1770 Natches Way Unit n/a · Steamboat Springs, CO 80487

$275,000

4 bd · 4.5 ba · 5,409 sqft · Timeshare · 186 Days on market

Built 1983 0.84 ac lot $1000/mo HOA · 26% of rent

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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 +16.4/30.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• DSCR +5.1/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Offering breathtaking vistas, The Castle stands out as a unique fractional ownership opportunity, with ownership seldom available. Constructed in the 1980s on a prime vantage point, this 5,400-square-foot duplex provides an excellent option for those seeking a mountain retreat in Steamboat Springs. Owners benefit from amenities such as private ski lockers, on-site bicycles, and even a vehicle for use during their stay that will be conveniently waiting for you at the airport. Each side of the duplex features four bedrooms, all with en-suite bathrooms, an indoor sauna, a washer and dryer, and a spacious deck complete with a gas grill and hot tub. The main living area boasts an open layout, vaulted ceilings, a striking real wood fireplace, and floor-to-ceiling glass windows that showcase the spectacular views. The property is professionally maintained through an HOA, covering all expenses including property taxes, insurance for the property and vehicle, utilities, exterior and interior upkeep, snow removal, and landscaping. Ownership provides six weeks per year, with a schedule that rotates annually. Owners can easily coordinate with one another to swap weeks or make their unused weeks available to others. Rentals are not permitted, pets are allowed for owners, though not for their guests.

Key facts

• Indoor sauna
• Gas grill
• Private ski lockers

Tags

• PRIVATE SKI LOCKERS
• INDOOR SAUNA
• SPACIOUS DECK
• GAS GRILL
• HOT TUB
• OPEN LAYOUT

Property features AI

Finance

• Other: Building name: The Castle; Located in FAIRWAY MEADOWS SUBDIVISION; Directions available
• HOA & community: Homeowners association with annual fee (snow removal included)

Exterior

• Parking: Parking lot
• Utilities: Public water; Public sewer; Electricity available; Cable available
• Home design: Residential timeshare; Duplex zoning
• Construction: Frame, concrete and wood siding construction; Metal roof; Basement present
• Exterior features: Deck; Has view; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Refrigerator
• Flooring: Carpet; Tile; Wood
• Bathrooms: 4 full bathrooms; 1 half bathroom
• Heating & cooling: Baseboard heating; Hot water heating; Wood stove
• Interior features: Furnished; Finished basement; Wood-burning fireplace; Has heating
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 4-bed/4.5-bath timeshare listed at $275k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 0.1% in Steamboat 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 74/100 on livability (#41 in CO, #4,975 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, schools B; Watch: health & safety C-, amenities D, cost of living F.
• Steamboat Springs School District No. RE-2 (town): math 49% / reading 72% proficiency, ranked #4 of 86 in CO (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+10.6%/yr); 564 active listings in the ZIP; solid renter incomes; 597 units permitted in Routt County in 2024 (418 in 5+ unit buildings).
• This rent runs 42% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Routt County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $77k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $220k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.41% ✓
• Cap rate: 6.97%
• Cash-on-cash: 2.42%
• DSCR: 1.11
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.82×
• Total profit: $-13,569
• Equity at exit: $41,003

10-year hold

• IRR: 12.0%
• Equity multiple: 2.26×
• Total profit: $96,673
• Equity at exit: $23,777

Cash invested: $77,000 (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 80487

• Rents YoY: 10.6%
• Active inventory: 564
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $3,868 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$1,000
• Vacancy / Maint / Mgmt: −$812
• Net cashflow: $155

Break-even live

Break-even rent $3,671

Max offer price $275,000

Occupancy floor 91%

Sensitivity live

Price	-10% $345	-5% $250	+0% $155	+5% $60	+10% $-35
Rent	-10% $-150	-5% $2	+0% $155	+5% $308	+10% $461
Rate	-1.0pp $294	-0.5pp $225	base $155	+0.5pp $84	+1.0pp $11

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1,000 · $12,000/yr
• Likely covers: gaslandscapingsnow removal

Listing history 21 events

1. 2026-06-21
   days on market $275,000 Active 186 DOM
2. 2026-06-19
   days on market $275,000 Active 184 DOM
3. 2026-06-18
   days on market $275,000 Active 183 DOM
4. 2026-06-17
   days on market $275,000 Active 182 DOM
5. 2026-06-16
   days on market $275,000 Active 181 DOM
6. 2026-06-15
   days on market $275,000 Active 180 DOM
7. 2026-06-14
   days on market $275,000 Active 178 DOM
8. 2026-06-12
   days on market $275,000 Active 177 DOM
9. 2026-06-09
   days on market $275,000 Active 174 DOM
10. 2026-06-08
    days on market $275,000 Active 173 DOM
11. 2026-06-07
    days on market $275,000 Active 172 DOM
12. 2026-06-07
    days on market $275,000 Active 171 DOM
13. 2026-06-04
    days on market $275,000 Active 168 DOM
14. 2026-06-02
    days on market $275,000 Active 167 DOM
15. 2026-06-01
    days on market $275,000 Active 166 DOM
16. 2026-05-31
    days on market $275,000 Active 165 DOM
17. 2026-05-31
    days on market $275,000 Active 164 DOM
18. 2025-12-17
    listed $275,000 Active
19. 2024-11-07
    soldstatus $220,000 Closed 1307-char remark

    Show marketing remark (1307 chars)

    Offering breathtaking vistas, The Castle stands out as a unique fractional ownership opportunity, with ownership seldom available. Constructed in the 1980s on a prime vantage point, this 5,400-square-foot duplex provides an excellent option for those seeking a mountain retreat in Steamboat Springs. Owners benefit from amenities such as private ski lockers, on-site bicycles, and even a vehicle for use during their stay that will be conveniently waiting for you at the airport. Each side of the duplex features four bedrooms, all with en-suite bathrooms, an indoor sauna, a washer and dryer, and a spacious deck complete with a gas grill and hot tub. The main living area boasts an open layout, vaulted ceilings, a striking real wood fireplace, and floor-to-ceiling glass windows that showcase the spectacular views. The property is professionally maintained through an HOA, covering all expenses including property taxes, insurance for the property and vehicle, utilities, exterior and interior upkeep, snow removal, and landscaping. Ownership provides six weeks per year, with a schedule that rotates annually. Owners can easily coordinate with one another to swap weeks or make their unused weeks available to others. Rentals are not permitted, pets are allowed for owners, though not for their guests.

20. 2024-09-30
    status Pending 1307-char remark

    Show marketing remark (1307 chars)

    Offering breathtaking vistas, The Castle stands out as a unique fractional ownership opportunity, with ownership seldom available. Constructed in the 1980s on a prime vantage point, this 5,400-square-foot duplex provides an excellent option for those seeking a mountain retreat in Steamboat Springs. Owners benefit from amenities such as private ski lockers, on-site bicycles, and even a vehicle for use during their stay that will be conveniently waiting for you at the airport. Each side of the duplex features four bedrooms, all with en-suite bathrooms, an indoor sauna, a washer and dryer, and a spacious deck complete with a gas grill and hot tub. The main living area boasts an open layout, vaulted ceilings, a striking real wood fireplace, and floor-to-ceiling glass windows that showcase the spectacular views. The property is professionally maintained through an HOA, covering all expenses including property taxes, insurance for the property and vehicle, utilities, exterior and interior upkeep, snow removal, and landscaping. Ownership provides six weeks per year, with a schedule that rotates annually. Owners can easily coordinate with one another to swap weeks or make their unused weeks available to others. Rentals are not permitted, pets are allowed for owners, though not for their guests.

21. 2024-09-13
    listed $220,000 Active 1307-char remark

    Show marketing remark (1307 chars)

    Offering breathtaking vistas, The Castle stands out as a unique fractional ownership opportunity, with ownership seldom available. Constructed in the 1980s on a prime vantage point, this 5,400-square-foot duplex provides an excellent option for those seeking a mountain retreat in Steamboat Springs. Owners benefit from amenities such as private ski lockers, on-site bicycles, and even a vehicle for use during their stay that will be conveniently waiting for you at the airport. Each side of the duplex features four bedrooms, all with en-suite bathrooms, an indoor sauna, a washer and dryer, and a spacious deck complete with a gas grill and hot tub. The main living area boasts an open layout, vaulted ceilings, a striking real wood fireplace, and floor-to-ceiling glass windows that showcase the spectacular views. The property is professionally maintained through an HOA, covering all expenses including property taxes, insurance for the property and vehicle, utilities, exterior and interior upkeep, snow removal, and landscaping. Ownership provides six weeks per year, with a schedule that rotates annually. Owners can easily coordinate with one another to swap weeks or make their unused weeks available to others. Rentals are not permitted, pets are allowed for owners, though not for their guests.

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 8 d/yr ≥80°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,414
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,713
• − Management: −$3,713
• − HOA: −$12,000
• − Depreciation: −$8,000
• Taxable loss: −$1,917
• Est. tax savings @ 24.0%: +$460
• After-tax cash flow: $2,321/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: Steamboat Springs School District No. RE-2
• NCES district ID: 0806660
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $67,833
• Composite: 53.1/100
• National rank: #1513
• State rank: #4 of 86 in CO

Livability — Steamboat Springs

• Score: 74/100
• State rank: #41
• US rank: #4975

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steamboat Springs, CO
• County: Routt County · 18,525 people
• City population: 18,525
• Metro: Steamboat Springs, CO
• Population (ZIP): 18,525
• Household income: $109,659
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 644.0

Population outlook (Routt County) Hauer SSP2

• Today (2025): 27,283 people
• By 2030: 28,555 · +4.7%
• By 2040: 30,578 · +12.1%
• By 2050: 32,328 · +18.5%
• By 2075: 36,897 · +35.2%
• By 2100: 38,794 · +42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 12% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Routt

• 2024 margin: Strong D (+27.7) · D 62.5% · R 34.8% · Other 2.8%
• 2008→2024 swing: +0.9pp no change · 2008: 26.9pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+27.6 2016: D+17.0 2012: D+15.6 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -342.73%
• Current HPI: 471.8844
• Rent YoY: ▲ 10.61%
• Metro: Steamboat Springs, CO
• 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

+25.0% since first listed

4 events — show timeline

• 2025-12-17 Listed $275,000 SAR
• 2024-11-07 Sold (MLS) $220,000 SAR
• 2024-09-30 Pending — SAR
• 2024-09-13 Listed $220,000 SAR