3655 El Morro Rd · Colorado Springs, CO 80910

$110,000

3 bd · 2.0 ba · 4,308 sqft · Land public records · 14 Days on market

Built 1991 1,306 sqft lot $765/mo HOA · 41% of rent

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Why this score? — see what drove the D 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).

• 1% rule +10.0/10.0
• Cash flow +9.9/30.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home! This 3-bedroom, 2-full bathroom mobile home is located in El Morro Mobile Estates Park * Open Floor Plan w/ Laminate Floor Throughout * Primary Bedroom w/ Attached Bath * Kitchen Appliances Included * Fenced Backyard * Community Pool

Key facts

• Off street parking
• Clubhouse
• Central a/c

Tags

• FULLY EQUIPPED KITCHEN
• FORCED AIR FURNACE
• CENTRAL A/C
• TWO STORAGE SHEDS
• OFF STREET PARKING
• CLUBHOUSE

Property features AI

Finance

• HOA & community: Land lease in effect (monthly); Land lease amount: $650 per month; Land lease expires December 31, 2026; Lot located in park (lot #66)

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Manufactured in park (manufactured home); Single-story (main level living); Individual ownership; Facing direction not specified
• Construction: Vinyl siding; Shingle roof; Mobile home dimensions approximately 56' x 28'
• Exterior features: Private yard; Water feature; Covered front porch

Interior

• Kitchen: Refrigerator; Oven; Microwave; Dishwasher
• Bedrooms: 3 bedrooms, all on the main level; Primary suite on the main level
• Bathrooms: 2 bathrooms total; 1 full bathroom (en suite); 1 three-quarter bathroom
• Heating & cooling: Forced air heating
• Interior features: Dishwasher; Dryer; Microwave; Oven; Refrigerator; Washer
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $110k.

Deal economics

• At list price, monthly cash flow is $-68 ($-812/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (8.9% below list).
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $100k (8.9% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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: Centennial Elementary School (math 12% / reading 17%, grade F, #813 of 966 statewide, top 85%, 346 students, 73% FRL); Sierra High School (math 8% / reading 42%, grade F, #264 of 381 statewide, top 69%, 908 students, 54% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents soft (-1.5%/yr); 183 active listings in the ZIP; 3,906 units permitted in El Paso County in 2024 (872 in 5+ unit buildings).
• This rent runs 36% of the median local income ($62k/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 $761 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 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $70k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $78k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 41% of rent.

Recommended offer $100,211 (8.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. 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?
7. 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.
8. 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.
9. 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: 1.68% ✓
• Cap rate: 5.55%
• Cash-on-cash: -2.64%
• DSCR: 0.88
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -27.5%
• Equity multiple: 0.12×
• Total profit: $-27,042
• Equity at exit: $16,401

10-year hold

• IRR: -76.1%
• Equity multiple: -0.56×
• Total profit: $-47,969
• Equity at exit: $9,511

Cash invested: $30,800 (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 80910

• Home prices YoY: -27.5%
• Rents YoY: -1.5%
• Active inventory: 183
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,845 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$765
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $-68

Break-even live

Break-even rent $1,931

Max offer price $100,211

Occupancy floor 99%

Sensitivity live

Price	-10% $8	-5% $-30	+0% $-68	+5% $-106	+10% $-144
Rent	-10% $-213	-5% $-141	+0% $-68	+5% $5	+10% $78
Rate	-1.0pp $-12	-0.5pp $-40	base $-68	+0.5pp $-96	+1.0pp $-125

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $765 · $9,180/yr
• Likely covers: pool

Listing history 32 events

1. 2026-06-18
   days on market $110,000 Active 14 DOM
2. 2026-06-17
   days on market $110,000 Active 13 DOM
3. 2026-06-16
   days on market $110,000 Active 12 DOM
4. 2026-06-15
   days on market $110,000 Active 11 DOM
5. 2026-06-14
   days on market $110,000 Active 9 DOM
6. 2026-06-13
   days on market $110,000 Active 8 DOM
7. 2026-06-10
   days on market $110,000 Active 6 DOM
8. 2026-06-09
   days on market $110,000 Active 5 DOM
9. 2026-06-08
   days on market $110,000 Active 4 DOM
10. 2026-06-07
    days on market $110,000 Active 3 DOM
11. 2026-06-05
    remarks 681-char remark
12. 2026-06-05
    pricedays on marketlisting id $110,000 Active 1 DOM
13. 2026-06-03
    days on market $150,000 Active 50 DOM
14. 2026-06-03
    days on market $150,000 Active 49 DOM
15. 2026-06-01
    days on market $150,000 Active 48 DOM
16. 2026-05-31
    days on market $150,000 Active 47 DOM
17. 2026-05-17
    price $150,000
18. 2026-04-14
    listed $180,000 Active
19. 2025-04-25
    historical
20. 2025-04-01
    listed $84,000 Active
21. 2024-07-08
    soldstatus $78,000 Closed 248-char remark

    Show marketing remark (248 chars)

    Welcome Home! This 3-bedroom, 2-full bathroom mobile home is located in El Morro Mobile Estates Park * Open Floor Plan w/ Laminate Floor Throughout * Primary Bedroom w/ Attached Bath * Kitchen Appliances Included * Fenced Backyard * Community Pool

22. 2024-06-20
    status Pending Accepting Backup Offers 248-char remark

    Show marketing remark (248 chars)

    Welcome Home! This 3-bedroom, 2-full bathroom mobile home is located in El Morro Mobile Estates Park * Open Floor Plan w/ Laminate Floor Throughout * Primary Bedroom w/ Attached Bath * Kitchen Appliances Included * Fenced Backyard * Community Pool

23. 2024-06-01
    listed $85,000 Active 248-char remark

    Show marketing remark (248 chars)

    Welcome Home! This 3-bedroom, 2-full bathroom mobile home is located in El Morro Mobile Estates Park * Open Floor Plan w/ Laminate Floor Throughout * Primary Bedroom w/ Attached Bath * Kitchen Appliances Included * Fenced Backyard * Community Pool

24. 1998-04-17
    soldstatus $36,750
25. 1998-04-08
    soldstatus $39,950
26. 1998-03-17
    soldstatus $999,999
27. 1997-09-22
    soldstatus $40,976
28. 1997-06-25
    soldstatus $46,656
29. 1995-02-23
    soldstatus $42,000
30. 1994-05-05
    soldstatus $44,300
31. 1994-03-18
    soldstatus $47,160
32. 1981-06-01
    soldstatus $1,075,000

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 18 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: $22,140
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,771
• − Management: −$1,771
• − HOA: −$9,180
• − Depreciation: −$3,200
• Taxable loss: −$2,144
• Est. tax savings @ 24.0%: +$515
• After-tax cash flow: $-297/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: 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): 31,368
• Household income: $61,969
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 1449.0

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 0.68)
• Race & ethnicity: White 44% Hispanic / Latino 33% Two or more races 17% Black 11% Native American 3% Asian 3%
• Hispanic origin (detail): Mexican 24% Puerto Rican 3%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 78% English-only · Spanish 17% German/W. Germanic 1% Other Indo-European 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: ▼ -121.36%
• Current HPI: 320.6817
• Rent YoY: ▼ -1.51%
• 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

-86.0% since first listed

16 events — show timeline

• 2026-05-17 Price Changed $150,000 REColorado as Distributed by MLS Grid
• 2026-04-14 Listed $180,000 REColorado as Distributed by MLS Grid
• 2025-04-25 Listing Removed — REColorado as Distributed by MLS Grid
• 2025-04-01 Listed $84,000 REColorado as Distributed by MLS Grid
• 2024-07-08 Sold (MLS) $78,000 REColorado as Distributed by MLS Grid
• 2024-06-20 Pending — REColorado as Distributed by MLS Grid
• 2024-06-01 Listed $85,000 REColorado as Distributed by MLS Grid
• 1998-04-17 Sold (Public Records) $36,750 Public Records
• 1998-04-08 Sold (Public Records) $39,950 Public Records
• 1998-03-17 Sold (Public Records) $999,999 Public Records
• 1997-09-22 Sold (Public Records) $40,976 Public Records
• 1997-06-25 Sold (Public Records) $46,656 Public Records
• 1995-02-23 Sold (Public Records) $42,000 Public Records
• 1994-05-05 Sold (Public Records) $44,300 Public Records
• 1994-03-18 Sold (Public Records) $47,160 Public Records
• 1981-06-01 Sold (Public Records) $1,075,000 Public Records

Property tax history

+24.3%/yr

Latest (2023): $6,564 · -6.4% YoY. Source: county tax records.