3781 Granada Dr #3

Palisade, CO 81526

$44,900B-

2 bd · 1.0 ba · 728 sqft · Built 1980 · Manufactured · Active · 208 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,378/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$31
• HOA: −$720
• Vac / Maint / Mgmt: −$289
• Net cashflow: $102/mo
• Annual: $1,222/yr
• Cap rate: 9.01%
• Cash-on-cash: 9.72%
• DSCR: 1.43
• 1% rule: 3.07%
• Cash to close: $12,572

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $45k.
• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• It's been on market 208 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#71 in CO) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A, cost of living A-; Watch: amenities D, commute F, employment F.
• Mesa County Valley School District No. 51 (suburban): math 26% / reading 38% proficiency, ranked #43 of 86 in CO (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Taylor Elementary School (math 27% / reading 47%, grade F, #405 of 966 statewide, top 43%, 321 students, 33% FRL); Palisade High School (math 35% / reading 57%, grade D-, #138 of 381 statewide, top 36%, 1,125 students, 42% FRL) — zoned schools at 38% FRL track the district average.
• Watch-outs: HOA is 52% of rent.
• Market conditions: 68 active listings in the ZIP; 1,014 units permitted in Mesa County in 2024 (240 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $15k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.0% vs local median 1.6% in Palisade — 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 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.