3650 S Federal Blvd Unit 15-RV15 · Sheridan, CO 80110

$159,000

2 bd · 2.0 ba · 960 sqft · Manufactured · 414 Days on market

Built 2025

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Why this score? — see what drove the D 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 +17.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Key facts

• Quartz countertops
• Vinyl flooring
• Tiled backsplash

Tags

• QUARTZ COUNTERTOPS
• TILED BACKSPLASH
• STAINLESS FARMHOUSE SINK
• STAINLESS STEEL APPLIANCES
• KITCHEN ISLAND
• VINYL FLOORING

Property features AI

Finance

• Financial info: List price $168,000

Exterior

• Home design: Spec inventory unit; Plan name: 3650 S. Federal Blvd. #15 RV15; Active listing
• Exterior features: Located at 3650 S Federal Blvd Unit 15-RV15, Englewood, CO 80110

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Living area of 960

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $159k.

Deal economics

• At list price, monthly cash flow is $50 ($599/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 $154k (3.3% below list).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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.

Location & tenants

• 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).
• Market conditions: Rents soft (-0.8%/yr); 106 active listings in the ZIP; 24 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).

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.
• Arapahoe County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 414 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 414 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.97% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $95,040
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3654 S Federal Blvd	0.18mi	3/1.0 (+1)	924 (-4%)	4mo	$37,000	$40	73
3650 S Federal Blvd #109	0.18mi	2/2.0	840 (-12%)	8mo	$83,000	$99	64

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.7%
• Equity multiple: 0.39×
• Total profit: $-27,030
• Equity at exit: $23,707

10-year hold

• IRR: -17.5%
• Equity multiple: 0.18×
• Total profit: $-36,605
• Equity at exit: $13,747

Cash invested: $44,520 (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 80110

• Rents YoY: -0.8%
• Active inventory: 106
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,538 high
• Mortgage (P&I): −$834
• Tax est. 1.5%: −$199 /mo · $2,385/yr
• Insurance: −$66
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $50

Break-even live

Break-even rent $1,475

Max offer price $159,000

Occupancy floor 92%

Sensitivity live

Price	-10% $160	-5% $105	+0% $50	+5% $-5	+10% $-60
Rent	-10% $-72	-5% $-11	+0% $50	+5% $111	+10% $171
Rate	-1.0pp $130	-0.5pp $90	base $50	+0.5pp $9	+1.0pp $-33

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3740 S Federal Blvd Englewood, CO	1.0	1.0	600	$1,362	$2.27	5d	5	0.25mi
3477 S Bryant St Englewood, CO	3.0	1.0	1110	$2,595	$2.34	26d	1	0.28mi
3390 S Clay St Unit 1 Englewood, CO	2.0	1.0	800	$1,450	$1.81	0d	1	0.31mi
3041 W Hamilton Pl Unit 3 Englewood, CO	1.0	1.0	650	$925	$1.42	0d	1	0.33mi
3041 W Hamilton Pl Unit 3 Englewood, CO	1.0	1.0	650	$950	$1.46	6d	1	0.33mi
3773 S Grove St Englewood, CO	1.0	1.0	1000	$1,300	$1.30	26d	1	0.38mi
3171 W Girard Ave Englewood, CO	2.0	1.0–2.0	863	$1,576	$1.83	26d	1	0.44mi
2024 W Hamilton Pl Englewood, CO	2.0	1.0	960	$1,700	$1.77	26d	1	0.55mi
3605 S Knox Ct Denver, CO	1.0	1.0	650	$999	$1.54	4d	1	0.56mi
3615 S Knox Ct Unit 204 Denver, CO	1.0	1.0	650	$999	$1.54	5d	1	0.57mi
3839 S Knox Ct Denver, CO	1.0	1.0	700	$1,100	$1.57	26d	1	0.62mi
3839 S Knox Ct Unit EAST-1 Denver, CO	1.0	1.0	700	$1,100	$1.57	26d	1	0.62mi
3824 S King St Unit 3828 Denver, CO	2.0	1.0	722	$1,395	$1.93	26d	1	0.64mi
3600 S Lowell Blvd Denver, CO	1.0–2.0	1.0	762	$1,409	$1.85	0d	3	0.66mi
3660 S Lowell Blvd Denver, CO	1.0	1.0	600	$1,340	$2.23	26d	1	0.66mi
3680 S Lowell Blvd Denver, CO	1.0	1.0	650	$1,100	$1.69	4d	1	0.67mi
4100 S Hooker St Denver, CO	2.0–3.0	1.0	1050	$1,549	$1.48	14d	1	0.79mi
3488 W Quincy Ave Englewood, CO	1.0–3.0	1.0–2.0	853	$1,650	$1.93	26d	1	1.05mi
3400 S Platte River Dr Englewood, CO	1.0–2.0	1.0–2.0	911	$1,987	$2.18	0d	20	1.09mi
3595 S Jason St Englewood, CO	2.0	1.0–2.0	883	$3,018	$3.42	3d	34	1.21mi
4671 S Decatur St #129 Englewood, CO	1.0	1.0	684	$1,500	$2.19	18d	1	1.29mi
4681 S Decatur St Englewood, CO	1.0	1.0	648	$1,295	$2.00	0d	1	1.30mi
801 Englewood Pkwy Englewood, CO	1.0–3.0	1.0–2.0	1015	$2,158	$2.13	0d	41	1.38mi
3237 S Huron St Englewood, CO	2.0	1.0	828	$1,740	$2.10	0d	1	1.39mi

Listing history 14 events

1. 2026-06-21
   days on market $159,000 Active 414 DOM
2. 2026-06-18
   days on market $159,000 Active 411 DOM
3. 2026-06-17
   days on market $159,000 Active 410 DOM
4. 2026-06-16
   days on market $159,000 Active 409 DOM
5. 2026-06-15
   days on market $159,000 Active 408 DOM
6. 2026-06-13
   days on market $159,000 Active 406 DOM
7. 2026-06-09
   days on market $159,000 Active 402 DOM
8. 2026-06-08
   days on market $159,000 Active 401 DOM
9. 2026-06-07
   days on market $159,000 Active 400 DOM
10. 2026-06-04
    days on market $159,000 Active 397 DOM
11. 2026-06-03
    days on market $159,000 Active 396 DOM
12. 2026-06-02
    days on market $159,000 Active 395 DOM
13. 2026-06-01
    days on market $159,000 Active 394 DOM
14. 2026-05-31
    days on market $159,000 Active 393 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,458
• − Mortgage interest: −$8,906
• − Property taxes: −$2,385
• − Insurance: −$1,592
• − Repairs & maintenance: −$1,477
• − Management: −$1,477
• − Depreciation: −$4,625
• Taxable loss: −$2,004
• Est. tax savings @ 24.0%: +$481
• After-tax cash flow: $1,080/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: Sheridan School District No. 2
• NCES district ID: 0806540
• Math proficiency: 4% ▼ -6.00%
• Reading proficiency: 20% ▲ 1.00%
• Median HH income: $37,378
• Composite: 10.01/100
• National rank: #9810
• State rank: #85 of 86 in CO

Livability — Sheridan

• Score: 63/100
• State rank: #197
• US rank: #16046

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheridan, CO
• County: Arapahoe County · 715,018 people
• City population: 23,825
• Metro: Denver-Aurora-Lakewood, CO
• Population (ZIP): 23,825
• Household income: $85,900
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 773.0

Population outlook (Arapahoe County) Hauer SSP2

• Today (2025): 757,407 people
• By 2030: 819,724 · +8.2%
• By 2040: 940,367 · +24.2%
• By 2050: 1,053,720 · +39.1%
• By 2075: 1,297,693 · +71.3%
• By 2100: 1,412,796 · +86.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Hispanic / Latino 26% Two or more races 12% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Italian 3% Lithuanian 2% Portuguese 2%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 81% English-only · Spanish 13% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Arapahoe

• 2024 margin: Strong D (+20.1) · D 58.6% · R 38.5% · Other 2.9%
• 2008→2024 swing: +7.2pp toward D · 2008: 12.9pp · 2024: 20.1pp
• All cycles: 2024: D+20.1 2020: D+24.6 2016: D+13.8 2012: D+8.3 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -548.46%
• Current HPI: 296.0714
• Rent YoY: ▼ -0.85%
• Metro: Denver-Aurora-Lakewood, 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