4412 E Mulberry St #280 · Fort Collins, CO 80524

$109,900

4 bd · 2.0 ba · 2,016 sqft · Manufactured public records · 178 Days on market

Manufactured home Built 1998 Good condition $55/sqft · 31% below area Est $158k · 31% under ↓ 14% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.5/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -6.7

Listing remarks MLS

Spacious 4-bedroom, 2-bathroom home built in 1998, offering 2,016 square feet of comfortable living space in the Cloverleaf community. This home features a bright and functional layout with both a living room and separate family room, providing multiple living spaces for flexibility and everyday use. The kitchen is light and inviting, complete with granite countertops, a center island, and ample cabinetry, flowing nicely into the dining area with a chandelier centerpiece. Interior features include a mix of laminate, tile, and new plush carpet, along with vaulted ceilings and ceiling fans that enhance the open feel of the home. The primary bedroom is generously sized and includes a ceiling fan and a private en-suite bathroom that has been tastefully updated. Three additional bedrooms offer versatility for guests, office space, or hobbies, with updates including new carpet, fresh paint, and modern fixtures. The secondary bathroom has also been updated with a single-sink vanity and shower-tub combo. Additional highlights include a covered deck, multiple living areas, and reserved parking spaces. The Cloverleaf community offers a variety of amenities including a fitness center, basketball court, playground, horseshoe pits, organized activities, and an activity center. Residents also benefit from on-site management and maintenance, RV and boat storage, and a pet-friendly environment. Conveniently located near shopping, dining, and outdoor recreation, this home offers a great opportunity for spacious living with thoughtful updates throughout. CALL TO SCHEDULE A SHOWING TODAY!

Key facts

• Covered deck
• Fitness center
• Basketball court

Tags

• GRANITE COUNTERTOPS
• CENTER ISLAND
• COVERED DECK
• FITNESS CENTER
• BASKETBALL COURT
• PLAYGROUND

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.7% vs local median 2.7% in Fort Collins — 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 80/100 on livability (#11 in CO, #1,750 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Poudre School District R-1 (urban): math 45% / reading 60% proficiency, ranked #10 of 86 in CO (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Timnath Elementary School (math 42% / reading 52%, grade D-, #249 of 966 statewide, top 27%, 446 students, 28% FRL); Lesher Middle School (math 36% / reading 56%, grade D+, #50 of 270 statewide, top 19%, 723 students, 26% FRL); Fossil Ridge High School (math 63% / reading 83%, grade B+, #16 of 381 statewide, top 4%, 2,053 students, 9% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 641 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 51d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 69% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).
• This rent runs 31% of the median local income ($85k/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 $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Larimer County population projected at +51% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $45k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.01% ✓
• Cap rate: 17.74%
• Cash-on-cash: 40.87%
• DSCR: 2.82
• GRM: 4.2

CMA / ARV

• ARV (median comp): $158,500
• List price: $109,900
• Delta: -30.66%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4412 E Mulberry St #347	0.00mi	4/2.0	1,872 (-7%)	4mo	$112,500	$60	84
4412 E Mulberry St #278	0.00mi	4/3.0	2,016 (0%)	14mo	$142,500	$71	84
4412 E Mulberry St #348	0.00mi	4/3.0	2,160 (+7%)	7mo	$152,000	$70	78
4412 E Mulberry St	0.00mi	4/3.0	2,160 (+7%)	7mo	$152,000	$70	78
4412 E Mulberry St #378	0.00mi	3/3.0 (-1)	1,904 (-6%)	6mo	$106,000	$56	76

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 · 4.13% rent growth · sell at horizon

5-year hold

• IRR: 38.6%
• Equity multiple: 2.67×
• Total profit: $51,475
• Equity at exit: $16,386

10-year hold

• IRR: 45.6%
• Equity multiple: 5.60×
• Total profit: $141,401
• Equity at exit: $9,502

Cash invested: $30,772 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 3 active · 1 under contract
• Months of supply: 18.0 mo (6%/mo absorbed)
• Median asking: $110,000 ($73/sqft)
• Median days on market: 181 d
• This list price: 33% of active listings are priced below it
• ARV vs active asking: +8.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 80524

• Rents YoY: 4.1%
• Active inventory: 641
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,206 high
• Mortgage (P&I): −$576
• Tax from tax record: −$72 /mo · $868/yr
• Insurance: −$46
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $1,048

Break-even live

Break-even rent $879

Max offer price $109,900

Occupancy floor 47%

Sensitivity live

Price	-10% $1,110	-5% $1,079	+0% $1,048	+5% $1,017	+10% $986
Rent	-10% $874	-5% $961	+0% $1,048	+5% $1,135	+10% $1,222
Rate	-1.0pp $1,103	-0.5pp $1,076	base $1,048	+0.5pp $1,020	+1.0pp $991

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: $27,475
• Closing costs: $3,297
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 Camino del Mundo Fort Collins, CO	4.0	4.0	2176	$3,195	$1.47	22d	1	0.33mi
4692 Palamino Ln Fort Collins, CO	3.0	2.5	1606	$2,600	$1.62	162d	1	0.37mi
908 Rollins Den Dr Fort Collins, CO	4.0	2.0	1888	$3,080	$1.63	154d	1	0.69mi
4303 Fox Grove Dr Fort Collins, CO	4.0	3.0	2448	$2,895	$1.18	51d	1	0.76mi
4026 Berwick Ln Fort Collins, CO	3.0	2.5	1596	$2,350	$1.47	38d	1	1.14mi
4020 Berwick Ln Fort Collins, CO	4.0	2.0	2000	$2,500	$1.25	51d	1	1.15mi
505 N Aria Way Fort Collins, CO	3.0	2.0	1779	$2,800	$1.57	164d	1	1.22mi
180 N Aria Way Fort Collins, CO	1.0–3.0	1.0–2.0	1282	$3,073	$2.40	0d	24	1.23mi
1121 Fenwick Dr Fort Collins, CO	4.0	2.5	2250	$2,397	$1.07	0d	1	1.30mi
3210 Sykes Dr Fort Collins, CO	3.0	2.5	1485	$2,700	$1.82	154d	1	1.35mi
3950 Celtic Ln Fort Collins, CO	3.0	2.5	1538	$2,600	$1.69	154d	1	1.40mi
1127 Elgin Ct Fort Collins, CO	4.0	2.5	1900	$2,800	$1.47	48d	1	1.43mi
3033 Sykes Dr Fort Collins, CO	3.0	3.0	1746	$2,800	$1.60	10d	1	1.47mi

Property features AI

Finance

• Other: Ownership: Bank/GSE
• Financial info: Land lease in effect (monthly $1,295; lease expires April 23, 2027)
• HOA & community: Home is in a professionally managed association (Cloverleaf)Monthly association feeCommunity amenities include fitness center, playground, and storagePets allowed with restrictions (cats and dogs OK; breed/number/size limits apply)Located in a senior community

Exterior

• Parking: 2 parking spacesAsphalt parking surface
• Utilities: Cable availableElectricity connected (110V)Internet (wired) availableNatural gas connectedPhone availablePublic sewer
• Home design: Manufactured home in a parkSingle-story (all rooms listed on main level)Wood siding
• Construction: Composition roofWood siding construction
• Exterior features: Covered patio/porchDeckPublic water

Interior

• Kitchen: Light and bright kitchen with granite countertopsDishwasherDouble ovenRefrigerator
• Bedrooms: 4 bedrooms, all on the main levelPrimary suite with en suite bathroom and ceiling fan
• Flooring: Carpet (new and plush in bedrooms)LaminateTileWood flooring throughout main living areas
• Bathrooms: 2 full bathrooms, both on the main levelPrimary bathroom updated and en suiteSecondary bathroom updated with single-sink vanity and shower-tub combo
• Heating & cooling: Forced air heating
• Interior features: Ceiling fansKitchen islandSmoke-freeVaulted ceilingsWalk-in closets

Listing history 50 events

1. 2026-11-08
   days on market $109,900 Active 178 DOM
2. 2026-11-07
   days on market $109,900 Active 177 DOM
3. 2026-11-06
   days on market $109,900 Active 176 DOM
4. 2026-11-05
   days on market $109,900 Active 175 DOM
5. 2026-11-04
   days on market $109,900 Active 174 DOM
6. 2026-11-02
   days on market $109,900 Active 172 DOM
7. 2026-11-01
   days on market $109,900 Active 171 DOM
8. 2026-10-31
   days on market $109,900 Active 170 DOM
9. 2026-10-30
   days on market $109,900 Active 169 DOM
10. 2026-10-29
    days on market $109,900 Active 168 DOM
11. 2026-10-28
    days on market $109,900 Active 167 DOM
12. 2026-10-27
    pricedays on market $109,900 Active 166 DOM
13. 2026-10-26
    days on market $114,900 Active 165 DOM
14. 2026-10-26
    days on market $114,900 Active 164 DOM
15. 2026-10-24
    days on market $114,900 Active 163 DOM
16. 2026-10-23
    days on market $114,900 Active 162 DOM
17. 2026-10-22
    days on market $114,900 Active 161 DOM
18. 2026-10-21
    days on market $114,900 Active 160 DOM
19. 2026-10-20
    days on market $114,900 Active 159 DOM
20. 2026-10-19
    days on market $114,900 Active 158 DOM
21. 2026-10-18
    days on market $114,900 Active 157 DOM
22. 2026-10-17
    days on market $114,900 Active 156 DOM
23. 2026-10-16
    days on market $114,900 Active 155 DOM
24. 2026-10-15
    days on market $114,900 Active 154 DOM
25. 2026-10-14
    days on market $114,900 Active 153 DOM
26. 2026-10-13
    days on market $114,900 Active 152 DOM
27. 2026-10-12
    days on market $114,900 Active 151 DOM
28. 2026-10-11
    days on market $114,900 Active 150 DOM
29. 2026-10-10
    days on market $114,900 Active 149 DOM
30. 2026-10-09
    days on market $114,900 Active 148 DOM
31. 2026-10-08
    days on market $114,900 Active 147 DOM
32. 2026-10-07
    days on market $114,900 Active 146 DOM
33. 2026-10-06
    days on market $114,900 Active 145 DOM
34. 2026-10-05
    days on market $114,900 Active 144 DOM
35. 2026-10-04
    days on market $114,900 Active 143 DOM
36. 2026-10-04
    days on market $114,900 Active 142 DOM
37. 2026-10-02
    days on market $114,900 Active 141 DOM
38. 2026-10-01
    days on market $114,900 Active 140 DOM
39. 2026-09-30
    days on market $114,900 Active 139 DOM
40. 2026-09-29
    days on market $114,900 Active 138 DOM
41. 2026-09-28
    pricedays on market $114,900 Active 137 DOM
42. 2026-09-27
    days on market $129,900 Active 136 DOM
43. 2026-09-26
    days on market $129,900 Active 135 DOM
44. 2026-09-25
    days on market $129,900 Active 134 DOM
45. 2026-09-24
    days on market $129,900 Active 133 DOM
46. 2026-09-23
    days on market $129,900 Active 132 DOM
47. 2026-09-22
    days on market $129,900 Active 131 DOM
48. 2026-09-21
    days on market $129,900 Active 130 DOM
49. 2026-09-20
    days on market $129,900 Active 129 DOM
50. 2026-09-18
    days on market $129,900 Active 127 DOM

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

Tax reassessment forecast CO · Resets to sale price

• Current annual tax: $868 · $72/mo
• Projected year-2 tax: $868 · $72/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,469
• − Mortgage interest: −$6,156
• − Property taxes: −$868
• − Insurance: −$550
• − Repairs & maintenance: −$2,118
• − Management: −$2,118
• − Depreciation: −$3,197
• Taxable income: $11,463
• Est. tax owed @ 24.0%: −$2,751
• After-tax cash flow: $9,826/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.

Condition & rehab AI · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $10,080–$30,240 screening

This 4-bedroom, 2-bathroom manufactured home in the Cloverleaf community is in good condition with recent cosmetic updates, making it a solid investment opportunity.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet Counters granite Appliances white HVAC central · new lt5

Value-add opportunities

• Resale paint exterior — enhances curb appeal ↑
• Rental trim landscaping — improves curb appeal and enhances property value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 55/100

Zoned Schools

Elementary Timnath Elementary School D- CO #249/966 Nat'l #14,504/41,679 Middle Lesher Middle School D+ CO #50/270 Nat'l #4,433/14,009 High Fossil Ridge High School B+ CO #16/381 Nat'l #1,820/17,239

Schools (NCES district)

• District: Poudre School District R-1
• NCES district ID: 0803990
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 60% ▼ -2.00%
• Median HH income: $57,281
• Composite: 45.5/100
• National rank: #2610
• State rank: #10 of 86 in CO

A Composite livability gradescore 80/100

Livability — Fort Collins

• Score: 80/100
• State rank: #11
• US rank: #1750

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Larimer County · 415,361 people
• City population: 202,303
• Metro: Fort Collins, CO
• Population (ZIP): 40,030
• Household income: $85,035
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 10% of renters

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Population outlook (Larimer County) Hauer SSP2

• Today (2025): 415,361 people
• By 2030: 457,762 · +10.2%
• By 2040: 542,310 · +30.6%
• By 2050: 627,048 · +51.0%
• By 2075: 833,722 · +100.7%
• By 2100: 952,590 · +129.3%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 17% Two or more races 11% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 13%
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

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Political lean MEDSL · Larimer

• 2024 margin: D (+17.6) · D 57.4% · R 39.8% · Other 2.9%
• 2008→2024 swing: +7.9pp toward D · 2008: 9.7pp · 2024: 17.6pp
• All cycles: 2024: D+17.6 2020: D+15.4 2016: D+4.9 2012: D+5.2 2008: D+9.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -581.67%
• Current HPI: 274.4026
• Rent YoY: ▲ 4.13%
• Metro: Fort Collins, CO
• State GDP YoY: ▲ 1.95%
• F500 in state: 14

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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

Property features AI

Finance

• Other: Ownership: Bank/GSE
• Financial info: Land lease in effect (monthly $1,295; lease expires April 23, 2027)
• HOA & community: Home is in a professionally managed association (Cloverleaf)Monthly association feeCommunity amenities include fitness center, playground, and storagePets allowed with restrictions (cats and dogs OK; breed/number/size limits apply)Located in a senior community

Exterior

• Parking: 2 parking spacesAsphalt parking surface
• Utilities: Cable availableElectricity connected (110V)Internet (wired) availableNatural gas connectedPhone availablePublic sewer
• Home design: Manufactured home in a parkSingle-story (all rooms listed on main level)Wood siding
• Construction: Composition roofWood siding construction
• Exterior features: Covered patio/porchDeckPublic water

Interior

• Kitchen: Light and bright kitchen with granite countertopsDishwasherDouble ovenRefrigerator
• Bedrooms: 4 bedrooms, all on the main levelPrimary suite with en suite bathroom and ceiling fan
• Flooring: Carpet (new and plush in bedrooms)LaminateTileWood flooring throughout main living areas
• Bathrooms: 2 full bathrooms, both on the main levelPrimary bathroom updated and en suiteSecondary bathroom updated with single-sink vanity and shower-tub combo
• Heating & cooling: Forced air heating
• Interior features: Ceiling fansKitchen islandSmoke-freeVaulted ceilingsWalk-in closets

Price history

-14.2% since first listed

7 events — show timeline

• 2026-06-19 Price Changed $139,900 IRES
• 2026-06-19 Price Changed $139,900 REColorado as Distributed by MLS Grid
• 2026-04-27 Listed $155,000 REColorado as Distributed by MLS Grid
• 2026-04-27 Listed $155,000 IRES
• 2024-05-30 Sold (MLS) $160,000 IRES
• 2024-04-30 Contingent — IRES
• 2024-04-05 Listed $163,000 IRES

Property tax history

+7.4%/yr

Latest (2025): $868 · +793.0% YoY. Source: county tax records.