2211 W Mulberry St #253 · Fort Collins, CO 80521

$56,500

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 105 Days on market

Built 1993 ↓ 18% since listing

---

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
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Motivated seller! Priced below appraised value and sold AS-IS. The home requires repairs, cosmetic updates, and installation of the back deck per recent park inspection. Seller is offering a $1,500 concession toward the deck installation. All offers will be presented and reviewed. Located in a well-maintained 55+ community near parks, golf, shopping, and restaurants, this property offers a great opportunity for a buyer looking to build equity and make it their own. Lot rent is $1,035/month and includes courtesy lawn mowing between homes, snow removal on main streets, trash, recycling, yard waste service, and basic cable in two rooms.

Key facts

• One car garage
• Attached work shed
• Covered entrance

Tags

• ONE CAR GARAGE
• ATTACHED WORK SHED
• CONNECTED TORNADO SHELTER
• ACCESSIBILITY RAMP
• COVERED ENTRANCE

Property features AI

Finance

• Other: Minimal flood risk (C rating)
• HOA & community: Land lease community

Exterior

• Parking: No garage; No designated parking features listed
• Utilities: City water with meter installed; Natural gas available (Xcel); Electricity available; Cable available; High-speed internet available; Republic trash service
• Home design: Manufactured in park (mobile home)
• Construction: Metal roof; Other construction materials; Ramp access
• Exterior features: Enclosed patio/porch; Land lease; Storage structure; Paved lot; Asphalt road

Interior

• Kitchen: Gas range; Dishwasher; Refrigerator; Microwave; Garbage disposal
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Evaporative cooling; Ceiling fans
• Interior features: Eat-in kitchen; Workshop; Window coverings; Fire alarm

🏷️ Possibly a rental listed for sale. The $56,500 price doesn't fit this home's estimated sale value (~$114,304) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $56k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $56k).
• Recommended offer: $51k (9.0% below list) — sets the bar for market timing.
• Cap rate 33.8% 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; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).
• This rent runs 44% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $391 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 + 5.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $28k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $51,415 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% 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: 3.74% ✓
• Cap rate: 33.81%
• Cash-on-cash: 98.29%
• DSCR: 5.37
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $114,304
• 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 (0%)	6mo	$96,800	$80	95
2211 W Mulberry St #54	0.00mi	3/1.5	1,152 (-5%)	2mo	$43,600	$38	88
2211 W Mulberry St #88	0.00mi	3/2.0	1,120 (-8%)	15mo	$114,000	$102	74
2211 W Mulberry St #56	0.00mi	2/2.0 (-1)	1,056 (-13%)	13mo	$99,000	$94	62

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: —
• Equity multiple: 5.91×
• Total profit: $77,727
• Equity at exit: $8,424

10-year hold

• IRR: —
• Equity multiple: 13.17×
• Total profit: $192,556
• Equity at exit: $4,885

Cash invested: $15,820 (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: 2.2×

Monthly cashflow live

• Estimated rent: $2,111 high
• Mortgage (P&I): −$296
• Tax from tax record: −$52 /mo · $623/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $1,296

Break-even live

Break-even rent $471

Max offer price $56,500

Occupancy floor 34%

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: $14,125
• Closing costs: $1,695
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2155 Orchard Pl Fort Collins, CO	2.0	2.0	790	$1,718	$2.17	14d	9	0.12mi
901 S Taft Hill Rd Fort Collins, CO	2.0	1.0	700	$1,399	$2.00	23d	1	0.15mi
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
921 Glenmoor Dr Fort Collins, CO	2.0–3.0	1.0	680	$1,590	$2.34	14d	4	0.23mi
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
2416 Clearview Ave Unit 2416-1 Fort Collins, CO	2.0	1.0	792	$1,300	$1.64	14d	1	0.51mi
2420 Clearview Ave Unit 4 Fort Collins, CO	2.0	1.0	864	$1,500	$1.74	23d	1	0.52mi
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
1718 Larch St Unit 2 Fort Collins, CO	2.0	1.0	850	$1,395	$1.64	23d	1	1.17mi
1121 W Prospect Rd Fort Collins, CO	1.0–2.0	1.0	755	$1,574	$2.08	23d	10	1.21mi
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
2912 Somerville Dr Unit 4 Fort Collins, CO	2.0	1.0	762	$1,430	$1.88	23d	1	1.30mi
3024 Sumac St Fort Collins, CO	2.0	1.0	800	$1,425	$1.78	14d	1	1.30mi
3024 Sumac St Fort Collins, CO	2.0	1.0	700	$1,425	$2.04	23d	1	1.30mi
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
1942 Pecan St Unit 2 Fort Collins, CO	2.0	1.0	720	$1,450	$2.01	23d	1	1.39mi
1954 Pecan St Unit 2 Fort Collins, CO	3.0	1.5	1200	$2,000	$1.67	14d	1	1.40mi
1814 Belmar Dr Fort Collins, CO	2.0	1.5	810	$1,695	$2.09	23d	1	1.42mi
1050 Hobbit St Fort Collins, CO	1.0–3.0	1.0–2.0	810	$1,545	$1.91	23d	11	1.46mi
1917 S Shields St Fort Collins, CO	2.0	1.0	800	$1,475	$1.84	23d	1	1.46mi
308 West St Fort Collins, CO	2.0	1.0	719	$1,500	$2.09	23d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $56,500 Active 105 DOM
2. 2026-06-17
   days on market $56,500 Active 104 DOM
3. 2026-06-16
   days on market $56,500 Active 103 DOM
4. 2026-06-15
   days on market $56,500 Active 102 DOM
5. 2026-06-14
   days on market $56,500 Active 100 DOM
6. 2026-06-10
   days on market $56,500 Active 97 DOM
7. 2026-06-09
   days on market $56,500 Active 96 DOM
8. 2026-06-08
   days on market $56,500 Active 95 DOM
9. 2026-06-07
   days on market $56,500 Active 94 DOM
10. 2026-06-03
    days on market $56,500 Active 90 DOM
11. 2026-06-02
    days on market $56,500 Active 89 DOM
12. 2026-06-01
    days on market $56,500 Active 88 DOM
13. 2026-05-31
    days on market $56,500 Active 87 DOM
14. 2026-05-30
    days on market $56,500 Active 86 DOM
15. 2026-04-02
    price $69,500
16. 2026-03-22
    status Active
17. 2026-03-17
    historical Active Under Contract
18. 2026-03-05
    listed $84,500 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: $623 · $52/mo
• Projected year-2 tax: $623 · $52/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $25,330
• − Mortgage interest: −$3,165
• − Property taxes: −$623
• − Insurance: −$282
• − Repairs & maintenance: −$2,026
• − Management: −$2,026
• − Depreciation: −$1,644
• Taxable income: $15,563
• Est. tax owed @ 24.0%: −$3,735
• After-tax cash flow: $11,814/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

-17.8% since first listed

4 events — show timeline

• 2026-04-02 Price Changed $69,500 IRES
• 2026-03-22 Relisted — IRES
• 2026-03-17 Contingent — IRES
• 2026-03-05 Listed $84,500 IRES

Property tax history

+6.8%/yr

Latest (2025): $623 · +549.7% YoY. Source: county tax records.