516 Park Ave #29

Lewiston, ID 83501-0000

$74,500B

2 bd · 2.0 ba · 1,028 sqft · Built 1975 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,018/mo
• Mortgage (P&I): −$391
• Tax + insurance: −$124
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $290/mo
• Annual: $3,477/yr
• Cap rate: 10.96%
• Cash-on-cash: 16.67%
• DSCR: 1.74
• 1% rule: 1.37%
• Cash to close: $20,860

Investor read

• This is a 2-bed/2.0-bath single-family listed at $74k.
• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• It's been on market 36 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($515 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 75/100 on livability (#30 in ID, #4,281 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Lewiston Independent District (urban): math 44% / reading 54% proficiency, ranked #37 of 92 in ID (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Orchards Elementary School (math 52% / reading 57%, grade C, #106 of 357 statewide, top 33%, 276 students, 40% FRL); Lewiston High School (math 37% / reading 63%, grade D+, #39 of 169 statewide, top 23%, 1,373 students, 17% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: 3 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 125 units permitted in Nez Perce County in 2024 (0 in 5+ unit buildings).
• Nez Perce County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 11.0% vs local median 1.9% in Lewiston — 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 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.