211 E Monroe St

Leadville, CO 80461

$77,000B-

2 bd · 1.0 ba · 1,000 sqft · Built 1975 · Manufactured · Active · 219 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,043/mo
• Mortgage (P&I): −$404
• Tax + insurance: −$51
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $369/mo
• Annual: $4,433/yr
• Cap rate: 12.05%
• Cash-on-cash: 20.56%
• DSCR: 1.91
• 1% rule: 1.35%
• Cash to close: $21,560

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $77k.
• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $77k).
• It's been on market 219 days — a 12% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $532 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#82 in CO) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B; Watch: schools C-, health & safety C-, amenities F.
• Lake County School District No. R-1 (town): math 13% / reading 26% proficiency, ranked #78 of 86 in CO (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 182 active listings in the ZIP; 55 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• Lake County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 15y 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 + 3.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.1% vs local median 0.7% in Leadville — 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.

Questions for listing agent

• It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.