2210 W 3rd St #11

Craig, CO 81625

$114,900D+

3 bd · 1.0 ba · 1,056 sqft · Built 1998 · Manufactured · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,297/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$258
• HOA: −$0
• Vac / Maint / Mgmt: −$272
• Net cashflow: $164/mo
• Annual: $1,972/yr
• Cap rate: 8.70%
• Cash-on-cash: 8.61%
• DSCR: 1.38
• 1% rule: 1.13%
• Cash to close: $32,172

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 21 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#160 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A; Watch: employment C-, crime D, amenities F.
• Moffat County School District Re: No. 1 (town): math 22% / reading 35% proficiency, ranked #53 of 86 in CO (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Sandrock Elementary (math 5% / reading 17%, grade F, #879 of 966 statewide, top 94%, 325 students, 54% FRL); Craig Middle School (math 20% / reading 27%, grade F, #182 of 270 statewide, top 68%, 464 students, 42% FRL); Moffat County High School (math 22% / reading 42%, grade F, #220 of 381 statewide, top 59%, 560 students, 35% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 188 active listings in the ZIP; 18 units permitted in Moffat County in 2024 (0 in 5+ unit buildings).
• Moffat County population projected at -41% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.7% vs local median 3.2% in Craig — 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

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.