234 Wasatch Ln

Florissant, CO 80816

$365,000C

2 bd · 1.0 ba · 1,042 sqft · Built 2004 · SingleFamily · Active · 298 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,668/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$223
• HOA: −$4
• Vac / Maint / Mgmt: −$770
• Net cashflow: $757/mo
• Annual: $9,080/yr
• Cap rate: 8.78%
• Cash-on-cash: 8.88%
• DSCR: 1.40
• 1% rule: 1.00%
• Cash to close: $102,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $365k.
• At list price, monthly cash flow is $757 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $365k).
• It's been on market 298 days — a 12% lower offer ($321k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $321k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#311 in CO) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A, housing A-; Watch: amenities F, commute F, employment F.
• Cripple Creek-Victor School District No. Re-1 (rural): math 10% / reading 25% proficiency, ranked #157 of 176 in CO (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Cresson Elementary School (math 10% / reading 54%, grade F, #469 of 966 statewide, top 49%, 137 students, 73% FRL); Cripple Creek-Victor Junior-Senior High School (math 12% / reading 24%, grade F, #337 of 381 statewide, top 88%, 176 students, 49% FRL).
• Market conditions: 281 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 148 units permitted in Teller County in 2024 (0 in 5+ unit buildings).
• Teller County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $45k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.8% vs local median 3.3% in Florissant — 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.

Questions for listing agent

• It's been on market 298 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.