620 W 4th St Lot 11 · Walsenburg, CO 81089

$65,000

1 bd · 1.0 ba · 624 sqft · SingleFamily · 174 Days on market

Built 1895 8,712 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 +26.2/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.2/10.0
• Schools +1.7/10.0

Listing remarks MLS

This fixer upper sits on . 195 acres with a detached 2 car garage. With the skills and expertise of a crafty carpenters magic, this little home can make a cute rental or make it your own home. The two car garage is ready to go and usable. Utilities at the lot.

Key facts

• Fully gutted
• Blank slate interior
• New construction

Tags

• FULLY GUTTED
• BLANK SLATE INTERIOR
• DETACHED GARAGE
• LARGE LOT
• POTENTIAL FOR EXPANSION
• NEW CONSTRUCTION

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water
• Home design: Single family residence; Residential zoning; One-story (above grade finished area listed)
• Construction: Frame, adobe, and stucco construction; Composition roof; Built on a foundation with a partial basement
• Exterior features: Paved road access; Irregular-shaped lot; Public water

Interior

• Bedrooms: 3 total rooms (includes bedrooms and other rooms)
• Bathrooms: 1 full bathroom
• Interior features: Partial, unfinished basement; No fireplace

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($777 rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 1.7% in Walsenburg — 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 71/100 on livability (#80 in CO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools F, amenities F, commute F.
• Huerfano School District Re-1 (town): math 9% / reading 24% proficiency, ranked #163 of 176 in CO (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 360 active listings in the ZIP; 51 units permitted in Huerfano County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Huerfano County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $50k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 9.34%
• Cash-on-cash: 10.88%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $38,688
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 W 1st St	0.48mi	2/1.0 (+1)	676 (+8%)	10mo	$42,000	$62	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-13
• Equity at exit: $9,692

10-year hold

• IRR: 9.7%
• Equity multiple: 1.75×
• Total profit: $13,568
• Equity at exit: $5,620

Cash invested: $18,200 (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 81089

• Home prices YoY: -2.4%
• Active inventory: 360
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $777 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$163
• Net cashflow: $165

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 74%

Sensitivity live

Price	-10% $210	-5% $187	+0% $165	+5% $143	+10% $120
Rent	-10% $104	-5% $134	+0% $165	+5% $196	+10% $226
Rate	-1.0pp $198	-0.5pp $182	base $165	+0.5pp $148	+1.0pp $131

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $65,000 Active 174 DOM
2. 2026-06-21
   days on market $65,000 Active 173 DOM
3. 2026-06-18
   days on market $65,000 Active 171 DOM
4. 2026-06-17
   days on market $65,000 Active 170 DOM
5. 2026-06-16
   days on market $65,000 Active 169 DOM
6. 2026-06-15
   days on market $65,000 Active 168 DOM
7. 2026-06-13
   days on market $65,000 Active 166 DOM
8. 2026-06-12
   days on market $65,000 Active 165 DOM
9. 2026-06-09
   days on market $65,000 Active 162 DOM
10. 2026-06-08
    days on market $65,000 Active 161 DOM
11. 2026-06-07
    days on market $65,000 Active 160 DOM
12. 2026-06-07
    days on market $65,000 Active 159 DOM
13. 2026-06-04
    days on market $65,000 Active 156 DOM
14. 2026-06-02
    days on market $65,000 Active 155 DOM
15. 2026-06-01
    days on market $65,000 Active 154 DOM
16. 2026-05-31
    days on market $65,000 Active 153 DOM
17. 2026-05-31
    days on market $65,000 Active 152 DOM
18. 2025-12-30
    listed $65,000 Active
19. 2025-06-24
    listed $65,000 Active
20. 2022-05-27
    soldstatus $50,000 260-char remark

    Show marketing remark (260 chars)

    This fixer upper sits on . 195 acres with a detached 2 car garage. With the skills and expertise of a crafty carpenters magic, this little home can make a cute rental or make it your own home. The two car garage is ready to go and usable. Utilities at the lot.

21. 2021-10-04
    listed $50,000 260-char remark

    Show marketing remark (260 chars)

    This fixer upper sits on . 195 acres with a detached 2 car garage. With the skills and expertise of a crafty carpenters magic, this little home can make a cute rental or make it your own home. The two car garage is ready to go and usable. Utilities at the lot.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 6 d/yr ≥91°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,330
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$746
• − Management: −$746
• − Depreciation: −$1,891
• Taxable income: $1,005
• Est. tax owed @ 24.0%: −$241
• After-tax cash flow: $1,739/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: Huerfano School District Re-1
• NCES district ID: 0807080
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 24% ▼ -4.00%
• Median HH income: $31,069
• Composite: 16.56/100
• National rank: #14243
• State rank: #163 of 176 in CO

Livability — Walsenburg

• Score: 71/100
• State rank: #80
• US rank: #7234

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walsenburg, CO
• Population (ZIP): 4,810

Population outlook (Huerfano County) Hauer SSP2

• Today (2025): 5,963 people
• By 2030: 5,550 · -6.9%
• By 2040: 4,598 · -22.9%
• By 2050: 3,849 · -35.5%
• By 2075: 2,906 · -51.3%
• By 2100: 2,156 · -63.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 56% Hispanic / Latino 36% Two or more races 9% Native American 3%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Scottish 2% Serbian 1% Romanian 1%
• Foreign-born: 0% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Huerfano

• 2024 margin: Lean R (+8.6) · D 44.3% · R 52.9% · Other 2.9%
• 2008→2024 swing: -19.8pp toward R · 2008: 11.2pp · 2024: -8.6pp
• All cycles: 2024: R+8.6 2020: R+2.9 2016: R+6.5 2012: D+7.8 2008: D+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.61%
• Current HPI: 227.112
• 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

+30.0% since first listed

4 events — show timeline

• 2025-12-30 Listed $65,000 SPMLS
• 2025-06-24 Listed $65,000 SPMLS
• 2022-05-27 Sold (MLS) $50,000 SPMLS
• 2021-10-04 Listed $50,000 SPMLS