234 Panorama Dr

Brook Forest, CO 80421

$225,000C-

3 bd · 1.0 ba · 696 sqft · Built 1972 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,175/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$457
• Net cashflow: $372/mo
• Annual: $4,465/yr
• Cap rate: 8.28%
• Cash-on-cash: 7.09%
• DSCR: 1.32
• 1% rule: 0.97%
• Cash to close: $63,000

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $225k.
• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (3.3% below list).
• It's been on market 36 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (3.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Platte Canyon School District No. 1 Of The County Of Park (rural): math 38% / reading 66% proficiency, ranked #9 of 86 in CO (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Platte Canyon High School (math 44% / reading 74%, grade C+, #53 of 381 statewide, top 17%, 228 students, 14% FRL).
• Market conditions: 142 active listings in the ZIP; 144 units permitted in Park County in 2024 (0 in 5+ unit buildings).
• Park County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $119k; list at $225k implies a 89% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.3% vs local median 2.8% in Brook Forest — 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 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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.
• 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.