500 University St · Trinidad, CO 81082

$200,000

4 bd · 4.0 ba · 3,584 sqft · MultiFamily public records · 7 Days on market

Built 1908 871 sqft lot

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Why this score? — see what drove the C 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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Looking for a Commercial Building with incredible income potential? Look no further than this Historic Square Stone Building which offers walkability to Trinidad State, Central Park and Downtown! Presently there are two rented apartments, a large rentable garage and two apartments to be rehabbed. Bring your vision and creativity to this large lot which offers multiple development opportunities for future income. The price of this unique property reflects the work that has been done and what needs to be done. The two rented apartments have updates and their own metered electricity. Enjoy immediate income while you develop this property to its full potential in this desirable area. The price

Key facts

• Built 1908
• Listed 7 days

Tags

• HISTORIC SQUARE STONE BUILDING
• WALKABILITY TO TRINIDAD STATE
• WALKABILITY TO CENTRAL PARK
• WALKABILITY TO DOWNTOWN
• TWO RENTED APARTMENTS
• LARGE RENTABLE GARAGE

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water
• Home design: Two-story multi-family residential income property; Agricultural zoning
• Construction: Block construction
• Exterior features: Corner lot

Interior

• Flooring: Wood
• Bathrooms: 1 full bathroom
• Interior features: Wood flooring

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $48 ($581/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 9.1% vs local median 3.0% in Trinidad — 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 58/100 on livability (#303 in CO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools F, crime F, amenities F.
• Trinidad School District 1 In The County Of Las Animas And (town): math 6% / reading 27% proficiency, ranked #82 of 86 in CO (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 262 active listings in the ZIP; 43 units permitted in Las Animas County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Las Animas County population projected at -40% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $42k; list at $200k implies a 376% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,000

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.18%
• DSCR: 1.45
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -14.5%
• Equity multiple: 0.48×
• Total profit: $-29,123
• Equity at exit: $29,821

10-year hold

• IRR: -5.6%
• Equity multiple: 0.63×
• Total profit: $-20,576
• Equity at exit: $17,292

Cash invested: $56,000 (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 81082

• Home prices YoY: -21.1%
• Active inventory: 262
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $2,155 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$95 /mo · $1,144/yr
• Insurance: −$83
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $48

Break-even live

Break-even rent $2,094

Max offer price $200,000

Occupancy floor 93%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,154
Total (2 units)			$2,155

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $200,000 Active 7 DOM
2. 2026-06-17
   days on market $200,000 Active 6 DOM
3. 2026-06-16
   days on market $200,000 Active 5 DOM
4. 2026-06-15
   days on market $200,000 Active 4 DOM
5. 2026-06-13
   days on market $200,000 Active 2 DOM
6. 2026-06-12
   remarks 699-char remark
7. 2026-06-12
   listed $200,000 Active 1 DOM

ⓘ 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: $1,144 · $95/mo
• Projected year-2 tax: $1,144 · $95/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 AE · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,860
• − Mortgage interest: −$11,203
• − Property taxes: −$1,144
• − Insurance: −$6,118
• − Repairs & maintenance: −$2,069
• − Management: −$2,069
• − Depreciation: −$5,818
• Taxable loss: −$2,561
• Est. tax savings @ 24.0%: +$615
• After-tax cash flow: $1,196/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: Trinidad School District 1 In The County Of Las Animas And
• NCES district ID: 0806960
• Math proficiency: 6% ▼ -9.00%
• Reading proficiency: 27% ▼ -3.00%
• Median HH income: $37,538
• Composite: 13.74/100
• National rank: #9493
• State rank: #82 of 86 in CO

Livability — Trinidad

• Score: 58/100
• State rank: #303
• US rank: #21409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Trinidad, CO
• Population (ZIP): 11,750

Population outlook (Las Animas County) Hauer SSP2

• Today (2025): 12,072 people
• By 2030: 10,972 · -9.1%
• By 2040: 8,825 · -26.9%
• By 2050: 7,245 · -40.0%
• By 2075: 5,139 · -57.4%
• By 2100: 3,922 · -67.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 53% Hispanic / Latino 41% Two or more races 18% Native American 4% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 90% English-only · Spanish 8% Other Asian/Pacific 1%

Political lean MEDSL · Las Animas

• 2024 margin: R (+13.5) · D 42.0% · R 55.5% · Other 2.4%
• 2008→2024 swing: -20.5pp toward R · 2008: 7.0pp · 2024: -13.5pp
• All cycles: 2024: R+13.5 2020: R+9.9 2016: R+15.6 2012: D+2.7 2008: D+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.04%
• Current HPI: 258.5479
• Rent YoY: —
• Metro: —
• 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

+376.2% since first listed

2 events — show timeline

• 2026-05-28 Listed $200,000 SPMLS
• 2012-07-23 Sold (Public Records) $42,000 Public Records

Property tax history

+10.3%/yr

Latest (2025): $1,144 · +232.5% YoY. Source: county tax records.