1400 S Collyer St

Longmont, CO 80501

$129,000D+

4 bd · 2.0 ba · 7,048 sqft · Built 1966 · Land · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,542/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$215
• HOA: −$1,100
• Vac / Maint / Mgmt: −$534
• Net cashflow: $17/mo
• Annual: $199/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• 1% rule: 1.97%
• Cash to close: $36,120

Investor read

• This is a 4-bed/2.0-bath land listed at $129k.
• At list price, monthly cash flow is $17 ($199/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• It's been on market 25 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#24 in CO, #2,736 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, housing A+; Watch: crime F, cost of living F.
• St. Vrain Valley School District No. Re1J (suburban): math 32% / reading 51% proficiency, ranked #23 of 86 in CO (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Indian Peaks Elementary School (math 15% / reading 32%, grade F, #634 of 966 statewide, top 67%, 251 students, 82% FRL); Sunset Middle School (math 16% / reading 32%, grade F, #178 of 270 statewide, top 67%, 377 students, 57% FRL); Niwot High School (math 51% / reading 71%, grade C+, #51 of 381 statewide, top 13%, 1,355 students, 26% FRL) — zoned schools average 55% FRL vs 27% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 43% of rent.
• Market conditions: Rents flat; 174 active listings in the ZIP; solid renter incomes; 1,688 units permitted in Boulder County in 2024 (1,136 in 5+ unit buildings).
• Boulder County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 26 sale attempts since 4y 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 $87k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.4% vs local median 2.6% in Longmont — 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 38% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.