2548 Preakness Way · Colorado Springs, CO 80916

$95,000

3 bd · 2.0 ba · 1,152 sqft · Manufactured · 2 Days on market

Built 2017 Fair condition 7,200 sqft lot Est $104k · 8% under $823/mo HOA · 43% of rent

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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 +14.4/30.0
• ARV discount +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +4.4/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained 2017 mobile home offering 1,152 sq ft of comfortable living space with 3 bedrooms and 2 full bathrooms. The open-concept kitchen features rich dark cabinetry, ample counter space, and flows seamlessly into the living and dining areas—perfect for everyday living and entertaining. The primary suite includes a private bath with dual sinks and generous storage. Additional highlights include modern finishes throughout, durable flooring, and a functional split-bedroom layout for added privacy. Clean, move-in ready, and thoughtfully designed, this home offers an excellent blend of style, space, and affordability. The large covered front patio gives ample space for relaxation,

Key facts

• Dual sinks
• Rich dark cabinetry
• Ample counter space

Tags

• OPEN-CONCEPT KITCHEN
• RICH DARK CABINETRY
• AMPLE COUNTER SPACE
• PRIVATE BATH
• DUAL SINKS
• GENEROUS STORAGE

Property features AI

Finance

• Financial info: Land lease in effect (monthly $823) with expiration date January 30, 2026
• HOA & community: Part of Canterbury park association (self-managed); Monthly association/land lease fee $823 (includes grounds maintenance and snow removal); Association amenities: clubhouse, park, parking, pool; Pets allowed with restrictions (cats OK, dogs OK; breed/size limits apply)

Exterior

• Parking: 2 off-street parking spaces; Concrete parking surface
• Utilities: Cable available; Electricity available; Wired internet access available; Public sewer
• Home design: Manufactured home in park; Faces west; Agent owner
• Construction: Vinyl siding; Shingle roof; Champion manufactured home (72' x 16'); Vinyl skirting
• Exterior features: Covered front porch; Full fencing; Paved road access

Interior

• Kitchen: Includes dishwasher, oven, range, range hood, and disposal
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 bathrooms (1 full, 1 three-quarter; both on the main level)
• Heating & cooling: Forced air heating
• Interior features: Dishwasher; Disposal; Oven; Range; Range hood

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $95k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $19 ($232/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 6.5% vs local median 3.3% in Colorado Springs — 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 78/100 on livability (#23 in CO, #2,639 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, housing A+, health & safety A+; Watch: cost of living C-, crime F.
• Harrison School District No. 2 In The County Of El Paso An (urban): math 16% / reading 35% proficiency, ranked #67 of 86 in CO (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Monterey Elementary School (math 5% / reading 22%, grade F, #824 of 966 statewide, top 88%, 207 students, 60% FRL); Sierra High School (math 8% / reading 42%, grade F, #264 of 381 statewide, top 69%, 908 students, 54% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 183 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 3,906 units permitted in El Paso County in 2024 (872 in 5+ unit buildings).
• This rent runs 34% of the median local income ($67k/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 $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• El Paso County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 43% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 2.00% ✓
• Cap rate: 6.54%
• Cash-on-cash: 0.87%
• DSCR: 1.04
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $103,680
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5242 Derby Dr	0.12mi	3/2.0	1,216 (+6%)	2mo	$34,000	$28	84
2612 Swale Run	0.07mi	3/2.0	1,250 (+8%)	2mo	$100,000	$80	81
5136 Derby Dr	0.16mi	3/2.0	1,152 (0%)	22mo	$104,000	$90	74
2561 Mason Way	0.06mi	3/2.0	1,216 (+6%)	23mo	$130,000	$107	69

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 · 2.36% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-14,844
• Equity at exit: $14,165

10-year hold

• IRR: -8.8%
• Equity multiple: 0.47×
• Total profit: $-14,089
• Equity at exit: $8,214

Cash invested: $26,600 (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 80916

• Home prices YoY: -27.6%
• Rents YoY: 2.4%
• Active inventory: 183
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,897 high
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$823
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $19

Break-even live

Break-even rent $1,873

Max offer price $95,000

Occupancy floor 94%

Sensitivity live

Price	-10% $85	-5% $52	+0% $19	+5% $-14	+10% $-46
Rent	-10% $-131	-5% $-56	+0% $19	+5% $94	+10% $169
Rate	-1.0pp $67	-0.5pp $43	base $19	+0.5pp $-5	+1.0pp $-30

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2702 Dickens Dr Colorado Springs, CO	3.0	2.0	1300	$2,093	$1.61	15d	1	0.24mi
2320 Bruno Cir Colorado Springs, CO	4.0	2.0	1311	$2,229	$1.70	22d	1	0.40mi
4919 Rusty Nail Pt Colorado Springs, CO	3.0	1.5	1237	$1,900	$1.54	3d	1	0.44mi
5150 Selby Ranch Pt Colorado Springs, CO	3.0–4.0	2.5–3.5	1626	$2,365	$1.45	3d	93	0.48mi
4537 Lamplighter Cir Colorado Springs, CO	2.0	1.5	1028	$1,195	$1.16	3d	1	0.64mi
2521 Astrozon Cir Unit 2525 Colorado Springs, CO	2.0	1.0	800	$1,395	$1.74	15d	1	0.64mi
2521 Astrozon Cir Unit 2523 Colorado Springs, CO	2.0	1.0	800	$1,395	$1.74	3d	1	0.64mi
4815 Tory Ridge Dr Colorado Springs, CO	3.0	2.5	1415	$2,850	$2.01	3d	1	0.78mi
4960 Fountain Ford Vw Colorado Springs, CO	1.0–3.0	1.0–2.0	973	$2,311	$2.38	3d	28	0.87mi
1737 Ramjet PT Colorado Springs, CO	2.0	1.0–2.0	642	$1,784	$2.78	3d	42	0.91mi
3448 Kingfisher Nest Grv Colorado Springs, CO	2.0	2.5	1216	$1,600	$1.32	24d	1	0.93mi
4027 Charleston Dr Colorado Springs, CO	3.0	2.0	1232	$2,000	$1.62	15d	1	1.04mi
3127 Moonbeam Cir S Colorado Springs, CO	3.0	2.0	1482	$2,099	$1.42	3d	1	1.04mi
4703 Goodwin Grv Colorado Springs, CO	2.0	1.0–2.0	605	$1,525	$2.52	3d	8	1.06mi
4221 Baytown Dr Unit 4221 Colorado Springs, CO	2.0	2.0	1067	$1,650	$1.55	22d	1	1.13mi
3178 Starlight Cir Colorado Springs, CO	2.0	1.5	928	$1,550	$1.67	24d	1	1.15mi
4062 Baytown Dr Colorado Springs, CO	2.0	2.0	1232	$1,795	$1.46	24d	1	1.18mi
4325 Fountain Springs Grv Colorado Springs, CO	1.0–3.0	1.0–2.0	920	$1,658	$1.80	3d	5	1.21mi
4287 Deerfield Hills Rd Colorado Springs, CO	3.0	1.5	1138	$2,150	$1.89	3d	1	1.21mi
3066 Starlight Cir Colorado Springs, CO	2.0	1.5	928	$1,300	$1.40	3d	1	1.22mi
3080 Starlight Cir Colorado Springs, CO	2.0	2.0	928	$1,650	$1.78	24d	1	1.23mi
4287 Deerfield Hills Dr Colorado Springs, CO	3.0	1.5	1138	$2,150	$1.89	3d	1	1.23mi
3310 Cochran Dr Unit D Colorado Springs, CO	2.0	1.0	850	$1,249	$1.47	24d	1	1.24mi
1960 S Chelton Rd Colorado Springs, CO	3.0	1.0–2.0	810	$1,385	$1.71	24d	1	1.24mi
3445 Cochran Dr Unit B Colorado Springs, CO	2.0	1.0	884	$1,400	$1.58	24d	1	1.26mi
3475 Cochran Dr Colorado Springs, CO	2.0	1.0	884	$1,250	$1.41	22d	1	1.27mi
4046 Mallette Hts Colorado Springs, CO	1.0–2.0	1.0–2.0	737	$1,659	$2.25	3d	6	1.28mi
4710 Spacewalk Way Colorado Springs, CO	2.0	2.0	1068	$2,049	$1.92	3d	1	1.28mi
3480 Cochran Dr Colorado Springs, CO	2.0	1.0	884	$995	$1.13	22d	1	1.29mi
3459 Springnite Dr Colorado Springs, CO	3.0	2.0	1351	$1,700	$1.26	24d	1	1.32mi
1810 Kaleidos Vw Colorado Springs, CO	1.0–3.0	1.0–2.0	1023	$2,200	$2.15	3d	6	1.49mi

HOA detail

• Monthly dues: $823 · $9,876/yr

Listing history 3 events

1. 2026-06-05
   statusdays on market $95,000 Pending 2 DOM
2. 2026-06-03
   remarks 693-char remark
3. 2026-06-03
   listed $95,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 2/10 Low 6 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,767
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$1,821
• − Management: −$1,821
• − HOA: −$9,876
• − Depreciation: −$2,764
• Taxable loss: −$737
• Est. tax savings @ 24.0%: +$177
• After-tax cash flow: $409/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 · 2 photos

Fair 45/100 Cosmetic rehab

This 2017 manufactured home is well-maintained and move-in ready, but it requires cosmetic repairs to its exterior and interior to enhance its curb appeal and value.

Repairs flagged

• Major roof — Roof appears old and may need replacement.
• Major exterior siding — Siding is weathered and may need repainting.
• Major exterior paint — Paint is faded and may need repainting.
• Minor landscaping — Trees are present but appear untended.
• Minor fencing — Fencing is present but appears aged and weathered.

Value-add opportunities

• Both Paint exterior siding and roof — Fresh paint and roof will improve curb appeal and home value.
• Both Replace worn flooring — New flooring will enhance the home's appearance and comfort.
• Both Paint interior walls and trim — Fresh paint will improve the home's appearance and make it more appealing to potential buyers.
• Both Maintain landscaping and fence — A well-maintained front yard and fence will improve curb appeal and home value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Roof appears old and may need replacement.	Major	$15,000–50,000
exterior siding · Siding is weathered and may need repainting.	Major	$15,000–50,000
exterior paint · Paint is faded and may need repainting.	Major	$15,000–50,000
landscaping · Trees are present but appear untended.	Minor	$500–3,000
fencing · Fencing is present but appears aged and weathered.	Minor	$500–3,000
Total estimated repair cost · 5 items		$46,000–156,000

Value-add ROI direction

• Both Paint exterior siding and roof — Fresh paint and roof will improve curb appeal and home value. ↑
• Both Replace worn flooring — New flooring will enhance the home's appearance and comfort. ↑
• Both Paint interior walls and trim — Fresh paint will improve the home's appearance and make it more appealing to potential buyers. ↑
• Both Maintain landscaping and fence — A well-maintained front yard and fence will improve curb appeal and home value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Harrison School District No. 2 In The County Of El Paso An
• NCES district ID: 0804530
• Math proficiency: 16% ▼ -13.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $40,242
• Composite: 21.47/100
• National rank: #8333
• State rank: #67 of 86 in CO

Livability — Colorado Springs

• Score: 78/100
• State rank: #23
• US rank: #2639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colorado Springs, CO
• County: El Paso County · 689,348 people
• City population: 555,783
• Metro: Colorado Springs, CO
• Population (ZIP): 41,104
• Household income: $67,127
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 2041.0

Population outlook (El Paso County) Hauer SSP2

• Today (2025): 768,926 people
• By 2030: 815,739 · +6.1%
• By 2040: 903,489 · +17.5%
• By 2050: 981,204 · +27.6%
• By 2075: 1,155,542 · +50.3%
• By 2100: 1,202,070 · +56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 38% White 37% Two or more races 18% Black 15% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 28% Puerto Rican 2%
• Common ancestry: Lithuanian 1% Romanian 1% Slovak 1%
• Foreign-born: 13% · Canada, South Korea
• Languages at home: 73% English-only · Spanish 22% French/Haitian/Cajun 1% Tagalog/Filipino 1%

Political lean MEDSL · El Paso

• 2024 margin: Lean R (+9.8) · D 43.8% · R 53.5% · Other 2.7%
• 2008→2024 swing: +9.0pp toward D · 2008: -18.8pp · 2024: -9.8pp
• All cycles: 2024: R+9.8 2020: R+10.8 2016: R+22.6 2012: R+21.4 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.77%
• Current HPI: 301.5415
• Rent YoY: ▲ 2.36%
• Metro: Colorado Springs, 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

1 event — show timeline

• 2026-06-02 Listed $95,000 REColorado as Distributed by MLS Grid