2211 W Mulberry St #273 · Fort Collins, CO 80521

$125,000

3 bd · 2.0 ba · 1,350 sqft · Manufactured public records · 75 Days on market

Built 1991 Est $115k · 9% over

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Why this score? — see what drove the B- 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
• Schools +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• ARV discount +3.5/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Skyline 55+ Mobile Home Park! This home is located in one of Fort Collins' premier senior living communities, offering exceptional amenities. The home features 3 bedrooms and 2 bathrooms. The home also features a larger backyard. Lot rent covers yard maintenance, basic cable, a swimming pool, playground, party pavilion, dog park, community garden, and RV parking (when available. ) Buyer to verify lot rent. The community is located central northwest Fort Collins near City Park and City Park 9 golf course, and abundant amenities!

Key facts

• Dog park
• Party pavilion
• Swimming pool

Tags

• LARGER BACKYARD
• SWIMMING POOL
• PLAYGROUND
• PARTY PAVILION
• DOG PARK
• COMMUNITY GARDEN

Property features AI

Finance

• Other: Land lease (see exterior)
• HOA & community: No association fee; No association transfer fee; No association reserves

Exterior

• Parking: Carport
• Utilities: City water (meter installed); Natural gas available; No water rights
• Home design: Manufactured in park; Manufactured home
• Construction: Composition construction; Composition roof; Storage structure on property
• Exterior features: Land lease community; Paved lot

Interior

• Kitchen: Electric range; Dishwasher
• Bedrooms: 3 bedrooms (all conforming)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Electric range; Dishwasher; Post and pier basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.9% 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.

Location & tenants

• 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: Bauder Elementary School (math 32% / reading 47%, grade F, #357 of 966 statewide, top 40%, 495 students, 48% FRL); Poudre High School (math 36% / reading 59%, grade D, #131 of 381 statewide, top 34%, 1,663 students, 38% FRL) — zoned schools average 43% FRL vs 24% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.0%/yr); 116 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).
• At $2,362/mo this rent would consume 49% of the median local household income ($58k/yr) (locally 3630% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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 + 5.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 29y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $125k implies a 158% 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 $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
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: 1.89% ✓
• Cap rate: 15.91%
• Cash-on-cash: 34.35%
• DSCR: 2.53
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $114,750
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2211 W Mulberry St #106	0.00mi	3/2.0	1,216 (-10%)	6mo	$96,800	$80	79
2211 W Mulberry St #31	0.00mi	3/2.0	1,464 (+8%)	10mo	$127,500	$87	78
2211 W Mulberry St #220	0.00mi	3/2.0	1,463 (+8%)	11mo	$125,000	$85	77
2211 W Mulberry St #54	0.00mi	3/1.5	1,152 (-15%)	2mo	$43,600	$38	72

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 · 5.0% rent growth · sell at horizon

5-year hold

• IRR: 32.0%
• Equity multiple: 2.38×
• Total profit: $48,444
• Equity at exit: $18,638

10-year hold

• IRR: 40.2%
• Equity multiple: 5.15×
• Total profit: $145,224
• Equity at exit: $10,808

Cash invested: $35,000 (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 80521

• Rents YoY: 5.0%
• Active inventory: 116
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,362 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $1,002

Break-even live

Break-even rent $1,093

Max offer price $125,000

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2226 W Elizabeth St Fort Collins, CO	2.0–3.0	2.0	1012	$2,095	$2.07	14d	4	0.17mi
721 Glenmoor Dr Fort Collins, CO	3.0	2.0	1176	$2,395	$2.04	14d	11	0.18mi
920 Ponderosa Dr Fort Collins, CO	3.0	2.0	1593	$2,400	$1.51	14d	1	0.28mi
1020 Meadowbrook Dr Fort Collins, CO	3.0	1.5	1296	$2,395	$1.85	23d	1	0.34mi
1020 Meadowbrook Dr Fort Collins, CO	3.0	2.0	1296	$2,395	$1.85	14d	1	0.34mi
2405 Tamarac Dr Fort Collins, CO	4.0	1.0	1339	$3,000	$2.24	23d	1	0.42mi
825 Pear St Fort Collins, CO	4.0	2.0	1755	$2,950	$1.68	14d	1	0.51mi
105 S Taft Hill Rd Unit 107 Fort Collins, CO	2.0	2.0	1150	$1,550	$1.35	23d	1	0.58mi
1123 Cypress Dr Fort Collins, CO	3.0	1.5	1200	$1,850	$1.54	23d	1	0.64mi
155 Briarwood Rd Fort Collins, CO	1.0–3.0	1.0–1.5	647	$1,581	$2.44	14d	30	0.65mi
3002 W Elizabeth St Fort Collins, CO	2.0–3.0	2.0	1308	$2,295	$1.75	14d	1	0.80mi
850 S Overland Trl #15 Fort Collins, CO	3.0	2.0	1261	$2,200	$1.74	23d	1	0.87mi
710 City Park Ave Unit D431 Fort Collins, CO	2.0	1.0	966	$1,600	$1.66	14d	1	0.88mi
1208 W Elizabeth St Fort Collins, CO	2.0–5.0	2.0–5.0	1282	$901	$0.70	23d	10	0.99mi
1624 Azalea Dr Unit 1- 214-1 Fort Collins, CO	2.0	1.5	1093	$1,395	$1.28	14d	1	1.12mi
1628 Azalea Dr Unit 2- 215-2 Fort Collins, CO	3.0	1.0	952	$1,595	$1.68	14d	1	1.14mi
2901 Sumac St Unit B 212-2 Fort Collins, CO	2.0	1.0	1026	$1,295	$1.26	14d	1	1.24mi
1924 Ross Ct Unit A Fort Collins, CO	2.0	1.5	900	$1,743	$1.94	14d	1	1.26mi
1742 Heritage Cir Fort Collins, CO	1.0–4.0	1.0–1.5	866	$2,075	$2.40	14d	10	1.32mi
810 W Laurel St Unit 2 Fort Collins, CO	3.0	1.0	1150	$1,800	$1.57	21d	1	1.35mi
1005 Laporte Ave Fort Collins, CO	3.0	2.0	1670	$2,200	$1.32	23d	1	1.35mi
2929 Ross Dr Unit S-74 Fort Collins, CO	3.0	2.0	1875	$2,600	$1.39	14d	1	1.39mi
1954 Pecan St Unit 2 Fort Collins, CO	3.0	1.5	1200	$2,000	$1.67	14d	1	1.40mi
1050 Hobbit St Fort Collins, CO	1.0–3.0	1.0–2.0	810	$1,545	$1.91	23d	11	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $125,000 Active 75 DOM
2. 2026-06-17
   days on market $125,000 Active 74 DOM
3. 2026-06-16
   days on market $125,000 Active 73 DOM
4. 2026-06-15
   days on market $125,000 Active 72 DOM
5. 2026-06-14
   days on market $125,000 Active 70 DOM
6. 2026-06-10
   days on market $125,000 Active 67 DOM
7. 2026-06-09
   days on market $125,000 Active 66 DOM
8. 2026-06-08
   days on market $125,000 Active 65 DOM
9. 2026-06-07
   pricedays on market $125,000 Active 64 DOM
10. 2026-06-03
    days on market $145,000 Active 60 DOM
11. 2026-06-02
    days on market $145,000 Active 59 DOM
12. 2026-06-01
    days on market $145,000 Active 58 DOM
13. 2026-05-31
    days on market $145,000 Active 57 DOM
14. 2026-05-30
    days on market $145,000 Active 56 DOM
15. 2026-03-31
    listed $145,000 Active
16. 2026-01-26
    historical
17. 2025-07-25
    listed $171,000 Active
18. 1997-08-18
    soldstatus $48,500
19. 1997-07-01
    listed $49,500

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,342
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$2,267
• − Management: −$2,267
• − Depreciation: −$3,636
• Taxable income: $10,669
• Est. tax owed @ 24.0%: −$2,560
• After-tax cash flow: $9,463/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: Poudre School District R-1
• NCES district ID: 0803990
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 60% ▼ -2.00%
• Median HH income: $57,281
• Composite: 45.5/100
• National rank: #2610
• State rank: #10 of 86 in CO

Livability — Fort Collins

• Score: 80/100
• State rank: #11
• US rank: #1750

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Collins, CO
• County: Larimer County · 338,255 people
• City population: 202,303
• Metro: Fort Collins, CO
• Population (ZIP): 38,776
• Household income: $58,082
• Rent vs Own: 63.2% rent · 36.8% own
• Severe rent burden: 3630.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 11% Two or more races 8% Asian 4% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Italian 3% Slovak 3%
• Foreign-born: 5% · China, Canada
• Languages at home: 91% English-only · Spanish 5% Chinese 1% French/Haitian/Cajun 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: ▼ -686.60%
• Current HPI: 301.4833
• Rent YoY: ▲ 5.00%
• 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

+192.9% since first listed

5 events — show timeline

• 2026-03-31 Listed $145,000 IRES
• 2026-01-26 Listing Removed — IRES
• 2025-07-25 Listed $171,000 IRES
• 1997-08-18 Sold (MLS) $48,500 IRES
• 1997-07-01 Listed $49,500 IRES

Property tax history

-4.6%/yr

Latest (2025): $127 · +61.1% YoY. Source: county tax records.