski storage, owners lounge covered parking, and much more. Enjoy the ease of membership in the optional RCI exchange program when you need an alternative vacation site. The Grand is just a short walk across the street for a fun-filled day of powder skiing with old and new friends. Please note the dues include all utilities, insurance, furniture replacement, maintenance, and use of all amenities.

25. 2020-10-26
    listed $130,000 1067-char remark

    Show marketing remark (1067 chars)

    Alpenglow floor plan, units 320,321, and 323. Looking for the space to bring the whole family and then some? This Alpenglow can sleep up to 10, plus has lots of room for hanging out. Huge square whirlpool tub in the master bathroom. Three doors for six different lock-off capabilities. Gorgeous unit with wonderful views - ski mountain and other surrounding mountains, 2 fireplaces, and 2 decks. 13 weeks a year of usage for the rest of your life! Unsurpassed amenities at a Four Diamond Luxury Hotel including covered parking garage, year-round shuttle, heated outdoor pool, hot tubs, sauna, full-service spa, elevators, clubhouse, athletic facilities, free base area ski storage, owners lounge covered parking, and much more. Enjoy the ease of membership in the optional RCI exchange program when you need an alternative vacation site. The Grand is just a short walk across the street for a fun-filled day of powder skiing with old and new friends. Please note the dues include all utilities, insurance, furniture replacement, maintenance, and use of all amenities.

26. 2019-10-07
    soldstatus $68,000 Sold
27. 2019-10-07
    soldstatus $68,000
28. 2019-09-17
    status Under Contract
29. 2019-04-25
    listed $72,000 Active
30. 2019-04-25
    listed $72,000
31. 2017-09-22
    soldstatus $110,000
32. 2016-07-13
    soldstatus $49,500
33. 2012-11-14
    soldstatus $67,000
34. 2010-10-14
    soldstatus $79,000
35. 2000-10-31
    soldstatus $197,900

ⓘ 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: $2,113 · $176/mo
• Projected year-2 tax: $2,113 · $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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 8 d/yr ≥80°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,833
• − Mortgage interest: −$9,411
• − Property taxes: −$2,113
• − Insurance: −$840
• − Repairs & maintenance: −$2,867
• − Management: −$2,867
• − HOA: −$8,304
• − Depreciation: −$4,887
• Taxable income: $4,544
• Est. tax owed @ 24.0%: −$1,091
• After-tax cash flow: $5,388/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: Steamboat Springs School District No. RE-2
• NCES district ID: 0806660
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $67,833
• Composite: 53.1/100
• National rank: #1513
• State rank: #4 of 86 in CO

Livability — Steamboat Springs

• Score: 74/100
• State rank: #41
• US rank: #4975

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steamboat Springs, CO
• County: Routt County · 18,525 people
• City population: 18,525
• Metro: Steamboat Springs, CO
• Population (ZIP): 18,525
• Household income: $109,659
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 644.0

Population outlook (Routt County) Hauer SSP2

• Today (2025): 27,283 people
• By 2030: 28,555 · +4.7%
• By 2040: 30,578 · +12.1%
• By 2050: 32,328 · +18.5%
• By 2075: 36,897 · +35.2%
• By 2100: 38,794 · +42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 12% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Routt

• 2024 margin: Strong D (+27.7) · D 62.5% · R 34.8% · Other 2.8%
• 2008→2024 swing: +0.9pp no change · 2008: 26.9pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+27.6 2016: D+17.0 2012: D+15.6 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -342.73%
• Current HPI: 471.8844
• Rent YoY: ▲ 10.61%
• Metro: Steamboat 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

-15.1% since first listed

19 events — show timeline

• 2025-07-23 Price Changed $168,000 SAR
• 2025-04-02 Listed $175,000 SAR
• 2024-12-10 Sold (MLS) $163,900 SAR
• 2024-11-16 Pending — SAR
• 2024-11-13 Listed $163,900 SAR
• 2022-08-26 Sold (Public Records) $210,000 Public Records
• 2020-11-18 Sold (Public Records) $127,000 Public Records
• 2020-11-17 Sold (MLS) $127,000 SAR
• 2020-10-26 Listed $130,000 SAR
• 2019-10-07 Sold (MLS) $68,000 SAR
• 2019-10-07 Sold (MLS) $68,000 REColorado as Distributed by MLS Grid
• 2019-09-17 Pending — REColorado as Distributed by MLS Grid
• 2019-04-25 Listed $72,000 SAR
• 2019-04-25 Listed $72,000 REColorado as Distributed by MLS Grid
• 2017-09-22 Sold (Public Records) $110,000 Public Records
• 2016-07-13 Sold (Public Records) $49,500 Public Records
• 2012-11-14 Sold (Public Records) $67,000 Public Records
• 2010-10-14 Sold (Public Records) $79,000 Public Records
• 2000-10-31 Sold (Public Records) $197,900 Public Records

Property tax history

+2.0%/yr

Latest (2025): $2,113 · +52.1% YoY. Source: county tax records.