235 N 2nd St #36 · Berthoud, CO 80513

$169,500

2 bd · 2.0 ba · 1,631 sqft · Manufactured public records · 142 Days on market

Built 2009 Est $134k · 27% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

LOW LOT RENT - NO DOGS or FENCES. Welcome to this beautifully maintained ENERGY STAR-certified home, built in 2009, offering 1,631 square feet of thoughtfully designed, single-level living. The heart of the home is the bright, inviting kitchen, enhanced by a skylight that fills the space with natural light. Highlights include quartz countertops, freshly painted cabinets, a wall oven, and a stylish high-efficiency gas stove/oven with an eye-catching backsplash. All kitchen appliances are included, and the charming eat-in kitchen adds warmth and functionality. Also inside, you'll find three spacious bedrooms and two beautifully designed bathrooms, arranged in a split-bedroom layout for added

Key facts

• Quartz countertops
• Skylight
• Built 2009

Tags

• ENERGY STAR CERTIFIED
• BRIGHT INVITING KITCHEN
• SKYLIGHT
• QUARTZ COUNTERTOPS
• HIGH EFFICIENCY GAS STOVE
• EXPANSIVE SCREENED PORCH

Property features AI

Finance

• HOA & community: No association fees or transfer fees listed

Exterior

• Parking: No garage; No designated parking features listed
• Utilities: City water with meter installed; Public sewer; Natural gas available (Xcel); Electricity available; Other utilities available
• Home design: Manufactured in park (mobile home); Built by Clayton
• Construction: Composition exterior; Composition roof
• Exterior features: Enclosed patio/porch; Land lease; Storage structure; Ramp access; Located on a cul-de-sac; Minimal flood risk (C rating)

Interior

• Kitchen: Gas range; Dishwasher; Refrigerator; Microwave; Fire alarm
• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Separate dining room; Cathedral ceilings; Open floorplan; Workshop; Pantry; Walk-in closets; Skylights; Two or more fireplaces

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $170k.

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 ($3k rent vs $170k).
• Recommended offer: $149k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 3.2% in Berthoud — 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 69/100 on livability (#100 in CO) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, cost of living F, health & safety F.
• Thompson School District R-2J (suburban): math 28% / reading 48% proficiency, ranked #28 of 86 in CO (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ivy Stockwell Elementary School (math 47% / reading 57%, grade C-, #174 of 966 statewide, top 20%, 402 students, 21% FRL); Berthoud High School (math 37% / reading 62%, grade D, #115 of 381 statewide, top 34%, 691 students, 15% FRL).
• Zoned-school proficiency averages 51% at this address vs 38% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Thompson School District R-2J average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 357 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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 $1k of loan paydown is wiped out by about $5k 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 + 3.0% rent growth), your $47k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y ago; this cycle's ask has dropped $16k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; list at $170k implies a 415% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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.
6. 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.
7. 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: 1.56% ✓
• Cap rate: 14.11%
• Cash-on-cash: 27.92%
• DSCR: 2.24
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $133,742
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
230 N 2nd St Unit 76A	0.19mi	3/2.0 (+1)	1,568 (-4%)	8mo	$127,900	$82	73

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.0%
• Equity multiple: 1.90×
• Total profit: $42,799
• Equity at exit: $25,273

10-year hold

• IRR: 30.1%
• Equity multiple: 3.69×
• Total profit: $127,545
• Equity at exit: $14,655

Cash invested: $47,460 (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 80513

• Active inventory: 357
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,649 medium
• Mortgage (P&I): −$889
• Tax from tax record: −$29 /mo · $347/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $1,104

Break-even live

Break-even rent $1,251

Max offer price $169,500

Occupancy floor 53%

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: $42,375
• Closing costs: $5,085
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1088 Blue Bell Rd Berthoud, CO	3.0	2.5	1949	$2,800	$1.44	23d	1	0.86mi
1155 Summit Vista Dr Berthoud, CO	3.0	2.5	1377	$2,650	$1.92	14d	1	0.88mi

Listing history 21 events

1. 2026-06-02
   days on market $169,500 Active 142 DOM
2. 2026-06-01
   days on market $169,500 Active 141 DOM
3. 2026-05-31
   days on market $169,500 Active 140 DOM
4. 2026-05-30
   days on market $169,500 Active 139 DOM
5. 2026-04-13
   price $169,500
6. 2026-02-16
   price $176,900
7. 2026-01-11
   listed $185,000 Active
8. 2025-11-01
   historical
9. 2025-10-08
   listed $195,000 Active
10. 2019-06-22
    historical
11. 2019-06-12
    listed $135,000 Active
12. 2018-09-13
    historical
13. 2018-08-27
    status Pending
14. 2018-06-23
    price $136,500
15. 2018-06-19
    listed $142,500 Active
16. 2017-02-20
    historical
17. 2017-02-13
    price $124,000
18. 2017-02-07
    listed $129,000 Active
19. 2011-04-07
    soldstatus $32,900 Sold
20. 2011-03-22
    historical
21. 2011-02-16
    listed $32,900 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: $347 · $29/mo
• Projected year-2 tax: $932 · $78/mo
• Expected delta: +$586/yr (+$49/mo · 169.0%)

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,789
• − Mortgage interest: −$9,495
• − Property taxes: −$347
• − Insurance: −$848
• − Repairs & maintenance: −$2,543
• − Management: −$2,543
• − Depreciation: −$4,931
• Taxable income: $11,083
• Est. tax owed @ 24.0%: −$2,660
• After-tax cash flow: $10,593/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: Thompson School District R-2J
• NCES district ID: 0805400
• Math proficiency: 28% ▼ -7.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $63,040
• Composite: 34.01/100
• National rank: #5313
• State rank: #28 of 86 in CO

Livability — Berthoud

• Score: 69/100
• State rank: #100
• US rank: #8538

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berthoud, CO
• County: Larimer County · 338,255 people
• City population: 18,271
• Metro: Fort Collins, CO
• Population (ZIP): 18,271
• Household income: $126,726
• Rent vs Own: 10.4% rent · 89.6% own
• Severe rent burden: 55.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 6%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 6% Romanian 4% Lithuanian 4%
• Foreign-born: 4% · Canada, China, Vietnam
• Languages at home: 95% English-only · Spanish 4% Other Indo-European 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: ▼ -411.30%
• Current HPI: 260.0027
• Rent YoY: —
• 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

+415.2% since first listed

17 events — show timeline

• 2026-04-13 Price Changed $169,500 IRES
• 2026-02-16 Price Changed $176,900 IRES
• 2026-01-11 Listed $185,000 IRES
• 2025-11-01 Listing Removed — IRES
• 2025-10-08 Listed $195,000 IRES
• 2019-06-22 Listing Removed — IRES
• 2019-06-12 Listed $135,000 IRES
• 2018-09-13 Listing Removed — IRES
• 2018-08-27 Pending — IRES
• 2018-06-23 Price Changed $136,500 IRES
• 2018-06-19 Listed $142,500 IRES
• 2017-02-20 Listing Removed — IRES
• 2017-02-13 Price Changed $124,000 IRES
• 2017-02-07 Listed $129,000 IRES
• 2011-04-07 Sold (MLS) $32,900 IRES
• 2011-03-22 Listing Removed — IRES
• 2011-02-16 Listed $32,900 IRES

Property tax history

+0.1%/yr

Latest (2025): $347 · +260.4% YoY. Source: county tax records.