4412 E Mulberry St #270 · Fort Collins, CO 80524

$130,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 181 Days on market

Manufactured home Built 2004 Good condition 8,712 sqft lot $86/sqft · 21% below area Est $165k · 21% under

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Schools +6.3/10.0
• 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

Check out this spacious and beautifully maintained double-wide located in Cloverleaf Park. 3-bedrooms, 2-bath, 1500sf and a garage! This home offers an open and functional layout with a large kitchen featuring a butcher block island, abundant cabinet space, and seamless flow between the living room - perfect for everyday living and entertaining. The home showcases luxury vinyl plank flooring throughout (no carpet!), central A/C, and a remodeled primary bathroom complete with tile floors, a new double vanity, and updated sinks. Washer and dryer are included for added convenience.

Key facts

• Tile floors
• Large kitchen
• Butcher block island

Tags

• LARGE KITCHEN
• BUTCHER BLOCK ISLAND
• ABUNDANT CABINET SPACE
• LUXURY VINYL PLANK FLOORING
• REMODELED PRIMARY BATHROOM
• TILE FLOORS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $650 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: Traut Core Elementary School (math 67% / reading 77%, grade A-, #26 of 966 statewide, top 4%, 502 students, 12% FRL); Kinard Core Knowledge Middle School (math 61% / reading 77%, grade A, #8 of 270 statewide, top 3%, 748 students, 7% FRL); Fossil Ridge High School (math 63% / reading 83%, grade B+, #16 of 381 statewide, top 4%, 2,053 students, 9% FRL).
• Zoned-school proficiency averages 71% at this address vs 52% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Poudre School District R-1 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.1%/yr); 590 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 109d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y 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 $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 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: 1.41% ✓
• Cap rate: 12.29%
• Cash-on-cash: 21.42%
• DSCR: 1.95
• GRM: 5.9

CMA / ARV

• ARV (median comp): $165,000
• List price: $130,000
• Delta: -21.21%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
648 Brandt Cir	0.32mi	2/2.0 (-1)	1,504 (-0%)	16mo	$205,000	$136	66
846 Pleasure Dr	0.51mi	2/2.0 (-1)	1,556 (+3%)	1mo	$165,000	$106	65
922 Pleasure Dr	0.56mi	3/2.0	1,448 (-4%)	4mo	$197,900	$137	63
833 Sunchase Dr	0.48mi	2/2.0 (-1)	1,616 (+7%)	1mo	$238,500	$148	60
4408 Espirit Dr	0.56mi	3/2.0	1,616 (+7%)	10mo	$230,000	$142	54
826 Sunchase Dr	0.51mi	2/2.0 (-1)	1,448 (-4%)	16mo	$205,000	$142	51
919 Vitala Dr	0.57mi	2/2.0 (-1)	1,556 (+3%)	17mo	$220,000	$141	49
4465 Espirit Dr	0.58mi	2/2.0 (-1)	1,561 (+3%)	16mo	$220,000	$141	49
961 Sunchase Dr	0.63mi	2/2.0 (-1)	1,352 (-11%)	5mo	$205,000	$152	44
909 Sunchase Dr	0.56mi	2/2.0 (-1)	1,616 (+7%)	17mo	$230,000	$142	43
4374 Quest Dr	0.61mi	2/2.0 (-1)	1,619 (+7%)	23mo	$205,000	$127	36

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: 15.1%
• Equity multiple: 1.62×
• Total profit: $22,395
• Equity at exit: $19,383

10-year hold

• IRR: 24.6%
• Equity multiple: 3.24×
• Total profit: $81,498
• Equity at exit: $11,240

Cash invested: $36,400 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 6 under contract
• Months of supply: 5.0 mo (20%/mo absorbed)
• Median asking: $130,000 ($86/sqft)
• Median days on market: 76 d
• This list price: 40% of active listings are priced below it
• ARV vs active asking: +26.9% above 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: 590
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,832 high
• Mortgage (P&I): −$682
• Tax from tax record: −$61 /mo · $736/yr
• Insurance: −$54
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $650

Break-even live

Break-even rent $1,009

Max offer price $130,000

Occupancy floor 60%

Sensitivity live

Price	-10% $723	-5% $687	+0% $650	+5% $613	+10% $576
Rent	-10% $505	-5% $577	+0% $650	+5% $722	+10% $795
Rate	-1.0pp $715	-0.5pp $683	base $650	+0.5pp $616	+1.0pp $582

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: $32,500
• Closing costs: $3,900
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 Loma Linda Dr Apt A Fort Collins, CO	3.0	1.5	1262	$1,500	$1.19	0d	1	0.24mi
4692 Palamino Ln Fort Collins, CO	3.0	2.5	1606	$2,600	$1.62	116d	1	0.37mi
908 Rollins Den Dr Fort Collins, CO	4.0	2.0	1888	$3,080	$1.63	109d	1	0.69mi
802 Waterglen Dr Fort Collins, CO	3.0	2.5	1285	$2,075	$1.61	119d	2	0.94mi
802 Waterglen Dr Unit J40 Fort Collins, CO	3.0	2.5	1294	$2,400	$1.85	0d	1	0.98mi
4020 Berwick Ln Fort Collins, CO	4.0	2.0	2000	$2,500	$1.25	5d	1	1.15mi
505 N Aria Way Fort Collins, CO	3.0	2.0	1779	$2,800	$1.57	119d	1	1.22mi
1121 Fenwick Dr Fort Collins, CO	4.0	2.5	2250	$2,595	$1.15	2d	1	1.30mi
3210 Sykes Dr Fort Collins, CO	3.0	2.5	1485	$2,700	$1.82	109d	1	1.35mi
3950 Celtic Ln Fort Collins, CO	3.0	2.5	1538	$2,600	$1.69	109d	1	1.40mi
1127 Elgin Ct Fort Collins, CO	4.0	2.5	1900	$2,800	$1.47	2d	1	1.43mi
3033 Sykes Dr Fort Collins, CO	3.0	3.0	1300	$2,800	$2.15	5d	1	1.47mi

Property features AI

Finance

• HOA & community: No association fees

Exterior

• Parking: Carport
• Utilities: City water (meter installed)Public sewerNatural gas availableElectricity availableCable availableHigh-speed internet available
• Home design: Manufactured in parkMobile homeBuilder: Skyline
• Construction: Vinyl sidingComposition roof
• Exterior features: Ramp accessNo stairsMinimal flood or C rating

Interior

• Kitchen: Electric rangeDishwasherRefrigeratorMicrowave
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Eat-in kitchenOpen floorplanWorkshopKitchen island
• Laundry & utility: WasherDryer

Listing history 50 events

1. 2026-08-13
   days on market $130,000 Active 181 DOM
2. 2026-08-12
   days on market $130,000 Active 180 DOM
3. 2026-08-11
   days on market $130,000 Active 179 DOM
4. 2026-08-10
   days on market $130,000 Active 178 DOM
5. 2026-08-09
   days on market $130,000 Active 177 DOM
6. 2026-08-08
   days on market $130,000 Active 176 DOM
7. 2026-08-07
   days on market $130,000 Active 175 DOM
8. 2026-08-06
   days on market $130,000 Active 174 DOM
9. 2026-08-05
   days on market $130,000 Active 173 DOM
10. 2026-08-04
    days on market $130,000 Active 172 DOM
11. 2026-08-03
    days on market $130,000 Active 171 DOM
12. 2026-07-31
    days on market $130,000 Active 168 DOM
13. 2026-07-29
    days on market $130,000 Active 166 DOM
14. 2026-07-27
    days on market $130,000 Active 164 DOM
15. 2026-07-25
    days on market $130,000 Active 162 DOM
16. 2026-07-24
    days on market $130,000 Active 161 DOM
17. 2026-07-23
    days on market $130,000 Active 160 DOM
18. 2026-07-22
    days on market $130,000 Active 159 DOM
19. 2026-07-21
    days on market $130,000 Active 158 DOM
20. 2026-07-18
    days on market $130,000 Active 155 DOM
21. 2026-07-16
    days on market $130,000 Active 153 DOM
22. 2026-07-16
    days on market $130,000 Active 152 DOM
23. 2026-07-14
    days on market $130,000 Active 151 DOM
24. 2026-07-14
    days on market $130,000 Active 150 DOM
25. 2026-07-12
    days on market $130,000 Active 149 DOM
26. 2026-07-11
    days on market $130,000 Active 148 DOM
27. 2026-07-10
    days on market $130,000 Active 147 DOM
28. 2026-07-09
    days on market $130,000 Active 146 DOM
29. 2026-07-08
    days on market $130,000 Active 145 DOM
30. 2026-07-07
    days on market $130,000 Active 144 DOM
31. 2026-07-06
    days on market $130,000 Active 143 DOM
32. 2026-07-05
    days on market $130,000 Active 142 DOM
33. 2026-07-04
    days on market $130,000 Active 141 DOM
34. 2026-07-03
    days on market $130,000 Active 140 DOM
35. 2026-07-02
    days on market $130,000 Active 139 DOM
36. 2026-07-01
    days on market $130,000 Active 138 DOM
37. 2026-06-30
    days on market $130,000 Active 137 DOM
38. 2026-06-29
    days on market $130,000 Active 136 DOM
39. 2026-06-28
    days on market $130,000 Active 135 DOM
40. 2026-06-28
    days on market $130,000 Active 134 DOM
41. 2026-06-27
    days on market $130,000 Active 133 DOM
42. 2026-06-25
    days on market $130,000 Active 131 DOM
43. 2026-06-23
    days on market $130,000 Active 129 DOM
44. 2026-06-21
    days on market $130,000 Active 128 DOM
45. 2026-06-18
    days on market $130,000 Active 125 DOM
46. 2026-06-17
    days on market $130,000 Active 124 DOM
47. 2026-06-16
    days on market $130,000 Active 123 DOM
48. 2026-06-15
    days on market $130,000 Active 122 DOM
49. 2026-06-14
    days on market $130,000 Active 120 DOM
50. 2026-06-10
    days on market $130,000 Active 117 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: $736 · $61/mo
• Projected year-2 tax: $736 · $61/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: $21,980
• − Mortgage interest: −$7,282
• − Property taxes: −$736
• − Insurance: −$650
• − Repairs & maintenance: −$1,758
• − Management: −$1,758
• − Depreciation: −$3,782
• Taxable income: $6,014
• Est. tax owed @ 24.0%: −$1,443
• After-tax cash flow: $6,355/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 $7,560–$22,680 screening

This double-wide manufactured home in Cloverleaf Park is in good condition with cosmetic updates, making it a solid investment opportunity.

Components & finishes AI

Roof asphalt shingle · good Flooring wood Appliances white

Deferred maintenance Est. $2,000–$8,000 screening

• Minor Roof (roof) — No visible signs of damage or wear on the roof.
• Minor Windows (windows) — No visible signs of damage or wear on the windows.
• Minor Electrical (electrical) — No visible signs of damage or wear on the electrical components.
• Minor Plumbing (plumbing) — No visible signs of damage or wear on the plumbing.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Landscaping — Improves curb appeal and rental 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.

C Composite school gradezoned avg 63/100

Zoned Schools

Elementary Timnath Elementary School D- CO #249/966 Nat'l #14,504/41,679 Middle Kinard Core Knowledge Middle School A CO #8/270 Nat'l #913/14,009 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%
• Common ancestry: Slovak 3% Portuguese 3% Italian 3%
• Foreign-born: 8% · Canada
• 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

• HOA & community: No association fees

Exterior

• Parking: Carport
• Utilities: City water (meter installed)Public sewerNatural gas availableElectricity availableCable availableHigh-speed internet available
• Home design: Manufactured in parkMobile homeBuilder: Skyline
• Construction: Vinyl sidingComposition roof
• Exterior features: Ramp accessNo stairsMinimal flood or C rating

Interior

• Kitchen: Electric rangeDishwasherRefrigeratorMicrowave
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Eat-in kitchenOpen floorplanWorkshopKitchen island
• Laundry & utility: WasherDryer

Price history

+117.0% since first listed

4 events — show timeline

• 2026-03-05 Price Changed $130,000 IRES
• 2026-02-13 Listed $135,000 IRES
• 2010-06-26 Listing Removed — IRES
• 2009-03-22 Listed $59,900 IRES

Property tax history

+6.4%/yr

Latest (2025): $736 · +656.7% YoY. Source: county tax records.