1601 N College Ave #246 · Fort Collins, CO 80524

$38,000

3 bd · 2.0 ba · 980 sqft · Manufactured public records · 27 Days on market

Built 1978 Est $53k · 28% under

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Why this score? — see what drove the C- 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).

• Cash flow +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well taken-care-of corner unit featuring carport, new carpet, spacious living area and extra storage shed for your extra belongings. Enter from the covered front porch (accessed by a lower angled ramp) into the the main living space. The main room is wide open and features a large living room, an eat-in kitchen with plenty of cabinets and storage, and a formal dining area that will be perfect for dinner with guests. Retreat back to the Primary bedroom with a near a separate exit that goes to a 2nd private deck. A second bedroom is away from the Primary and will give space between the main bedroom at 2nd. The bathroom is spacious and features a 5-piece bath. Laundry area is separate and prov

Key facts

• Covered front porch
• Extra storage shed
• Carport

Tags

• CORNER UNIT
• CARPORT
• EXTRA STORAGE SHED
• COVERED FRONT PORCH
• MAIN LIVING SPACE
• EAT-IN KITCHEN

Property features AI

Finance

• Other: Minimal flood or C rating
• HOA & community: No association fees; No association transfer fee; No association reserves

Exterior

• Parking: No garage; No designated parking features listed
• Utilities: City water (meter installed); Natural gas available (Xcel); Electricity available
• Home design: Manufactured in park; Manufactured home; Level lot accessibility
• Construction: Vinyl siding; Metal roof
• Exterior features: Corner lot; Level lot; Paved; Privately maintained road to county standards; Storage structure

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms
• Heating & cooling: Forced air heating
• Interior features: Eat-in kitchen; Separate dining room; Open floorplan; Window coverings
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $38k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $38k).
• Recommended offer: $37k (1.5% below list) — sets the bar for market timing.
• Cap rate 40.6% vs local median 2.6% in Fort Collins — 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 80/100 on livability (#11 in CO, #1,750 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Poudre School District R-1 (urban): math 45% / reading 60% proficiency, ranked #10 of 86 in CO (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Poudre High School (math 36% / reading 59%, grade D, #131 of 381 statewide, top 34%, 1,663 students, 38% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 422 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Larimer County population projected at +51% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($37k) is reasonable based on typical stale-listing flexibility.

Recommended offer $37,430 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 4.41% ✓
• Cap rate: 40.64%
• Cash-on-cash: 122.68%
• DSCR: 6.46
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $52,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1601 N College Ave #11	0.00mi	3/2.0	960 (-2%)	9mo	$11,000	$11	89
1601 N College Ave #299	0.00mi	2/1.0 (-1)	1,024 (+4%)	2mo	$32,000	$31	81
1601 N College Ave #330	0.00mi	2/2.0 (-1)	938 (-4%)	11mo	$19,500	$21	79
1601 N College Ave #352	0.00mi	2/2.0 (-1)	952 (-3%)	17mo	$35,000	$37	76
1601 N College Ave #274	0.00mi	2/1.5 (-1)	938 (-4%)	12mo	$67,000	$71	76
1601 N College Ave #224	0.00mi	2/1.5 (-1)	980 (0%)	22mo	$40,000	$41	74
1601 N College Ave #41	0.00mi	2/2.0 (-1)	840 (-14%)	1mo	$32,000	$38	70
1601 N College Ave #144	0.00mi	2/2.0 (-1)	896 (-9%)	13mo	$48,000	$54	70
1601 N College Ave #270	0.00mi	2/1.0 (-1)	938 (-4%)	21mo	$67,500	$72	66
2025 N College Ave #243	0.47mi	3/2.0	924 (-6%)	11mo	$55,000	$60	60
2025 N College Ave Lot 258	0.47mi	3/2.0	1,064 (+9%)	13mo	$90,000	$85	53
2025 N College Ave	0.60mi	3/2.0	1,064 (+9%)	10mo	$69,900	$66	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.13% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.11×
• Total profit: $65,055
• Equity at exit: $5,666

10-year hold

• IRR: —
• Equity multiple: 15.47×
• Total profit: $153,972
• Equity at exit: $3,286

Cash invested: $10,640 (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 80524

• Rents YoY: 4.1%
• Active inventory: 422
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,674 high
• Mortgage (P&I): −$199
• Tax from tax record: −$20 /mo · $236/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $1,088

Break-even live

Break-even rent $297

Max offer price $38,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,109	-5% $1,099	+0% $1,088	+5% $1,077	+10% $1,066
Rent	-10% $955	-5% $1,022	+0% $1,088	+5% $1,154	+10% $1,220
Rate	-1.0pp $1,107	-0.5pp $1,097	base $1,088	+0.5pp $1,078	+1.0pp $1,068

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1601 N College Ave #60 Fort Collins, CO	2.0	1.0	784	$1,150	$1.47	24d	1	0.03mi
1331 Redwood St Fort Collins, CO	2.0	1.5–2.0	1154	$1,598	$1.38	14d	2	0.59mi
311 N Mason St Fort Collins, CO	2.0	1.0–2.0	645	$2,115	$3.28	14d	7	1.15mi
310 N Mason St Fort Collins, CO	2.0	1.0–2.0	690	$2,339	$3.39	14d	8	1.17mi
281 Willow St Fort Collins, CO	2.0	1.0–2.0	694	$2,766	$3.99	14d	20	1.23mi
2636 Terry Lake Rd Fort Collins, CO	2.0	1.0	856	$1,825	$2.13	14d	1	1.24mi
527 West St Unit 2 Fort Collins, CO	2.0	1.0	850	$1,395	$1.64	14d	1	1.25mi
172 N College Ave Fort Collins, CO	1.0–2.0	1.0	462	$1,723	$3.73	24d	4	1.35mi
308 West St Fort Collins, CO	2.0	1.0	719	$1,500	$2.09	24d	1	1.41mi
612 9th St Fort Collins, CO	2.0	1.0	896	$1,800	$2.01	24d	1	1.44mi

Listing history 15 events

1. 2026-06-18
   days on market $38,000 Active 27 DOM
2. 2026-06-17
   days on market $38,000 Active 26 DOM
3. 2026-06-16
   days on market $38,000 Active 25 DOM
4. 2026-06-15
   days on market $38,000 Active 24 DOM
5. 2026-06-14
   days on market $38,000 Active 22 DOM
6. 2026-06-10
   days on market $38,000 Active 19 DOM
7. 2026-06-09
   days on market $38,000 Active 18 DOM
8. 2026-06-08
   days on market $38,000 Active 17 DOM
9. 2026-06-07
   days on market $38,000 Active 16 DOM
10. 2026-06-03
    days on market $38,000 Active 12 DOM
11. 2026-06-02
    days on market $38,000 Active 11 DOM
12. 2026-06-01
    days on market $38,000 Active 10 DOM
13. 2026-05-31
    days on market $38,000 Active 9 DOM
14. 2026-05-30
    days on market $38,000 Active 8 DOM
15. 2026-05-22
    listed $38,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CO · Resets to sale price

• Current annual tax: $236 · $20/mo
• Projected year-2 tax: $236 · $20/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,089
• − Mortgage interest: −$2,129
• − Property taxes: −$236
• − Insurance: −$190
• − Repairs & maintenance: −$1,607
• − Management: −$1,607
• − Depreciation: −$1,105
• Taxable income: $13,215
• Est. tax owed @ 24.0%: −$3,172
• After-tax cash flow: $9,881/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: Poudre School District R-1
• NCES district ID: 0803990
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 60% ▼ -2.00%
• Median HH income: $57,281
• Composite: 45.5/100
• National rank: #2610
• State rank: #10 of 86 in CO

Livability — Fort Collins

• Score: 80/100
• State rank: #11
• US rank: #1750

Category grades

Amenities A+ Commute A+ Cost of living F Crime C Employment B Housing A- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Collins, CO
• County: Larimer County · 338,255 people
• City population: 202,303
• Metro: Fort Collins, CO
• Population (ZIP): 40,030
• Household income: $85,035
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 1860.0

Population outlook (Larimer County) Hauer SSP2

• Today (2025): 415,361 people
• By 2030: 457,762 · +10.2%
• By 2040: 542,310 · +30.6%
• By 2050: 627,048 · +51.0%
• By 2075: 833,722 · +100.7%
• By 2100: 952,590 · +129.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 17% Two or more races 11% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Slovak 3% Portuguese 3% Italian 3%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Larimer

• 2024 margin: D (+17.6) · D 57.4% · R 39.8% · Other 2.9%
• 2008→2024 swing: +7.9pp toward D · 2008: 9.7pp · 2024: 17.6pp
• All cycles: 2024: D+17.6 2020: D+15.4 2016: D+4.9 2012: D+5.2 2008: D+9.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -581.67%
• Current HPI: 274.4026
• Rent YoY: ▲ 4.13%
• Metro: Fort Collins, 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

1 event — show timeline

• 2026-05-22 Listed $38,000 IRES

Property tax history

+12.4%/yr

Latest (2025): $236 · +256.0% YoY. Source: county tax records.