4412 E Mulberry St #58 · Fort Collins, CO 80524

$70,000

3 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 61 Days on market

Manufactured home Built 1997 Average condition 22,957 ac lot $66/sqft · 45% below area Est $135k · 48% under ↓ 12% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.8/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -6.7

Listing remarks

Welcome to this well-maintained 1997 manufactured home located in the desirable Cloverleaf community. Situated on a spacious corner lot, this split-bedroom 2-bedroom, 2-bath home offers comfortable living with added functionality. The property features a covered carport for convenient parking and three storage sheds, providing ample space for tools, hobbies, or extra storage. Home has a fresh paint, new faucets, oversized AC unit, tankless water heater, new furnace, newer roof and skirting. Enjoy low-maintenance living in a peaceful community setting with easy access to nearby amenities including a dog park and clubhouse.

Key facts

• Covered carport
• Three storage sheds
• Spacious corner lot

Tags

• COVERED CARPORT
• THREE STORAGE SHEDS
• SPACIOUS CORNER LOT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $832 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.6% vs local median 2.7% 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: Traut Core Elementary School (math 67% / reading 77%, grade A-, #26 of 966 statewide, top 4%, 502 students, 12% FRL); Kinard Core Knowledge Middle School (math 61% / reading 77%, grade A, #8 of 270 statewide, top 3%, 748 students, 7% FRL); Fossil Ridge High School (math 63% / reading 83%, grade B+, #16 of 381 statewide, top 4%, 2,053 students, 9% FRL).
• Zoned-school proficiency averages 71% at this address vs 52% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Poudre School District R-1 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.1%/yr); 590 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $484 of loan paydown is wiped out by about $2k 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 + 4.1% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Recommended offer $65,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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: 2.25% ✓
• Cap rate: 20.56%
• Cash-on-cash: 50.94%
• DSCR: 3.27
• GRM: 3.7

CMA / ARV

• ARV (median comp): $135,200
• List price: $70,000
• Delta: -48.22%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4412 E Mulberry St #367	0.00mi	2/2.0 (-1)	1,069 (+1%)	6mo	$50,000	$47	88
4412 E Mulberry St #216	0.00mi	3/2.0	1,152 (+9%)	2mo	$72,500	$63	83
4412 E Mulberry St #259	0.00mi	3/2.0	1,216 (+15%)	16mo	$78,500	$65	62
4412 E Mulberry St #46	0.00mi	2/1.0 (-1)	980 (-7%)	23mo	$50,000	$51	60
938 Pleasure Dr	0.58mi	2/2.0 (-1)	1,232 (+17%)	13mo	$184,500	$150	32

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 · 4.13% rent growth · sell at horizon

5-year hold

• IRR: 49.9%
• Equity multiple: 3.22×
• Total profit: $43,441
• Equity at exit: $10,437

10-year hold

• IRR: 55.8%
• Equity multiple: 6.80×
• Total profit: $113,588
• Equity at exit: $6,052

Cash invested: $19,600 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 3 under contract
• Months of supply: 12.0 mo (8%/mo absorbed)
• Median asking: $82,400 ($73/sqft)
• Median days on market: 66 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +75.0% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 80524

• Rents YoY: 4.1%
• Active inventory: 590
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,575 high
• Mortgage (P&I): −$367
• Tax from tax record: −$16 /mo · $194/yr
• Insurance: −$29
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $832

Break-even live

Break-even rent $522

Max offer price $70,000

Occupancy floor 42%

Sensitivity live

Price	-10% $872	-5% $852	+0% $832	+5% $812	+10% $792
Rent	-10% $708	-5% $770	+0% $832	+5% $894	+10% $956
Rate	-1.0pp $867	-0.5pp $850	base $832	+0.5pp $814	+1.0pp $795

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: $17,500
• Closing costs: $2,100
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 Loma Linda Dr Apt A Fort Collins, CO	3.0	1.5	988	$1,700	$1.72	0d	1	0.22mi
407 Loma Linda Dr Apt A Fort Collins, CO	3.0	1.5	1262	$1,500	$1.19	0d	1	0.24mi
802 Waterglen Dr Fort Collins, CO	3.0	2.5	1285	$2,075	$1.61	119d	2	0.94mi
802 Waterglen Dr Unit J40 Fort Collins, CO	3.0	2.5	1294	$2,400	$1.85	0d	1	0.98mi
3210 Sykes Dr Fort Collins, CO	3.0	2.5	1485	$2,700	$1.82	109d	1	1.35mi
3033 Sykes Dr Fort Collins, CO	3.0	3.0	1300	$2,800	$2.15	5d	1	1.47mi

Property features AI

Finance

• Other: Minimal flood or C flood plain rating

Exterior

• Parking: Carport
• Utilities: City water (meter installed)Public sewerNatural gas availableElectricity availableCable available
• Home design: Manufactured in park (mobile home)House faces southCorner lotLevel lotPaved with curbs and street lightCity street frontage
• Construction: Frame constructionComposition sidingComposition roofUnder carriage: HUD
• Exterior features: Patio (enclosed)Land leaseStorage structureTV antenna

Interior

• Kitchen: Gas rangeSelf-cleaning ovenDishwasherRefrigeratorDisposal
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heatingCentral airEvaporative cooling
• Interior features: Eat-in kitchenWalk-in closet(s)Fire alarm
• Laundry & utility: WasherDryer

Listing history 18 events

1. 2026-06-23
   days on market $70,000 Active 61 DOM
2. 2026-06-21
   days on market $70,000 Active 60 DOM
3. 2026-06-18
   days on market $70,000 Active 57 DOM
4. 2026-06-17
   days on market $70,000 Active 56 DOM
5. 2026-06-16
   days on market $70,000 Active 55 DOM
6. 2026-06-15
   days on market $70,000 Active 54 DOM
7. 2026-06-14
   days on market $70,000 Active 52 DOM
8. 2026-06-10
   days on market $70,000 Active 49 DOM
9. 2026-06-09
   days on market $70,000 Active 48 DOM
10. 2026-06-08
    days on market $70,000 Active 47 DOM
11. 2026-06-07
    days on market $70,000 Active 46 DOM
12. 2026-06-03
    days on market $70,000 Active 42 DOM
13. 2026-06-02
    days on market $70,000 Active 41 DOM
14. 2026-06-01
    days on market $70,000 Active 40 DOM
15. 2026-05-31
    days on market $70,000 Active 39 DOM
16. 2026-05-30
    days on market $70,000 Active 38 DOM
17. 2026-05-22
    price $70,000
18. 2026-04-22
    listed $80,000 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: $194 · $16/mo
• Projected year-2 tax: $385 · $32/mo
• Expected delta: +$191/yr (+$16/mo · 98.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 19 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: $18,903
• − Mortgage interest: −$3,921
• − Property taxes: −$194
• − Insurance: −$350
• − Repairs & maintenance: −$1,512
• − Management: −$1,512
• − Depreciation: −$2,036
• Taxable income: $9,377
• Est. tax owed @ 24.0%: −$2,251
• After-tax cash flow: $7,734/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.

Condition & rehab AI · 9 photos

Average 55/100 Moderate rehab Est. rehab $26,400–$47,520 screening

This 1997 manufactured home in the Cloverleaf community requires moderate repairs and maintenance to improve its condition and value.

Deferred maintenance Est. $10,000–$30,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — Roof appears to be in poor condition with visible damage and missing shingles.

Repairs flagged

• Moderate roof — visible wear
• Moderate exterior siding — weathered appearance
• Minor interior paint — faded

Value-add opportunities

• Both paint exterior — enhances curb appeal and value ↑
• Both replace roof — extends home life and improves value ↑
• Both repair siding — improves home's appearance and value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 55/100

Zoned Schools

Elementary Timnath Elementary School D- CO #249/966 Nat'l #14,504/41,679 Middle Lesher Middle School D+ CO #50/270 Nat'l #4,433/14,009 High Fossil Ridge High School B+ CO #16/381 Nat'l #1,820/17,239

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

A Composite livability gradescore 80/100

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

• County: Larimer County · 415,361 people
• City population: 202,303
• Metro: Fort Collins, CO
• Population (ZIP): 40,030
• Household income: $85,035
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 17% Two or more races 11% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Slovak 3% Portuguese 3% Italian 3%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

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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: ▼ -581.67%
• Current HPI: 274.4026
• Rent YoY: ▲ 4.13%
• Metro: Fort Collins, CO
• State GDP YoY: ▲ 1.95%
• F500 in state: 14

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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

Property features AI

Finance

• Other: Minimal flood or C flood plain rating

Exterior

• Parking: Carport
• Utilities: City water (meter installed)Public sewerNatural gas availableElectricity availableCable available
• Home design: Manufactured in park (mobile home)House faces southCorner lotLevel lotPaved with curbs and street lightCity street frontage
• Construction: Frame constructionComposition sidingComposition roofUnder carriage: HUD
• Exterior features: Patio (enclosed)Land leaseStorage structureTV antenna

Interior

• Kitchen: Gas rangeSelf-cleaning ovenDishwasherRefrigeratorDisposal
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heatingCentral airEvaporative cooling
• Interior features: Eat-in kitchenWalk-in closet(s)Fire alarm
• Laundry & utility: WasherDryer

Price history

-12.5% since first listed

3 events — show timeline

• 2026-06-24 Listing Removed — IRES
• 2026-05-22 Price Changed $70,000 IRES
• 2026-04-22 Listed $80,000 IRES

Property tax history

+2.8%/yr

Latest (2025): $194 · +99.6% YoY. Source: county tax records.