383 S Hillcrest #21 · Montrose, CO 81401

$87,000

2 bd · 1.0 ba · 1,216 sqft · Manufactured public records · 30 Days on market

Built 1989

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Parking
• Built 1989
• Listed 29 days

Property features AI

Finance

• HOA & community: Homeowners association: Paradise Village

Exterior

• Parking: Carport (1 space)
• Utilities: Electricity available; Natural gas available; High-speed internet available; Public water; Public sewer; Paved road access
• Home design: Single-wide mobile home; 1 story; Metal roof; Residential single family
• Construction: Metal roof
• Exterior features: Covered porch; Porch; Shed(s)

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Gas water heater
• Bedrooms: Main level
• Flooring: Linoleum; Partially carpeted
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Has heating
• Interior features: Eat-in kitchen; Kitchen/dining combo; Main-level primary; Unfurnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $87k.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $87k).
• Recommended offer: $86k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 2.0% in Montrose — 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 68/100 on livability (#109 in CO) — a middle-class / working-renter tenant base. Strengths: housing A+; Watch: amenities C-, schools D+, employment D+.
• Montrose County School District Re-1J (town): math 22% / reading 36% proficiency, ranked #55 of 86 in CO (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 371 active listings in the ZIP; 271 units permitted in Montrose County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Montrose County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($86k) is reasonable based on typical stale-listing flexibility.

Recommended offer $85,695 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.93% ✓
• Cap rate: 16.29%
• Cash-on-cash: 35.70%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $350,208
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
383 S Hillcrest Dr #45	0.00mi	3/2.0 (+1)	1,178 (-3%)	9mo	$90,000	$76	78
383 Hillcrest Dr #2	0.00mi	3/2.0 (+1)	1,128 (-7%)	10mo	$120,000	$106	71
383 S Hillcrest Dr #26	0.00mi	3/2.0 (+1)	1,144 (-6%)	15mo	$123,000	$108	68
2030 Elbert St	0.25mi	3/2.0 (+1)	1,179 (-3%)	11mo	$343,000	$291	66
383 S Hillcrest #1	0.00mi	2/2.0	1,092 (-10%)	18mo	$124,000	$114	64
2023 Sunlight Ct	0.22mi	3/2.0 (+1)	1,179 (-3%)	23mo	$340,000	$288	56
2012 Sunlight Ct	0.18mi	3/2.0 (+1)	1,072 (-12%)	12mo	$335,000	$313	52
2102 Evans Ave	0.21mi	3/2.0 (+1)	1,072 (-12%)	13mo	$345,000	$322	51
638 S 4th St	0.74mi	2/1.0	1,258 (+4%)	18mo	$429,000	$341	45

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: 31.4%
• Equity multiple: 2.32×
• Total profit: $32,081
• Equity at exit: $12,972

10-year hold

• IRR: 38.5%
• Equity multiple: 4.59×
• Total profit: $87,468
• Equity at exit: $7,522

Cash invested: $24,360 (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 81401

• Active inventory: 371
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,678 medium
• Mortgage (P&I): −$456
• Tax est. 1.5%: −$109 /mo · $1,305/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $725

Break-even live

Break-even rent $761

Max offer price $87,000

Occupancy floor 52%

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $87,000 Active 30 DOM
2. 2026-06-18
   days on market $87,000 Active 29 DOM
3. 2026-06-17
   days on market $87,000 Active 28 DOM
4. 2026-06-16
   days on market $87,000 Active 27 DOM
5. 2026-06-15
   days on market $87,000 Active 26 DOM
6. 2026-06-14
   days on market $87,000 Active 24 DOM
7. 2026-06-12
   pricedays on market $87,000 Active 23 DOM
8. 2026-06-09
   days on market $95,000 Active 20 DOM
9. 2026-06-08
   days on market $95,000 Active 19 DOM
10. 2026-06-07
    days on market $95,000 Active 18 DOM
11. 2026-06-02
    days on market $95,000 Active 13 DOM
12. 2026-06-01
    days on market $95,000 Active 12 DOM
13. 2026-05-31
    days on market $95,000 Active 11 DOM
14. 2026-05-30
    days on market $95,000 Active 10 DOM
15. 2026-05-20
    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.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 6 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,140
• − Mortgage interest: −$4,873
• − Property taxes: −$1,305
• − Insurance: −$435
• − Repairs & maintenance: −$1,611
• − Management: −$1,611
• − Depreciation: −$2,531
• Taxable income: $7,773
• Est. tax owed @ 24.0%: −$1,866
• After-tax cash flow: $6,830/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: Montrose County School District Re-1J
• NCES district ID: 0805790
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 36% ▼ -7.00%
• Median HH income: $45,650
• Composite: 24.9/100
• National rank: #7577
• State rank: #55 of 86 in CO

Livability — Montrose

• Score: 68/100
• State rank: #109
• US rank: #9310

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montrose, CO
• County: Montrose County · 24,228 people
• City population: 24,228
• Metro: Montrose, CO
• Population (ZIP): 24,228
• Household income: $71,286
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 682.0

Population outlook (Montrose County) Hauer SSP2

• Today (2025): 39,229 people
• By 2030: 37,791 · -3.7%
• By 2040: 33,829 · -13.8%
• By 2050: 29,530 · -24.7%
• By 2075: 20,559 · -47.6%
• By 2100: 12,144 · -69.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 20% Two or more races 13% Native American 1%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Slovak 4% Romanian 3% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1%

Political lean MEDSL · Montrose

• 2024 margin: Solid R (+32.6) · D 32.6% · R 65.2% · Other 2.2%
• 2008→2024 swing: -2.8pp toward R · 2008: -29.8pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+36.5 2016: R+42.1 2012: R+36.4 2008: R+29.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.94%
• Current HPI: 373.4909
• Rent YoY: —
• Metro: Montrose, 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

1 event — show timeline

• 2026-05-20 Listed $95,000 cren

Property tax history

+8.9%/yr

Latest (2025): $163 · +352.5% YoY. Source: county tax records.