2500 E Harmony Rd #18

Fort Collins, CO 80528

$83,000B-

2 bd · 2.0 ba · 924 sqft · Built 1980 · Manufactured · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,018/mo
• Mortgage (P&I): −$435
• Tax + insurance: −$49
• HOA: −$0
• Vac / Maint / Mgmt: −$424
• Net cashflow: $1,110/mo
• Annual: $13,320/yr
• Cap rate: 22.34%
• Cash-on-cash: 57.32%
• DSCR: 3.55
• 1% rule: 2.43%
• Cash to close: $23,240

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $83k.
• 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 $83k).
• It's been on market 43 days — a 3% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.4%/yr); year-one equity from $574 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#11 in CO, #1,750 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Poudre School District R-1 (urban): math 45% / reading 60% proficiency, ranked #10 of 86 in CO (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Linton Elementary School (math 12% / reading 27%, grade F, #706 of 966 statewide, top 75%, 347 students, 59% FRL) — zoned schools average 59% FRL vs 24% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 20% at this address vs 52% district-wide (-33 pts) — the specific schools serving this property underperform the Poudre School District R-1 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.6%/yr); 189 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,786 units permitted in Larimer County in 2024 (402 in 5+ unit buildings).
• Larimer County population projected at +51% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 3y 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.
• At projected returns (-1.4% appreciation + 3.6% rent growth), your $23k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.3% vs local median 2.6% in Fort Collins — 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

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.