3650 S Federal Blvd Unit 24-RV24

Sheridan, CO 80110

$110,000D+

1 bd · 1.0 ba · 728 sqft · Built 2025 · Manufactured · Active · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,240/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $153/mo
• Annual: $1,840/yr
• Cap rate: 8.69%
• Cash-on-cash: 8.56%
• DSCR: 1.38
• 1% rule: 1.13%
• Cash to close: $30,800

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $153 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 140 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 63/100 on livability (#197 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A-; Watch: employment C-, amenities D+, crime F.
• Sheridan School District No. 2 (suburban): math 4% / reading 20% proficiency, ranked #85 of 86 in CO (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alice Terry Elementary School (193 students, 91% FRL); Fort Logan Northgate (math 4% / reading 18%, grade F, #242 of 270 statewide, top 90%, 398 students, 95% FRL); Sheridan High School (math 8% / reading 27%, grade F, #340 of 381 statewide, top 90%, 326 students, 90% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents soft (-0.8%/yr); 106 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,927 units permitted in Arapahoe County in 2024 (1,525 in 5+ unit buildings).
• Arapahoe County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.7% vs local median 3.7% in Sheridan — 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.
• This rent is only 17% of the median local income ($86k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?
• 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?
• 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.