230 N 2nd St #36 · Berthoud, CO 80513

$114,900

3 bd · 2.0 ba · 1,088 sqft · Manufactured public records · 178 Days on market

Built 2025 Good condition 3,049 sqft lot ↓ 12% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

$0 BUYER CLOSING AGENT COSTS for all contracts accepted by 4/30/26! Experience the perfect blend of small-town serenity and modern luxury in this stunning, brand-new family retreat. Designed for effortless entertaining, the open-concept floor plan features a gourmet kitchen anchored by a massive social island and a dedicated custom coffee bar. The main living area boasts a designer-crafted custom accent wall, adding a sophisticated, high-end touch to this move-in-ready home. The exterior is equally impressive, situated on a spacious lot featuring a heavy-duty, oversized shed-ideal for a professional workshop, hobby studio, or premium storage. Located in a highly sought-after community, you

Key facts

• Massive island
• Spacious yard
• Heavy-duty shed

Tags

• GOURMET KITCHEN
• MASSIVE ISLAND
• DEDICATED COFFEE BAR
• CUSTOM ACCENT WALL
• SPACIOUS YARD
• HEAVY-DUTY SHED

Property features AI

Exterior

• Parking: No garage; No designated parking features listed
• Utilities: City water (meter installed); Public sewer; Natural gas available (Xcel); Electricity available; Cable available; Satellite available; High-speed internet available; Community trash service
• Home design: Manufactured in park (mobile home); Built by Champion, model Embrace
• Construction: Frame construction; Composition siding; Composition roof; Under carriage: HUD
• Exterior features: Deck; Land lease; Storage structure; Evergreen trees; Level lot; Paved; Asphalt road surface; City street frontage; Minimal flood or C flood plain rating; Level lot accessibility; Stall shower (accessibility feature)

Interior

• Kitchen: Gas range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Central air; Ceiling fans
• Interior features: Eat-in kitchen; Cathedral ceilings; Open floorplan; Kitchen island; Window coverings; Fire alarm

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $115k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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: Berthoud Early Childhood (30 students, 23% 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; 1 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 $794 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 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: 2.33% ✓
• Cap rate: 20.13%
• Cash-on-cash: 49.43%
• DSCR: 3.20
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $73,984
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
230 N 2nd St #83	0.02mi	3/2.0	1,056 (-3%)	1mo	$55,000	$52	93
230 N 2nd St #4	0.02mi	2/1.5 (-1)	1,056 (-3%)	13mo	$49,000	$46	76
230 N 2nd St N #80	0.02mi	2/2.0 (-1)	960 (-12%)	0mo	$82,000	$85	74
235 N 2nd St #17	0.13mi	3/2.0	1,216 (+12%)	2mo	$83,000	$68	73
230 N 2nd St #7	0.02mi	3/2.0	924 (-15%)	6mo	$66,999	$73	69
230 N 2nd St #50	0.02mi	3/2.0	1,216 (+12%)	12mo	$70,000	$58	69
227 N 2nd St #20	0.07mi	2/1.0 (-1)	960 (-12%)	3mo	$72,000	$75	65
230 N 2nd St #9	0.02mi	2/2.0 (-1)	960 (-12%)	18mo	$84,000	$88	60
230 N 2nd St #10	0.02mi	2/1.0 (-1)	980 (-10%)	18mo	$52,000	$53	58

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: 47.1%
• Equity multiple: 3.05×
• Total profit: $65,822
• Equity at exit: $17,132

10-year hold

• IRR: 52.8%
• Equity multiple: 6.16×
• Total profit: $166,159
• Equity at exit: $9,934

Cash invested: $32,172 (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: 3.6×

Monthly cashflow live

• Estimated rent: $2,683 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,724/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $1,325

Break-even live

Break-even rent $1,005

Max offer price $114,900

Occupancy floor 46%

Sensitivity live

Price	-10% $1,405	-5% $1,365	+0% $1,325	+5% $1,285	+10% $1,246
Rent	-10% $1,113	-5% $1,219	+0% $1,325	+5% $1,431	+10% $1,537
Rate	-1.0pp $1,383	-0.5pp $1,354	base $1,325	+0.5pp $1,295	+1.0pp $1,265

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	14d	1	0.88mi

Listing history 11 events

1. 2026-06-18
   days on market $114,900 Active 178 DOM
2. 2026-06-17
   days on market $114,900 Active 177 DOM
3. 2026-06-16
   days on market $114,900 Active 176 DOM
4. 2026-06-15
   days on market $114,900 Active 175 DOM
5. 2026-06-14
   days on market $114,900 Active 173 DOM
6. 2026-06-13
   days on market $114,900 Active 172 DOM
7. 2026-06-10
   days on market $114,900 Active 170 DOM
8. 2026-06-09
   days on market $114,900 Active 169 DOM
9. 2026-06-08
   days on market $114,900 Active 168 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $114,900 Active 167 DOM

ⓘ 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 · 18 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: $32,190
• − Mortgage interest: −$6,436
• − Property taxes: −$1,724
• − Insurance: −$574
• − Repairs & maintenance: −$2,575
• − Management: −$2,575
• − Depreciation: −$3,343
• Taxable income: $14,963
• Est. tax owed @ 24.0%: −$3,591
• After-tax cash flow: $12,311/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This move-in-ready manufactured home offers a modern and well-maintained interior with a good condition exterior. It's located in a desirable community and would benefit from some landscaping and exterior painting to further enhance its curb appeal and value.

Value-add opportunities

• Both Landscaping — enhances curb appeal and adds value
• Both Painting exterior — refreshes the home's appearance
• Both Landscaping around the shed — improves the overall aesthetic and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — enhances curb appeal and adds value ↑
• Both Painting exterior — refreshes the home's appearance ↑
• Both Landscaping around the shed — improves the overall aesthetic and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-11.5% since first listed

3 events — show timeline

• 2026-06-06 Price Changed $114,900 IRES
• 2026-03-19 Price Changed $119,900 IRES
• 2025-12-22 Listed $129,900 IRES