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124 E 8th Street
Score
0
Salida, CO

124 E 8th Street

575K
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 The kitchen features laminate counters, which may be seen as outdated compared to stone or quartz options popular in today's market.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

Visualize how sunlight affects this property throughout the day and year.

Sunlight Analysis

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Risk Assessment

Climate Risks

fireMODERATE

Insurance: Required

airMINIMAL

1 bad air quality days per year

heatMINIMAL

10 extreme heat days per year

98th percentile: 86°F

floodMINIMAL

FEMA Zone: Minimal Risk Area

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

The major fire risk (5/10) is a significant concern, potentially leading to higher insurance costs and the need for extensive fire mitigation measures. The property's age (119 years old) presents risks of hidden structural issues, outdated wiring, plumbing problems, and potential presence of hazardous materials like lead paint or asbestos. The single bathroom could be a limitation for resale value. Climate change could exacerbate both fire and heat risks in the future. The property's small size might limit its appreciation potential compared to larger homes in the area. Zoning laws and historical preservation requirements could restrict renovation options. The long time on market (105 days) suggests potential overpricing or hidden issues, which could impact future resale.
Insurance
Annual Cost

$2,070

$172 per month

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Schools

Longfellow Elementary School

Public•Grades K-4
9/5
Elementary
0.3 mi
Get more information on GreatSchools

Salida Middle School

Public•Grades 5-8
5/5
Elementary
0.3 mi
Get more information on GreatSchools

Salida High School

Public•Grades 9-12
6/5
High
0.3 mi
Get more information on GreatSchools

Financials

Monthly Costs
Market Rent (2 bed)

$0

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Location & Comparables

Subject Property
Comparable Sales
View on Zillow

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

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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