319 22nd St #17

Kremmling, CO 80459

$58,500B-

2 bd · 1.0 ba · 980 sqft · Built 1972 · Manufactured · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,056/mo
• Mortgage (P&I): −$307
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $430/mo
• Annual: $5,157/yr
• Cap rate: 15.11%
• Cash-on-cash: 31.49%
• DSCR: 2.40
• 1% rule: 1.80%
• Cash to close: $16,380

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $58k. Condition is rated fair.
• At list price, monthly cash flow is $430 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• It's been on market 32 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $404 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#65 in CO) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A; Watch: amenities F, commute F.
• West Grand School District No. 1 (rural): math 21% / reading 37% proficiency, ranked #102 of 176 in CO (top 58%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: West Grand Elementary And Middle School (math 22% / reading 37%, grade F, #512 of 966 statewide, top 55%, 279 students, 33% FRL); West Grand High School (math 30% / reading 50%, grade F, #167 of 381 statewide, top 46%, 112 students, 44% FRL).
• Market conditions: 93 active listings in the ZIP; 294 units permitted in Grand County in 2024 (82 in 5+ unit buildings).
• Grand County population projected at -16% 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 $16k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.1% vs local median 0.5% in Kremmling — 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 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely dated and worn
• Major: bathroom fixtures — dated and worn
• Major: exterior siding — rusty and worn
• Major: landscaping — overgrown and unkempt
• Major: fencing — rusty and uneven