8601 Zuni St

Westminster, CO 80260

$85,000D+

3 bd · 2.0 ba · 1 sqft · Built 1973 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,911/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$900
• Vac / Maint / Mgmt: −$401
• Net cashflow: $23/mo
• Annual: $271/yr
• Cap rate: 6.61%
• Cash-on-cash: 1.14%
• DSCR: 1.05
• 1% rule: 2.25%
• Cash to close: $23,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $23 ($271/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• It's been on market 36 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#81 in CO) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: health & safety D, crime D-, amenities F.
• Adams 12 Five Star Schools (suburban): math 31% / reading 46% proficiency, ranked #26 of 86 in CO (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rocky Mountain Elementary School (math 5% / reading 8%, grade F, #951 of 966 statewide, top 99%, 298 students, 86% FRL); Thornton Middle School (math 5% / reading 12%, grade F, #255 of 270 statewide, top 94%, 732 students, 90% FRL); Northglenn High School (math 16% / reading 38%, grade F, #257 of 381 statewide, top 68%, 1,959 students, 69% FRL) — zoned schools average 82% FRL vs 33% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 14% at this address vs 38% district-wide (-25 pts) — the specific schools serving this property underperform the Adams 12 Five Star Schools average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 47% of rent.
• Market conditions: Rents flat; 138 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,299 units permitted in Adams County in 2024 (343 in 5+ unit buildings).
• Adams County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 14 sale attempts since 5y ago; this cycle's ask is 9% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 6.6% vs local median 2.8% in Westminster — 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.
• This rent runs 37% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.