860 W 132nd Ave #85

Westminster, CO 80234

$135,000B-

3 bd · 2.0 ba · 1,456 sqft · Built 2013 · Manufactured · Active · 243 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,408/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$506
• Net cashflow: $1,081/mo
• Annual: $12,969/yr
• Cap rate: 15.90%
• Cash-on-cash: 34.31%
• DSCR: 2.53
• 1% rule: 1.78%
• Cash to close: $37,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k.
• 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 $135k).
• It's been on market 243 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#81 in CO) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: health & safety D, crime D-, amenities F.
• Adams 12 Five Star Schools (suburban): math 31% / reading 46% proficiency, ranked #26 of 86 in CO (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Centennial Elementary School (math 15% / reading 32%, grade F, #634 of 966 statewide, top 67%, 384 students, 71% FRL); Legacy High School (math 59% / reading 73%, grade B, #30 of 381 statewide, top 8%, 2,230 students, 22% FRL).
• Market conditions: Rents falling (-3.0%/yr); 142 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,299 units permitted in Adams County in 2024 (343 in 5+ unit buildings).
• Adams County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 3y 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 (-3.0% appreciation + 0.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.9% vs local median 2.8% in Westminster — 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 runs 31% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 243 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• Crime grade is D 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.