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

$130,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 125 Days on market

Built 2004 8,712 sqft lot Est $215k · 39% 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
• 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
• Appreciation +0.0/10.0

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. Outside, you'll appreciate the brick patio, wheelchair-accessible ramp from the detached one-car garage, and rare

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

Property features AI

Finance

• HOA & community: No association fees

Exterior

• Parking: Carport
• Utilities: City water (meter installed); Public sewer; Natural gas available; Electricity available; Cable available; High-speed internet available
• Home design: Manufactured in park; Mobile home; Builder: Skyline
• Construction: Vinyl siding; Composition roof
• Exterior features: Ramp access; No stairs; Minimal flood or C rating

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Open floorplan; Workshop; Kitchen island
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.0% 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.
• Market conditions: Rents rising fast (+4.1%/yr); 422 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 37% 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 $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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 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 125 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: 18.02%
• Cash-on-cash: 41.87%
• DSCR: 2.86
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $214,704
• Comps found: 8

Show comp detail 8 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%)	13mo	$205,000	$136	69
922 Pleasure Dr	0.56mi	3/2.0	1,448 (-4%)	1mo	$197,900	$137	66
4408 Espirit Dr	0.56mi	3/2.0	1,616 (+7%)	7mo	$230,000	$142	57
826 Sunchase Dr	0.51mi	2/2.0 (-1)	1,448 (-4%)	13mo	$205,000	$142	53
919 Vitala Dr	0.57mi	2/2.0 (-1)	1,556 (+3%)	14mo	$220,000	$141	52
4465 Espirit Dr	0.58mi	2/2.0 (-1)	1,561 (+3%)	13mo	$220,000	$141	51
961 Sunchase Dr	0.63mi	2/2.0 (-1)	1,352 (-11%)	2mo	$205,000	$152	46
909 Sunchase Dr	0.56mi	2/2.0 (-1)	1,616 (+7%)	14mo	$230,000	$142	46

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: 39.7%
• Equity multiple: 2.73×
• Total profit: $62,813
• Equity at exit: $19,383

10-year hold

• IRR: 46.6%
• Equity multiple: 5.71×
• Total profit: $171,399
• 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 →

ZIP-level market 80524

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

Monthly cashflow live

• Estimated rent: $2,617 high
• Mortgage (P&I): −$682
• Tax from tax record: −$61 /mo · $736/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $1,270

Break-even live

Break-even rent $1,009

Max offer price $130,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,344	-5% $1,307	+0% $1,270	+5% $1,233	+10% $1,196
Rent	-10% $1,063	-5% $1,167	+0% $1,270	+5% $1,373	+10% $1,477
Rate	-1.0pp $1,336	-0.5pp $1,303	base $1,270	+0.5pp $1,236	+1.0pp $1,202

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
• Reserves months: —
• Total cash needed: —

Rent comps 6 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
802 Waterglen Dr Fort Collins, CO	3.0	2.5	1285	$2,075	$1.61	24d	2	0.94mi
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 $130,000 Active 125 DOM
2. 2026-06-17
   days on market $130,000 Active 124 DOM
3. 2026-06-16
   days on market $130,000 Active 123 DOM
4. 2026-06-15
   days on market $130,000 Active 122 DOM
5. 2026-06-14
   days on market $130,000 Active 120 DOM
6. 2026-06-10
   days on market $130,000 Active 117 DOM
7. 2026-06-09
   days on market $130,000 Active 116 DOM
8. 2026-06-08
   days on market $130,000 Active 115 DOM
9. 2026-06-07
   days on market $130,000 Active 114 DOM
10. 2026-06-03
    days on market $130,000 Active 110 DOM
11. 2026-06-02
    days on market $130,000 Active 109 DOM
12. 2026-06-01
    days on market $130,000 Active 108 DOM
13. 2026-05-31
    days on market $130,000 Active 107 DOM
14. 2026-05-30
    days on market $130,000 Active 106 DOM
15. 2026-03-05
    price $130,000
16. 2026-02-13
    listed $135,000 Active
17. 2010-06-26
    historical
18. 2009-03-22
    listed $59,900

ⓘ 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: $31,402
• − Mortgage interest: −$7,282
• − Property taxes: −$736
• − Insurance: −$650
• − Repairs & maintenance: −$2,512
• − Management: −$2,512
• − Depreciation: −$3,782
• Taxable income: $13,928
• Est. tax owed @ 24.0%: −$3,343
• After-tax cash flow: $11,898/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

+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.