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

$155,000

4 bd · 2.0 ba · 2,016 sqft · Manufactured public records · 52 Days on market

Built 1998 Est $143k · 8% over ↓ 5% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• ARV discount +3.8/15.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is a chance at affordable home ownership! This 2016 sq ft very well maintained 4 bed 2 bath manufactured home has an abundance of upgrades and custom touches throughout. The primary bedroom offers a primary suite with updated shower and double vanity. A beautiful fireplace for cozy nights with a custom mantle for all of your favorite decor. This home had a spacious open concept that offers ample opportunity for entertaining and a dining area that opens up to a large kitchen with great kitchen island along with so many other features! In addition to 4 bedrooms, you have an office area for those working from home or spot for your student's homework needs! You'll have a second entrance which enters into the laundry/mudroom and leads you out to a large oversized covered deck for additional entertaining space. The Cloverleaf Community offers horseshoes, a billiard room, a fitness center, and boat/RV storage. Just minutes away from shopping and popular restaurants. Nature enthusiasts with love the close proximity to Riverbend Ponds Natural Area and Kingfisher Point Natural area, perfect for outdoor adventures! Lot rent is 800.00 All prospective buyers and their pets have to apply to the MHP and be approved prior to closing.

Key facts

• Covered deck
• Fitness center
• Basketball court

Tags

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

Property features AI

Finance

• Other: Annual taxes listed (see listing for details)
• HOA & community: No association fees

Exterior

• Parking: No garage; No designated parking
• Utilities: City water (meter installed); Natural gas available; Electricity available; Cable available
• Home design: Manufactured in park; Manufactured home
• Construction: Frame construction; Composition roof; Built by Redman
• Exterior features: Deck; Land lease community

Interior

• Kitchen: Double oven; Dishwasher; Refrigerator
• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Open floor plan; Walk-in closets; Living room fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $155k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 2.6% 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); Fossil Ridge High School (math 63% / reading 83%, grade B+, #16 of 381 statewide, top 4%, 2,053 students, 9% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 422 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).
• This rent runs 40% 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 $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($150k) 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.

Recommended offer $150,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.83% ✓
• Cap rate: 16.32%
• Cash-on-cash: 35.81%
• DSCR: 2.59
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $143,136
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4412 E Mulberry St #278	0.00mi	4/3.0	2,016 (0%)	10mo	$142,500	$71	88
4412 E Mulberry St #348	0.00mi	4/3.0	2,160 (+7%)	3mo	$152,000	$70	82
4412 E Mulberry St #378	0.00mi	3/3.0 (-1)	1,904 (-6%)	2mo	$106,000	$56	80
4412 E Mulberry St #383	0.00mi	4/2.0	1,793 (-11%)	21mo	$155,000	$86	64

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: 32.7%
• Equity multiple: 2.40×
• Total profit: $60,616
• Equity at exit: $23,111

10-year hold

• IRR: 40.3%
• Equity multiple: 4.98×
• Total profit: $172,603
• Equity at exit: $13,402

Cash invested: $43,400 (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 80524

• Rents YoY: 4.1%
• Active inventory: 422
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,842 high
• Mortgage (P&I): −$813
• Tax from tax record: −$72 /mo · $868/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $1,295

Break-even live

Break-even rent $1,202

Max offer price $155,000

Occupancy floor 49%

Sensitivity live

Price	-10% $1,383	-5% $1,339	+0% $1,295	+5% $1,251	+10% $1,208
Rent	-10% $1,071	-5% $1,183	+0% $1,295	+5% $1,408	+10% $1,520
Rate	-1.0pp $1,373	-0.5pp $1,335	base $1,295	+0.5pp $1,255	+1.0pp $1,214

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4692 Palamino Ln Fort Collins, CO	3.0	2.5	1606	$2,600	$1.62	22d	1	0.37mi
908 Rollins Den Dr Fort Collins, CO	4.0	2.0	1888	$3,080	$1.63	14d	1	0.69mi
505 N Aria Way Fort Collins, CO	3.0	2.0	1779	$2,800	$1.57	24d	1	1.22mi
3210 Sykes Dr Fort Collins, CO	3.0	2.5	1485	$2,700	$1.82	14d	1	1.35mi
3950 Celtic Ln Fort Collins, CO	3.0	2.5	1538	$2,600	$1.69	14d	1	1.40mi

Listing history 18 events

1. 2026-06-18
   days on market $155,000 Active 52 DOM
2. 2026-06-17
   days on market $155,000 Active 51 DOM
3. 2026-06-16
   days on market $155,000 Active 50 DOM
4. 2026-06-15
   days on market $155,000 Active 49 DOM
5. 2026-06-14
   days on market $155,000 Active 47 DOM
6. 2026-06-10
   days on market $155,000 Active 44 DOM
7. 2026-06-09
   days on market $155,000 Active 43 DOM
8. 2026-06-08
   days on market $155,000 Active 42 DOM
9. 2026-06-07
   days on market $155,000 Active 41 DOM
10. 2026-06-03
    days on market $155,000 Active 37 DOM
11. 2026-06-02
    days on market $155,000 Active 36 DOM
12. 2026-06-01
    days on market $155,000 Active 35 DOM
13. 2026-05-31
    days on market $155,000 Active 34 DOM
14. 2026-05-30
    days on market $155,000 Active 33 DOM
15. 2026-04-27
    listed $155,000 Active
16. 2024-05-30
    soldstatus $160,000 Sold 1244-char remark

    Show marketing remark (1244 chars)

    Here is a chance at affordable home ownership! This 2016 sq ft very well maintained 4 bed 2 bath manufactured home has an abundance of upgrades and custom touches throughout. The primary bedroom offers a primary suite with updated shower and double vanity. A beautiful fireplace for cozy nights with a custom mantle for all of your favorite decor. This home had a spacious open concept that offers ample opportunity for entertaining and a dining area that opens up to a large kitchen with great kitchen island along with so many other features! In addition to 4 bedrooms, you have an office area for those working from home or spot for your student's homework needs! You'll have a second entrance which enters into the laundry/mudroom and leads you out to a large oversized covered deck for additional entertaining space. The Cloverleaf Community offers horseshoes, a billiard room, a fitness center, and boat/RV storage. Just minutes away from shopping and popular restaurants. Nature enthusiasts with love the close proximity to Riverbend Ponds Natural Area and Kingfisher Point Natural area, perfect for outdoor adventures! Lot rent is 800.00 All prospective buyers and their pets have to apply to the MHP and be approved prior to closing.

17. 2024-04-30
    historical Active - Backup 1244-char remark

    Show marketing remark (1244 chars)

    Here is a chance at affordable home ownership! This 2016 sq ft very well maintained 4 bed 2 bath manufactured home has an abundance of upgrades and custom touches throughout. The primary bedroom offers a primary suite with updated shower and double vanity. A beautiful fireplace for cozy nights with a custom mantle for all of your favorite decor. This home had a spacious open concept that offers ample opportunity for entertaining and a dining area that opens up to a large kitchen with great kitchen island along with so many other features! In addition to 4 bedrooms, you have an office area for those working from home or spot for your student's homework needs! You'll have a second entrance which enters into the laundry/mudroom and leads you out to a large oversized covered deck for additional entertaining space. The Cloverleaf Community offers horseshoes, a billiard room, a fitness center, and boat/RV storage. Just minutes away from shopping and popular restaurants. Nature enthusiasts with love the close proximity to Riverbend Ponds Natural Area and Kingfisher Point Natural area, perfect for outdoor adventures! Lot rent is 800.00 All prospective buyers and their pets have to apply to the MHP and be approved prior to closing.

18. 2024-04-05
    listed $163,000 Active 1244-char remark

    Show marketing remark (1244 chars)

    Here is a chance at affordable home ownership! This 2016 sq ft very well maintained 4 bed 2 bath manufactured home has an abundance of upgrades and custom touches throughout. The primary bedroom offers a primary suite with updated shower and double vanity. A beautiful fireplace for cozy nights with a custom mantle for all of your favorite decor. This home had a spacious open concept that offers ample opportunity for entertaining and a dining area that opens up to a large kitchen with great kitchen island along with so many other features! In addition to 4 bedrooms, you have an office area for those working from home or spot for your student's homework needs! You'll have a second entrance which enters into the laundry/mudroom and leads you out to a large oversized covered deck for additional entertaining space. The Cloverleaf Community offers horseshoes, a billiard room, a fitness center, and boat/RV storage. Just minutes away from shopping and popular restaurants. Nature enthusiasts with love the close proximity to Riverbend Ponds Natural Area and Kingfisher Point Natural area, perfect for outdoor adventures! Lot rent is 800.00 All prospective buyers and their pets have to apply to the MHP and be approved prior to closing.

ⓘ 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 3/10 Moderate
• 🌡 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: $34,102
• − Mortgage interest: −$8,682
• − Property taxes: −$868
• − Insurance: −$775
• − Repairs & maintenance: −$2,728
• − Management: −$2,728
• − Depreciation: −$4,509
• Taxable income: $13,811
• Est. tax owed @ 24.0%: −$3,315
• After-tax cash flow: $12,229/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: 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

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 · 338,255 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: 1860.0

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%

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%
• Common ancestry: Slovak 3% Portuguese 3% Italian 3%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

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

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

-4.9% since first listed

4 events — show timeline

• 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.