5584 County Road 600 #114 · Pagosa Springs, CO 81147

$299,999

2 bd · 2.0 ba · 1,335 sqft · Condo public records · 143 Days on market

Built 1983

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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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• 1% rule +2.8/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy beautiful lake views from your back deck and take advantage of being just minutes from the San Juan National Forest and Weminuche Wilderness, where endless hiking and biking trails await you year-round. This condo offers the perfect launch pad for full-time living in Pagosa Springs, a relaxing mountain retreat, or an investment opportunity (both short- and long-term rentals allowed). Inside, you’ll find thoughtful upgrades and vaulted ceilings that create a bright, open atmosphere. The primary suite and bath are conveniently located on the main level, while the guest bedroom is upstairs. There’s also a bonus room — ideal for an office, craft space, or overflow guests

Key facts

• Lake views
• Weminuche wilderness
• Vaulted ceilings

Tags

• LAKE VIEWS
• SAN JUAN NATIONAL FOREST
• WEMINUCHE WILDERNESS
• HIKING AND BIKING TRAILS
• VAULTED CEILINGS
• RECREATION CENTER

Property features AI

Finance

• HOA & community: Part of a homeowners association (Hatcher Village Condos)

Exterior

• Utilities: Electricity available; High-speed internet available; Public water; Public sewer
• Home design: Two stories; Wood-frame construction; Metal roof; Residential single-family
• Construction: Wood frame construction; Metal roof
• Exterior features: Deck; Landscaped yard; Paved road access; Has a view

Interior

• Kitchen: Oven; Range; Dishwasher; Refrigerator; Disposal
• Bedrooms: Primary bedroom on the main level
• Flooring: Tile
• Bathrooms: Two three-quarter bathrooms
• Heating & cooling: Baseboard heating; Electric heating; Pellet stove
• Interior features: Unfurnished; Living/dining room; Main level primary; Has fireplace (pellet stove in living room)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (21.7% below list).
• Recommended offer: $235k (21.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 1.5% in Pagosa 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 55/100 on livability (#345 in CO) — a working-class tenant base; expect higher turnover. Strengths: cost of living B+; Watch: schools F, crime F, amenities F.
• Archuleta County School District No. 50 JT (town): math 20% / reading 36% proficiency, ranked #57 of 86 in CO (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 701 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 141 units permitted in Archuleta County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $300k implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,000 (21.7% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
2. 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?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.78% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 10.6

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: -14.4%
• Equity multiple: 0.48×
• Total profit: $-43,395
• Equity at exit: $44,731

10-year hold

• IRR: -5.8%
• Equity multiple: 0.63×
• Total profit: $-31,483
• Equity at exit: $25,938

Cash invested: $84,000 (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 81147

• Active inventory: 701
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,350 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$74 /mo · $888/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $84

Break-even live

Break-even rent $2,243

Max offer price $299,999

Occupancy floor 91%

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
127 Morro Cir Pagosa Springs, CO	2.0	2.0	1692	$2,350	$1.39	43d	1	0.53mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-02-02
   price $299,999
2. 2026-01-01
   listed $330,000 Active
3. 2026-01-01
   historical
4. 2025-09-28
   price $330,000
5. 2025-08-18
   price $344,900
6. 2025-07-09
   price $349,900
7. 2025-02-26
   listed $359,000 Active
8. 2024-11-01
   historical
9. 2024-08-04
   price $359,900
10. 2024-05-28
    price $364,900
11. 2024-05-01
    listed $374,900 Active
12. 2024-05-01
    historical
13. 2024-05-01
    listed $360,000 Active
14. 2023-08-21
    historical
15. 2023-06-28
    price $360,000
16. 2023-06-01
    price $370,000
17. 2023-05-13
    listed $379,000 Active
18. 2003-09-10
    soldstatus $80,000
19. 1999-04-05
    soldstatus $68,000
20. 1994-11-01
    soldstatus $63,500
21. 1983-10-07
    soldstatus $105,000

ⓘ 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: $888 · $74/mo
• Projected year-2 tax: $1,650 · $137/mo
• Expected delta: +$762/yr (+$64/mo · 85.8%)

ⓘ 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 6/10 Major
• 🌡 Heat 1/10 Low 5 d/yr ≥84°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,200
• − Mortgage interest: −$16,805
• − Property taxes: −$888
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − Depreciation: −$8,727
• Taxable loss: −$4,232
• Est. tax savings @ 24.0%: +$1,016
• After-tax cash flow: $2,027/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: Archuleta County School District No. 50 JT
• NCES district ID: 0802190
• Math proficiency: 20% ▼ -7.00%
• Reading proficiency: 36% ▼ -1.00%
• Median HH income: $50,324
• Composite: 24.51/100
• National rank: #7649
• State rank: #57 of 86 in CO

Livability — Pagosa Springs

• Score: 55/100
• State rank: #345
• US rank: #23085

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,923

Population outlook (Archuleta County) Hauer SSP2

• Today (2025): 12,968 people
• By 2030: 13,125 · +1.2%
• By 2040: 13,047 · +0.6%
• By 2050: 12,778 · -1.5%
• By 2075: 12,346 · -4.8%
• By 2100: 11,175 · -13.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 16% Two or more races 6% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Slovak 5% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Archuleta

• 2024 margin: R (+14.1) · D 41.7% · R 55.8% · Other 2.5%
• 2008→2024 swing: -2.0pp toward R · 2008: -12.1pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+15.9 2016: R+23.9 2012: R+18.0 2008: R+12.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.14%
• Current HPI: 251.3727
• 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

+185.7% since first listed

21 events — show timeline

• 2026-02-02 Price Changed $299,999 cren
• 2026-01-01 Listing Removed — cren
• 2026-01-01 Listed $330,000 cren
• 2025-09-28 Price Changed $330,000 cren
• 2025-08-18 Price Changed $344,900 cren
• 2025-07-09 Price Changed $349,900 cren
• 2025-02-26 Listed $359,000 cren
• 2024-11-01 Listing Removed — cren
• 2024-08-04 Price Changed $359,900 cren
• 2024-05-28 Price Changed $364,900 cren
• 2024-05-01 Listed $360,000 cren
• 2024-05-01 Listing Removed — cren
• 2024-05-01 Listed $374,900 cren
• 2023-08-21 Listing Removed — cren
• 2023-06-28 Price Changed $360,000 cren
• 2023-06-01 Price Changed $370,000 cren
• 2023-05-13 Listed $379,000 cren
• 2003-09-10 Sold (Public Records) $80,000 Public Records
• 1999-04-05 Sold (Public Records) $68,000 Public Records
• 1994-11-01 Sold (Public Records) $63,500 Public Records
• 1983-10-07 Sold (Public Records) $105,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $888 · +14.8% YoY. Source: county tax records.