235 N 2nd St · Berthoud, CO 80513

$65,000

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 139 Days on market

Built 2014 Est $77k · 16% under ↓ 34% since listing

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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 +14.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 3 bedroom 2 bath home in Pinewood Mobile Home Park with lot rent ONLY $530.00 Per Month! Unheard of!!. A very nice family park (sorry-no dogs). Great location in Berthoud. This is a very well maintained home with double pane windows, New water heater, new smoke/carbon monoxide detectors. Ceiling fans & evaporative cooler to keep you cool in summer. Microwave, Gas stove/oven, Dishwasher, Refrigerator, Washer & dryer all stay! Great open floor plan. 2 car off-street parking with 1 car carport & great deep shed with workbench for all your tools & gadgets. Kitchen has wonderful work space & tons of cabinets. Primary bedroom has private bathroom with double sinks, walk-in shower & extra closet for more storage. This home is lovely - you don't want to miss it! Berthoud is a quaint town only minutes from Loveland. Great access to I25 as well. Need financing - It's available!

Key facts

• Kitchen appliances
• Vinyl flooring
• Two parking spaces

Tags

• VINYL FLOORING
• CENTRAL AIR CONDITIONING
• KITCHEN APPLIANCES
• PENINSULA FOR SEATING
• STORAGE SHED
• TWO PARKING SPACES

Property features AI

Finance

• Other: Individual ownership
• Financial info: Land lease of $800 monthly (lease expires January 7, 2027)
• HOA & community: Has association (Pinewood MHC), professionally managed; Association fees charged monthly; Pets allowed (cats and dogs) with breed, number, and size restrictions

Exterior

• Parking: Asphalt parking; Two parking spaces
• Utilities: Public water; Public sewer; Natural gas connected; Electricity connected (110V); Cable available; Wired internet available; Phone service available
• Home design: Manufactured home in a park; Single-story (main level living); Located in Pinewood MHC (land lease community)
• Construction: Vinyl siding; Composition roof; Manufactured home (66 ft by 16 ft)
• Exterior features: Rain gutters

Interior

• Kitchen: Ample cabinetry; Refrigerator; Oven; Range; Range hood
• Bedrooms: Two bedrooms on the main level; Primary suite on the main level with en-suite bathroom; Secondary bedroom on the main level with ceiling fan
• Flooring: Vinyl flooring throughout
• Bathrooms: Two full bathrooms on the main level; Primary en-suite bathroom with walk-in shower and single-sink vanity; Bathroom with shower-tub combo and spacious vanity
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Laminate countertops; Open floorplan; Smoke-free; Window coverings
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.8% vs local median 3.2% in Berthoud — 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 69/100 on livability (#100 in CO) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, cost of living F, health & safety F.
• Thompson School District R-2J (suburban): math 28% / reading 48% proficiency, ranked #28 of 86 in CO (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ivy Stockwell Elementary School (math 47% / reading 57%, grade C-, #174 of 966 statewide, top 20%, 402 students, 21% FRL); Turner Middle School (math 37% / reading 52%, grade D, #56 of 270 statewide, top 23%, 461 students, 19% FRL); Berthoud High School (math 37% / reading 62%, grade D, #115 of 381 statewide, top 34%, 691 students, 15% FRL).
• Market conditions: 357 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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 $449 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 + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $10k (13%) 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 $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% 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 A-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: 3.56% ✓
• Cap rate: 31.76%
• Cash-on-cash: 90.94%
• DSCR: 5.05
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $77,088
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
230 N 2nd St #83	0.14mi	3/2.0 (+1)	1,056 (0%)	1mo	$55,000	$52	88
230 N 2nd St #4	0.14mi	2/1.5	1,056 (0%)	13mo	$49,000	$46	81
230 N 2nd St N #80	0.14mi	2/2.0	960 (-9%)	0mo	$82,000	$85	78
227 N 2nd St #20	0.08mi	2/1.0	960 (-9%)	3mo	$72,000	$75	75
230 N 2nd St #9	0.14mi	2/2.0	960 (-9%)	18mo	$84,000	$88	64
230 N 2nd St #7	0.14mi	3/2.0 (+1)	924 (-12%)	6mo	$66,999	$73	63
230 N 2nd St #10	0.14mi	2/1.0	980 (-7%)	18mo	$52,000	$53	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 91.7%
• Equity multiple: 5.25×
• Total profit: $77,350
• Equity at exit: $9,692

10-year hold

• IRR: 94.5%
• Equity multiple: 10.92×
• Total profit: $180,614
• Equity at exit: $5,620

Cash invested: $18,200 (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 80513

• Active inventory: 357
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $2,315 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $1,379

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 35%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1155 Summit Vista Dr Berthoud, CO	3.0	2.5	1377	$2,650	$1.92	13d	1	0.85mi
1506 N 4th St Unit 6 Berthoud, CO	1.0	1.0	838	$1,300	$1.55	23d	1	1.12mi

Listing history 27 events

1. 2026-06-18
   days on market $65,000 Active 139 DOM
2. 2026-06-17
   days on market $65,000 Active 138 DOM
3. 2026-06-16
   days on market $65,000 Active 137 DOM
4. 2026-06-15
   days on market $65,000 Active 136 DOM
5. 2026-06-14
   days on market $65,000 Active 134 DOM
6. 2026-06-13
   days on market $65,000 Active 133 DOM
7. 2026-06-10
   days on market $65,000 Active 131 DOM
8. 2026-06-09
   days on market $65,000 Active 130 DOM
9. 2026-06-08
   days on market $65,000 Active 129 DOM
10. 2026-06-07
    days on market $65,000 Active 128 DOM
11. 2026-06-03
    days on market $65,000 Active 124 DOM
12. 2026-06-02
    days on market $65,000 Active 123 DOM
13. 2026-06-01
    days on market $65,000 Active 122 DOM
14. 2026-05-31
    days on market $65,000 Active 121 DOM
15. 2026-05-30
    days on market $65,000 Active 120 DOM
16. 2026-05-18
    status Active
17. 2026-05-12
    status Pending Accepting Backup Offers
18. 2026-05-12
    price $65,000
19. 2026-04-13
    price $70,000
20. 2026-04-09
    price $65,900
21. 2026-03-04
    price $70,000
22. 2026-02-10
    status Active
23. 2026-01-27
    status Pending Accepting Backup Offers
24. 2026-01-10
    listed $75,000 Active
25. 2023-04-20
    soldstatus $89,000 Closed 914-char remark

    Show marketing remark (914 chars)

    Beautiful 3 bedroom 2 bath home in Pinewood Mobile Home Park with lot rent ONLY $530.00 Per Month! Unheard of!!. A very nice family park (sorry-no dogs). Great location in Berthoud. This is a very well maintained home with double pane windows, New water heater, new smoke/carbon monoxide detectors. Ceiling fans & evaporative cooler to keep you cool in summer. Microwave, Gas stove/oven, Dishwasher, Refrigerator, Washer & dryer all stay! Great open floor plan. 2 car off-street parking with 1 car carport & great deep shed with workbench for all your tools & gadgets. Kitchen has wonderful work space & tons of cabinets. Primary bedroom has private bathroom with double sinks, walk-in shower & extra closet for more storage. This home is lovely - you don't want to miss it! Berthoud is a quaint town only minutes from Loveland. Great access to I25 as well. Need financing - It's available!

26. 2023-03-22
    status Pending Accepting Backup Offers 914-char remark

    Show marketing remark (914 chars)

    Beautiful 3 bedroom 2 bath home in Pinewood Mobile Home Park with lot rent ONLY $530.00 Per Month! Unheard of!!. A very nice family park (sorry-no dogs). Great location in Berthoud. This is a very well maintained home with double pane windows, New water heater, new smoke/carbon monoxide detectors. Ceiling fans & evaporative cooler to keep you cool in summer. Microwave, Gas stove/oven, Dishwasher, Refrigerator, Washer & dryer all stay! Great open floor plan. 2 car off-street parking with 1 car carport & great deep shed with workbench for all your tools & gadgets. Kitchen has wonderful work space & tons of cabinets. Primary bedroom has private bathroom with double sinks, walk-in shower & extra closet for more storage. This home is lovely - you don't want to miss it! Berthoud is a quaint town only minutes from Loveland. Great access to I25 as well. Need financing - It's available!

27. 2023-02-22
    listed $98,000 Active 914-char remark

    Show marketing remark (914 chars)

    Beautiful 3 bedroom 2 bath home in Pinewood Mobile Home Park with lot rent ONLY $530.00 Per Month! Unheard of!!. A very nice family park (sorry-no dogs). Great location in Berthoud. This is a very well maintained home with double pane windows, New water heater, new smoke/carbon monoxide detectors. Ceiling fans & evaporative cooler to keep you cool in summer. Microwave, Gas stove/oven, Dishwasher, Refrigerator, Washer & dryer all stay! Great open floor plan. 2 car off-street parking with 1 car carport & great deep shed with workbench for all your tools & gadgets. Kitchen has wonderful work space & tons of cabinets. Primary bedroom has private bathroom with double sinks, walk-in shower & extra closet for more storage. This home is lovely - you don't want to miss it! Berthoud is a quaint town only minutes from Loveland. Great access to I25 as well. Need financing - It's available!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,774
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$2,222
• − Management: −$2,222
• − Depreciation: −$1,891
• Taxable income: $16,499
• Est. tax owed @ 24.0%: −$3,960
• After-tax cash flow: $12,592/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: Thompson School District R-2J
• NCES district ID: 0805400
• Math proficiency: 28% ▼ -7.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $63,040
• Composite: 34.01/100
• National rank: #5313
• State rank: #28 of 86 in CO

Livability — Berthoud

• Score: 69/100
• State rank: #100
• US rank: #8538

Category grades

Amenities F Commute C+ Cost of living F Crime C+ Employment A+ Housing A+ Health & safety F User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berthoud, CO
• County: Larimer County · 338,255 people
• City population: 18,271
• Metro: Fort Collins, CO
• Population (ZIP): 18,271
• Household income: $126,726
• Rent vs Own: 10.4% rent · 89.6% own
• Severe rent burden: 55.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 6%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 6% Romanian 4% Lithuanian 4%
• Foreign-born: 4% · Canada, China, Vietnam
• Languages at home: 95% English-only · Spanish 4% Other Indo-European 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: ▼ -411.30%
• Current HPI: 260.0027
• Rent YoY: —
• 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

-33.7% since first listed

12 events — show timeline

• 2026-05-18 Relisted — REColorado as Distributed by MLS Grid
• 2026-05-12 Pending — REColorado as Distributed by MLS Grid
• 2026-05-12 Price Changed $65,000 REColorado as Distributed by MLS Grid
• 2026-04-13 Price Changed $70,000 REColorado as Distributed by MLS Grid
• 2026-04-09 Price Changed $65,900 REColorado as Distributed by MLS Grid
• 2026-03-04 Price Changed $70,000 REColorado as Distributed by MLS Grid
• 2026-02-10 Relisted — REColorado as Distributed by MLS Grid
• 2026-01-27 Pending — REColorado as Distributed by MLS Grid
• 2026-01-10 Listed $75,000 REColorado as Distributed by MLS Grid
• 2023-04-20 Sold (MLS) $89,000 REColorado as Distributed by MLS Grid
• 2023-03-22 Pending — REColorado as Distributed by MLS Grid
• 2023-02-22 Listed $98,000 REColorado as Distributed by MLS Grid