3630 E St

Evans, CO 80620

$80,000B

3 bd · 2.0 ba · 1,152 sqft · Built 2017 · Manufactured · Active · 246 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,866/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$70
• HOA: −$0
• Vac / Maint / Mgmt: −$392
• Net cashflow: $985/mo
• Annual: $11,818/yr
• Cap rate: 21.07%
• Cash-on-cash: 52.76%
• DSCR: 3.35
• 1% rule: 2.33%
• Cash to close: $22,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $985 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 246 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#104 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: crime C-, amenities F, health & safety 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: Centennial Elementary School (math 15% / reading 22%, grade F, #724 of 966 statewide, top 77%, 457 students, 86% FRL); Brentwood Middle School (math 14% / reading 29%, grade F, #195 of 270 statewide, top 73%, 557 students, 79% FRL); Greeley Central High School (math 14% / reading 36%, grade F, #263 of 381 statewide, top 69%, 1,484 students, 64% FRL) — zoned schools average 77% FRL vs 54% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.8%/yr); 120 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.1% vs local median 3.8% in Evans — 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 30% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 246 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.