101 S Mulberry St

Manzanola, CO 81058

$50,000B-

2 bd · 1.0 ba · 1,272 sqft · Built 1890 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,126/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $544/mo
• Annual: $6,528/yr
• Cap rate: 19.35%
• Cash-on-cash: 46.63%
• DSCR: 3.07
• 1% rule: 2.25%
• Cash to close: $14,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 35 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#157 in CO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, commute D+, crime F.
• Manzanola Joint District No. 3J Of The Counties Of Otero A (rural): math 20% / reading 30% proficiency, ranked #136 of 176 in CO (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Manzanola Elementary School (math 24% / reading 30%, grade F, #552 of 966 statewide, top 59%, 55 students, 78% FRL); Manzanola Junior-Senior High School (math 5% / reading 30%, grade F, #338 of 381 statewide, top 89%, 108 students, 70% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 11 units permitted in Otero County in 2024 (0 in 5+ unit buildings).
• Otero County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.