1215 Sixth St

Las Animas, CO 81054

$164,900D

4 bd · 2.0 ba · 2,205 sqft · Built 1911 · Manufactured · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,392/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $101/mo
• Annual: $1,215/yr
• Cap rate: 7.03%
• Cash-on-cash: 2.63%
• DSCR: 1.12
• 1% rule: 0.84%
• Cash to close: $46,172

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $165k.
• At list price, monthly cash flow is $101 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (15.6% below list).
• It's been on market 67 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (15.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#89 in CO) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: health & safety C-, amenities F, employment F.
• Las Animas School District No. Re-1 (town): math 14% / reading 30% proficiency, ranked #76 of 86 in CO (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Las Animas Elementary School (math 27% / reading 32%, grade F, #512 of 966 statewide, top 55%, 246 students, 68% FRL); Las Animas Junior High School (math 24% / reading 30%, grade F, #150 of 270 statewide, top 57%, 90 students, 69% FRL); Las Animas High School (math 30% / reading 50%, grade F, #167 of 381 statewide, top 46%, 118 students, 58% FRL) — zoned schools at 65% FRL track the district average.
• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 6 units permitted in Bent County in 2024 (0 in 5+ unit buildings).
• Bent County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 8y ago 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.
• Current owner paid $92k; list at $165k implies a 79% gain — meaningful room to come down on a strong offer.
• Cap rate 7.0% vs local median 5.4% in Las Animas — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1911 — 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 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?
• 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.