900 Fifteenth St

Georgetown, CO 80444

$65,000B

2 bd · 1.0 ba · 784 sqft · Built 1965 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,824/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$383
• Net cashflow: $925/mo
• Annual: $11,105/yr
• Cap rate: 24.60%
• Cash-on-cash: 65.40%
• DSCR: 3.91
• 1% rule: 2.81%
• Cash to close: $18,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $65k. Condition is rated poor.
• At list price, monthly cash flow is $925 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• It's been on market 20 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-1.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $678 of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#298 in CO) — a working-class tenant base; expect higher turnover. Strengths: crime A+; Watch: commute D, amenities F, employment F.
• Clear Creek School District No. Re-1 (rural): math 31% / reading 40% proficiency, ranked #66 of 176 in CO (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 48 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 23 units permitted in Clear Creek County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts 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.
• At projected returns (-1.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 24.6% vs local median 2.1% in Georgetown — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and damage
• Major: roof — General condition suggests potential issues
• Major: flooring — Exposed subflooring and debris
• Major: interior walls — Painted walls appear old and chipped
• Major: kitchen — No visible details, but the overall condition suggests it may need updates
• Major: bathrooms — No visible details, but the overall condition suggests it may need updates