2500 E Harmony Rd

Fort Collins, CO 80528

$69,900B

3 bd · 2.0 ba · 1,104 sqft · Built 2009 · Manufactured · Active · 240 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,293/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$1,189
• Vac / Maint / Mgmt: −$481
• Net cashflow: $139/mo
• Annual: $1,668/yr
• Cap rate: 8.68%
• Cash-on-cash: 8.52%
• DSCR: 1.38
• 1% rule: 3.28%
• Cash to close: $19,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $70k.
• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• It's been on market 240 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.4%/yr); year-one equity from $483 of loan paydown is wiped out by about $990 of value loss. Plan a longer hold.
• 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: Linton Elementary School (math 12% / reading 27%, grade F, #706 of 966 statewide, top 75%, 347 students, 59% FRL); Boltz Middle School (math 33% / reading 42%, grade F, #93 of 270 statewide, top 35%, 580 students, 45% FRL); Fort Collins High School (math 42% / reading 73%, grade C, #68 of 381 statewide, top 18%, 1,903 students, 32% FRL) — zoned schools average 45% FRL vs 24% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 38% at this address vs 52% district-wide (-14 pts) — the specific schools serving this property underperform the Poudre School District R-1 average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 52% of rent.
• Market conditions: Rents rising (+3.6%/yr); 189 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).
• Larimer County population projected at +51% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 31 sale attempts since 25y ago 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 (-1.4% appreciation + 3.6% rent growth), your $20k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.7% 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.

Questions for listing agent

• It's been on market 240 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 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?
• 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.