3109 E Mulberry St #26 · Fort Collins, CO 80524

$95,000

2 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 57 Days on market

Built 1996 191 ac lot Est $131k · 28% under

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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 +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable mobile home in Fort Collins under $100,000! This 3-bedroom, 2-bath manufactured home in The Villas community offers a rare opportunity for low-cost homeownership just minutes from Old Town Fort Collins and I-25.Featuring an open floor plan, this home includes an updated kitchen with gas stove, flexible living space, and room for a full dining area. With three bedrooms, there's plenty of space for guests, a home office, or everyday living. Located in a convenient Fort Collins location near shopping, dining, and the new Bloom development, this home combines accessibility with value-perfect for buyers looking for an affordable alternative to renting in Northern Colorado. Lot rent is

Key facts

• Open floor plan
• Full dining area
• Updated kitchen

Tags

• UPDATED KITCHEN
• OPEN FLOOR PLAN
• FLEXIBLE LIVING SPACE
• FULL DINING AREA
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Privately maintained road up to county standards; Lot is level and paved
• Financial info: Tax information is available
• HOA & community: No association fees or transfer fees reported

Exterior

• Parking: No garage; No designated parking features listed
• Utilities: City water with water meter installed; Natural gas available (Xcel); Electricity available; Trash and recycle provided through lot rent
• Home design: Manufactured in park; Mobile home
• Construction: Other construction materials; Composition and rubber roofing
• Exterior features: Land lease; Storage structure on site

Interior

• Kitchen: Electric range and gas range; Downdraft; Dishwasher; Refrigerator; Microwave; Freezer; Disposal
• Bedrooms: 3 bedrooms; All bedrooms are non-conforming
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Wall/window air conditioning units
• Interior features: Electric range and gas range; Downdraft; Dishwasher; Refrigerator; Microwave; Freezer; Disposal; Fire alarm
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $902 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.7% 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: Riffenburgh Elementary School (math 37% / reading 62%, grade D, #207 of 966 statewide, top 24%, 479 students, 23% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 422 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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 $657 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y 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.
• Current owner paid $75k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $92,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.96% ✓
• Cap rate: 17.69%
• Cash-on-cash: 40.71%
• DSCR: 2.81
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $131,328
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3109 E Mulberry St #5	0.00mi	3/2.0 (+1)	1,216 (0%)	16mo	$134,900	$111	82
3109 E Mulberry St #30	0.00mi	3/2.0 (+1)	1,216 (0%)	20mo	$120,000	$99	78
3109 E Mulberry St #1	0.00mi	3/2.0 (+1)	1,088 (-10%)	1mo	$107,000	$98	77
3109 E Mullberry St	0.00mi	3/2.0 (+1)	1,088 (-10%)	1mo	$117,000	$108	76
3109 E Mulberry St #24	0.02mi	3/2.0 (+1)	1,088 (-10%)	1mo	$117,000	$108	75
3109 E Mulberry St #10	0.01mi	3/2.0 (+1)	1,088 (-10%)	13mo	$110,000	$101	66

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: 38.4%
• Equity multiple: 2.66×
• Total profit: $44,192
• Equity at exit: $14,165

10-year hold

• IRR: 45.4%
• Equity multiple: 5.56×
• Total profit: $121,355
• Equity at exit: $8,214

Cash invested: $26,600 (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 →

ZIP-level market 80524

• Rents YoY: 4.1%
• Active inventory: 422
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,859 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$28 /mo · $342/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $902

Break-even live

Break-even rent $717

Max offer price $95,000

Occupancy floor 46%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
739 Riverbend Dr Unit Shop Fort Collins, CO	1.0	1.0	1200	$1,525	$1.27	23d	1	0.25mi
3210 Sykes Dr Fort Collins, CO	3.0	2.5	1485	$2,700	$1.82	13d	1	0.82mi
802 Waterglen Dr Fort Collins, CO	3.0	2.5	1285	$2,075	$1.61	23d	2	1.39mi

Listing history 32 events

1. 2026-06-18
   days on market $95,000 Active 57 DOM
2. 2026-06-17
   days on market $95,000 Active 56 DOM
3. 2026-06-16
   days on market $95,000 Active 55 DOM
4. 2026-06-15
   days on market $95,000 Active 54 DOM
5. 2026-06-14
   days on market $95,000 Active 52 DOM
6. 2026-06-10
   days on market $95,000 Active 49 DOM
7. 2026-06-09
   days on market $95,000 Active 48 DOM
8. 2026-06-08
   days on market $95,000 Active 47 DOM
9. 2026-06-07
   days on market $95,000 Active 46 DOM
10. 2026-06-03
    days on market $95,000 Active 42 DOM
11. 2026-06-02
    days on market $95,000 Active 41 DOM
12. 2026-06-01
    days on market $95,000 Active 40 DOM
13. 2026-05-31
    days on market $95,000 Active 39 DOM
14. 2026-05-30
    days on market $95,000 Active 38 DOM
15. 2026-04-22
    listed $95,000 Active
16. 2025-05-22
    historical
17. 2025-03-31
    historical Active - Backup
18. 2025-03-14
    price $89,000
19. 2025-03-10
    listed $92,000 Active
20. 2025-03-06
    historical
21. 2025-02-18
    price $93,000
22. 2025-02-04
    status Active
23. 2025-01-24
    historical Active - Backup
24. 2024-12-19
    listed $98,000 Active
25. 2022-10-12
    soldstatus $75,000 Sold
26. 2022-08-29
    historical Active - Backup
27. 2022-08-22
    listed $75,000 Active
28. 2021-08-19
    soldstatus $60,000 Sold
29. 2021-08-16
    status Pending
30. 2021-07-22
    price $80,000
31. 2021-07-02
    price $88,000
32. 2021-06-22
    listed $95,000 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: $342 · $28/mo
• Projected year-2 tax: $522 · $44/mo
• Expected delta: +$181/yr (+$15/mo · 52.9%)

ⓘ 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 5/10 Major
• 🌡 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: $22,309
• − Mortgage interest: −$5,321
• − Property taxes: −$342
• − Insurance: −$475
• − Repairs & maintenance: −$1,785
• − Management: −$1,785
• − Depreciation: −$2,764
• Taxable income: $9,838
• Est. tax owed @ 24.0%: −$2,361
• After-tax cash flow: $8,468/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

• County: Larimer County · 338,255 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: 1860.0

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 (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%

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

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

+0.0% since first listed

18 events — show timeline

• 2026-04-22 Listed $95,000 IRES
• 2025-05-22 Listing Removed — IRES
• 2025-03-31 Contingent — IRES
• 2025-03-14 Price Changed $89,000 IRES
• 2025-03-10 Listed $92,000 IRES
• 2025-03-06 Listing Removed — IRES
• 2025-02-18 Price Changed $93,000 IRES
• 2025-02-04 Relisted — IRES
• 2025-01-24 Contingent — IRES
• 2024-12-19 Listed $98,000 IRES
• 2022-10-12 Sold (MLS) $75,000 IRES
• 2022-08-29 Contingent — IRES
• 2022-08-22 Listed $75,000 IRES
• 2021-08-19 Sold (MLS) $60,000 IRES
• 2021-08-16 Pending — IRES
• 2021-07-22 Price Changed $80,000 IRES
• 2021-07-02 Price Changed $88,000 IRES
• 2021-06-22 Listed $95,000 IRES

Property tax history

+18.4%/yr

Latest (2025): $342 · +163.3% YoY. Source: county tax records.