1491 Highway 50 #64

Delta, CO 81416

$44,900B+

3 bd · 2.0 ba · 1,020 sqft · Built 1978 · Manufactured · Active · 663 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,780/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $1,096/mo
• Annual: $13,147/yr
• Cap rate: 35.57%
• Cash-on-cash: 104.57%
• DSCR: 5.65
• 1% rule: 3.96%
• Cash to close: $12,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $45k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• It's been on market 663 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#313 in CO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing A-; Watch: schools F, amenities F, commute F.
• Delta County Joint District No. 50 (town): math 29% / reading 43% proficiency, ranked #38 of 86 in CO (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 160 active listings in the ZIP; 113 units permitted in Delta County in 2024 (50 in 5+ unit buildings).
• Delta County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $9k; list at $45k implies a 399% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 35.6% vs local median 2.8% in Delta — 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 43% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 663 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.