431 N 35th Ave #135

Greeley, CO 80631

$98,900C+

3 bd · 2.0 ba · 1,216 sqft · Built 2022 · Manufactured · Active · 144 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,523/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $601/mo
• Annual: $7,214/yr
• Cap rate: 13.59%
• Cash-on-cash: 26.05%
• DSCR: 2.16
• 1% rule: 1.54%
• Cash to close: $27,692

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $99k.
• At list price, monthly cash flow is $601 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• It's been on market 144 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#115 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: cost of living C-, crime F, amenities F.
• Greeleyschool District No. 6 In The County Of Weld And Sta (urban): math 15% / reading 31% proficiency, ranked #71 of 86 in CO (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Winograd K-8 Elementary School (math 27% / reading 37%, grade F, #475 of 966 statewide, top 51%, 593 students, 66% FRL); Franklin Middle School (math 11% / reading 22%, grade F, #224 of 270 statewide, top 83%, 446 students, 89% FRL); Northridge High School (math 13% / reading 36%, grade F, #266 of 381 statewide, top 79%, 1,253 students, 64% FRL) — zoned schools average 73% FRL vs 54% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.7%/yr); 185 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 3,170 units permitted in Weld County in 2024 (278 in 5+ unit buildings).
• Weld County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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 $28k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.6% vs local median 3.3% in Greeley — 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 33% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 144 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.
• 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?
• 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?
• 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.