4412 E Mulberry St E #116 · Fort Collins, CO 80524

$89,900

2 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 56 Days on market

Built 2018 Est $70k · 28% over

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Why this score? — see what drove the C+ 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
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This home is positioned on a corner lot in Cloverleaf. Exterior features include a covered carport, storage shed, RV parking option, and a small dog run with turf behind the shed. Interior highlights include a gas range, refrigerator, washer and dryer, ceiling fans, and window blinds throughout. Security camera system included. Major system updates include a 2020 A/C unit and a 2024 furnace replacement. Property reflects consistent upkeep and functional improvements.

Key facts

• Covered carport
• Storage shed
• Dog run

Tags

• CORNER LOT
• COVERED CARPORT
• STORAGE SHED
• RV PARKING OPTION
• DOG RUN
• GAS RANGE

Property features AI

Exterior

• Parking: Carport
• Utilities: Water meter installed; Gas service by Xcel Energy; Trash service by Cloverleaf; No water rights
• Home design: Manufactured in-park home; Mobile home
• Construction: Vinyl siding; Composition roof
• Exterior features: Minimal flood risk (C rating)

Interior

• Kitchen: Gas range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Window coverings; Fire alarm; Garbage disposal
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.6% 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) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 422 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).
• This rent runs 30% 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 $622 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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: 2.39% ✓
• Cap rate: 21.63%
• Cash-on-cash: 54.77%
• DSCR: 3.44
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $70,200
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4412 E Mulberry St #367	0.00mi	2/2.0	1,069 (-1%)	3mo	$50,000	$47	96
4412 E Mulberry St #285	0.00mi	3/2.0 (+1)	1,140 (+6%)	24mo	$70,000	$61	66
4412 E Mulberry St #46	0.00mi	2/1.0	980 (-9%)	20mo	$50,000	$51	64
4412 E Mulberry St #259	0.00mi	3/2.0 (+1)	1,216 (+13%)	13mo	$78,500	$65	64
4412 E Mulberry St #148	0.00mi	3/2.0 (+1)	1,216 (+13%)	21mo	$98,000	$81	56
938 Pleasure Dr	0.58mi	2/2.0	1,232 (+14%)	10mo	$184,500	$150	41

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: 54.2%
• Equity multiple: 3.43×
• Total profit: $61,066
• Equity at exit: $13,404

10-year hold

• IRR: 59.8%
• Equity multiple: 7.27×
• Total profit: $157,744
• Equity at exit: $7,773

Cash invested: $25,172 (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: 3.5×

Monthly cashflow live

• Estimated rent: $2,153 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$43 /mo · $517/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $1,149

Break-even live

Break-even rent $699

Max offer price $89,900

Occupancy floor 42%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
802 Waterglen Dr Fort Collins, CO	3.0	2.5	1285	$2,075	$1.61	23d	2	0.94mi
3210 Sykes Dr Fort Collins, CO	3.0	2.5	1485	$2,700	$1.82	13d	1	1.35mi

Listing history 8 events

1. 2026-06-03
   days on market $89,900 Active 56 DOM
2. 2026-06-02
   days on market $89,900 Active 55 DOM
3. 2026-06-01
   days on market $89,900 Active 54 DOM
4. 2026-05-31
   days on market $89,900 Active 53 DOM
5. 2026-05-30
   days on market $89,900 Active 52 DOM
6. 2026-05-04
   status Active
7. 2026-03-24
   historical
8. 2026-02-26
   listed $89,900 Active

ⓘ 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: $517 · $43/mo
• Projected year-2 tax: $517 · $43/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: $25,836
• − Mortgage interest: −$5,036
• − Property taxes: −$517
• − Insurance: −$450
• − Repairs & maintenance: −$2,067
• − Management: −$2,067
• − Depreciation: −$2,615
• Taxable income: $13,084
• Est. tax owed @ 24.0%: −$3,140
• After-tax cash flow: $10,646/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

3 events — show timeline

• 2026-05-04 Relisted — IRES
• 2026-03-24 Listing Removed — IRES
• 2026-02-26 Listed $89,900 IRES

Property tax history

+21.8%/yr

Latest (2025): $517 · +432.3% YoY. Source: county tax records.