729 17th Ave #20

Longmont, CO 80501

$93,000C+

2 bd · 2.0 ba · 944 sqft · Built 1992 · Manufactured · Pending · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,629/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$59
• HOA: −$0
• Vac / Maint / Mgmt: −$342
• Net cashflow: $741/mo
• Annual: $8,886/yr
• Cap rate: 15.85%
• Cash-on-cash: 34.13%
• DSCR: 2.52
• 1% rule: 1.75%
• Cash to close: $26,040

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $93k.
• At list price, monthly cash flow is $741 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $93k).
• It's been on market 100 days — a 9% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $643 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#24 in CO, #2,736 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, housing A+; Watch: crime F, cost of living F.
• St. Vrain Valley School District No. Re1J (suburban): math 32% / reading 51% proficiency, ranked #23 of 86 in CO (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 174 active listings in the ZIP; 40 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; 1,688 units permitted in Boulder County in 2024 (1,136 in 5+ unit buildings).
• Boulder County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.8% vs local median 2.6% in Longmont — 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.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.