Score
0Salida, CO
124 E 8th Street
575K
2 beds
1 baths
826 sqft
2 bd • 1 ba • 826 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$574,900
Price/Sq.Ft
$696
Year Built
1904
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This charming 1904 property boasts an exceptional location, just walking distance to downtown Salida and all local schools. At $574,900 for 826 sqft, it's priced at $696/sqft, which is competitive for its prime location. The property has appreciated significantly, showing a 325.9% increase since its last sale in 2004 at $135,000. It offers desirable features like high ceilings, a gas fireplace, built-ins, and large closets. The outdoor space is a highlight, with a fenced backyard, covered front and back porches, and off-street parking. Its corner alley location provides great mountain views, including Salida's S Mountain. The property's flood risk score of 1/10 is excellent, much lower than many properties in Colorado mountain towns. Longfellow Elementary School, just 0.3 miles away, has an outstanding rating of 9/10, adding significant value for families.
The Bad
The property's size is relatively small at 826 sqft, which is below average for a single-family home. With only 2 bedrooms and 1 bathroom, it may not suit larger families or those needing more space. The kitchen features laminate counters, which may be seen as outdated compared to stone or quartz options popular in today's market. Some systems and appliances, like the electric water heater, may be nearing the end of their lifespan given the property's age. The property has been on the market for 105 days, which is longer than average, potentially indicating it's overpriced or has issues not apparent in the listing. The fire risk score of 5/10 is concerning and may lead to higher insurance premiums.
The Ugly
Given the property's age (built in 1904), there are likely significant maintenance and upgrade costs on the horizon. Major systems like plumbing, electrical, and roofing may need comprehensive updates, potentially costing $50,000 or more. The single bathroom could be a major drawback for many buyers, and adding a second bathroom could cost $15,000-$25,000. The property's age also means it likely lacks modern insulation and energy efficiency features, leading to higher utility costs. The estimated insurance cost of $2,069.64/year is relatively high for a property of this size, likely due to its age and fire risk. The lack of central air conditioning (only forced air heating mentioned) could be a significant issue during hot summer days, with installation costs potentially reaching $10,000-$15,000.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for single professionals, couples, or small families who prioritize location over space. It's ideal for those who value walkability and proximity to downtown amenities, schools, and outdoor recreation. The property could appeal to first-time homebuyers looking to enter the Salida market, especially those comfortable with potential renovation projects. Investors might also find it attractive for short-term rentals, given its prime location and mountain town appeal, though they should verify local regulations. The property could also suit retirees or second-home buyers looking for a cozy mountain retreat with easy access to town amenities.
Not For
This property is not suitable for larger families needing 3+ bedrooms or more than one bathroom. It's also not ideal for those seeking a move-in ready, modern home with all the latest amenities. Buyers with limited budgets for renovations or unable to handle potentially high maintenance costs should be cautious. The property may not suit those with mobility issues, as older homes often have accessibility challenges. Investors looking for high-end, luxury rentals might find the property too modest for their portfolio. Additionally, those highly sensitive to fire risk or seeking very low insurance costs might want to look elsewhere.
Demographics
Area Median Income
$0
Property History
Price History
Ownership Timeline
Property Taxes
$1,135
2023 Tax Assessment
0.2%from previous year
Assessed Value$34,460
Tax Rate3.29%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
High
6.0/10
GoodFinancials
Monthly Costs
Market Rent (2 bed)
Get a detailed estimate on Zillow$0
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$574,900
Price/sqft
$696
Layout
2 bd•1 ba
Days on market
104 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$361,100
59.2%
Your price is 59.2% above average
Median Price
$325,000
76.9%
Based on 6 recent sales
Price per Sq.Ft
$363
91.7%
Your price is 91.7% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 929 E Street, Salida, CO 81201 | $665,000 | 956 | 1 | 1 | $6960.1% | 10/9/2024 |
| 521 Hunt Street, Salida, CO 81201 | N/A | 840 | 2 | 2 | N/A | 10/22/2024 |
| 302 Scott Street, Salida, CO 81201 | $22,500 | 732 | 2 | 2 | $3195.6% | 9/17/2024 |
| 109 River West Drive, Salida, CO 81201 | $525,000 | N/A | N/A | N/A | N/A | 10/17/2024 |
| 325 F Street, Salida, CO 81201 | $268,000 | N/A | N/A | N/A | N/A | 9/9/2024 |
| 302 Southside Loop, Salida, CO 81201 | $325,000 | N/A | N/A | N/A | N/A | 7/31/2024 |
929 E Street, Salida, CO 81201
Price: $665,000
Sq.Ft: 956
Beds/Baths: 1/1
$/Sq.Ft:
$6960.1%
Sale Date: 10/9/2024
521 Hunt Street, Salida, CO 81201
Price: N/A
Sq.Ft: 840
Beds/Baths: 2/2
$/Sq.Ft: N/A
Sale Date: 10/22/2024
302 Scott Street, Salida, CO 81201
Price: $22,500
Sq.Ft: 732
Beds/Baths: 2/2
$/Sq.Ft:
$3195.6%
Sale Date: 9/17/2024
109 River West Drive, Salida, CO 81201
Price: $525,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 10/17/2024
325 F Street, Salida, CO 81201
Price: $268,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 9/9/2024
302 Southside Loop, Salida, CO 81201
Price: $325,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 7/31/2024
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