653 E 300 S · Salt Lake City, UT 84102

$2,200,000

18 bd · 24.0 ba · 11,256 sqft · MultiFamily public records · 13 Days on market

Built 1913 9,583 sqft lot

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Why this score? — see what drove the D 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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

There are no remarks available.

Key facts

• Easy access
• Historic gem
• Prime location

Tags

• HISTORIC GEM
• MODERN APARTMENT COMPLEX
• PRIME LOCATION
• EASY ACCESS

Property features AI

Finance

• Financial info: Annual tax information available

Exterior

• Parking: Total of 7 parking spaces; 4 covered/carport spaces; 3 open parking spaces; Has carport
• Utilities: Natural gas connected; Electricity connected; Public sewer connected; Culinary water connected
• Home design: 3-story multi-family building; Residential use; Zoned RMF 45 (Multi-Family)
• Construction: Built in 1985; Brick construction; Asphalt roof; Building is built and standing
• Exterior features: Covered patios; Full landscaping

Interior

• Bedrooms: Four 2-bedroom units; Ten 1-bedroom units
• Flooring: Carpet; Hardwood
• Bathrooms: Four 1-bath units; Ten 2-bath units
• Heating & cooling: Steam heating
• Interior features: Shades on windows; Carpet and hardwood flooring

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/?-bath units multifamily listed at $2.20M.

Deal economics

• At list price, monthly cash flow is $595 ($7k/yr) — positive. Per door: $99/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.00M (9.1% below list).
• Recommended offer: $2.00M (9.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#64 in UT, #3,994 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: cost of living D+, crime F.
• Salt Lake District (urban): math 30% / reading 37% proficiency, ranked #65 of 80 in UT (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: M. Lynn Bennion School (math 8% / reading 12%, grade F, #577 of 585 statewide, top 99%, 175 students, 100% FRL); Salt Lake Center For Science Education Bryant (math 14% / reading 29%, grade F, #125 of 138 statewide, top 91%, 407 students, 64% FRL); East High (math 17% / reading 36%, grade F, #136 of 171 statewide, top 79%, 1,886 students, 51% FRL).
• Zoned-school proficiency averages 19% at this address vs 34% district-wide (-14 pts) — the specific schools serving this property underperform the Salt Lake District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.0%/yr); 133 active listings in the ZIP; 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• At $19,998/mo this rent would consume 460% of the median local household income ($52k/yr) (locally 2450% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $15k of loan paydown is wiped out by about $66k of value loss. Plan a longer hold.
• Salt Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 25y ago; this cycle's ask has dropped $650k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,999,800 (9.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.02% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.45×
• Total profit: $-337,845
• Equity at exit: $328,027

10-year hold

• IRR: -8.8%
• Equity multiple: 0.48×
• Total profit: $-322,759
• Equity at exit: $190,216

Cash invested: $616,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 86 Strongly Landlord-Friendly
• State Utah: 86 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

3-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 84102

• Rents YoY: 2.0%
• Active inventory: 133
• Price-to-rent: 55.0×

Monthly cashflow live

• Estimated rent: $19,998 high
• Mortgage (P&I): −$11,537
• Tax est. 1.5%: −$2,750 /mo · $33,000/yr
• Insurance: −$917
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,200
• Net cashflow: $595

Break-even live

Break-even rent $19,245

Max offer price $2,200,000

Occupancy floor 92%

Sensitivity live

Price	-10% $2,115	-5% $1,355	+0% $595	+5% $-165	+10% $-926
Rent	-10% $-985	-5% $-195	+0% $595	+5% $1,385	+10% $2,175
Rate	-1.0pp $1,703	-0.5pp $1,154	base $595	+0.5pp $25	+1.0pp $-555

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	3	—	$19,998
Total (6 units)			$19,998

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: $550,000
• Closing costs: $66,000
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $2,200,000 Active 13 DOM
2. 2026-06-17
   days on market $2,200,000 Active 12 DOM
3. 2026-06-16
   days on market $2,200,000 Active 11 DOM
4. 2026-06-15
   days on market $2,200,000 Active 10 DOM
5. 2026-06-13
   days on market $2,200,000 Active 8 DOM
6. 2026-06-13
   days on market $2,200,000 Active 7 DOM
7. 2026-06-09
   days on market $2,200,000 Active 4 DOM
8. 2026-06-08
   days on market $2,200,000 Active 3 DOM
9. 2026-06-07
   days on marketlisting id $2,200,000 Active 2 DOM
10. 2026-06-05
    days on market $2,200,000 Active 446 DOM
11. 2026-06-03
    days on market $2,200,000 Active 445 DOM
12. 2026-06-02
    days on market $2,200,000 Active 444 DOM
13. 2026-06-01
    days on market $2,200,000 Active 443 DOM
14. 2026-05-31
    days on market $2,200,000 Active 442 DOM
15. 2026-04-15
    status Active
16. 2026-03-30
    status Under Contract
17. 2026-03-02
    status Active
18. 2026-03-02
    historical
19. 2026-02-11
    price $2,200,000
20. 2025-10-16
    price $2,400,000
21. 2025-07-07
    price $2,650,000
22. 2025-06-04
    price $2,750,000
23. 2025-02-28
    listed $2,850,000 Active
24. 2009-08-17
    soldstatus 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

25. 2008-11-14
    listed $1,195,000 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

26. 2002-04-16
    historical
27. 2001-09-17
    listed $769,000
28. 1998-04-16
    soldstatus

ⓘ 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 4/10 Moderate 7 d/yr ≥94°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $239,976
• − Mortgage interest: −$123,234
• − Property taxes: −$33,000
• − Insurance: −$11,000
• − Repairs & maintenance: −$19,198
• − Management: −$19,198
• − Depreciation: −$64,000
• Taxable loss: −$29,654
• Est. tax savings @ 24.0%: +$7,117
• After-tax cash flow: $14,254/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: Salt Lake District
• NCES district ID: 4900870
• Math proficiency: 30% ▼ -13.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $47,550
• Composite: 28.85/100
• National rank: #6645
• State rank: #65 of 80 in UT

Livability — Salt Lake City

• Score: 75/100
• State rank: #64
• US rank: #3994

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salt Lake City, UT
• County: Salt Lake County · 1,195,750 people
• City population: 172,615
• Metro: Salt Lake City, UT
• Population (ZIP): 18,777
• Household income: $52,199
• Rent vs Own: 76.0% rent · 24.0% own
• Severe rent burden: 2450.0

Population outlook (Salt Lake County) Hauer SSP2

• Today (2025): 1,305,860 people
• By 2030: 1,402,611 · +7.4%
• By 2040: 1,594,533 · +22.1%
• By 2050: 1,787,244 · +36.9%
• By 2075: 2,224,138 · +70.3%
• By 2100: 2,551,390 · +95.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Two or more races 8% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Italian 5% Slovak 4% Lithuanian 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 6% Chinese 3% Other Indo-European 2%

Political lean MEDSL · Salt Lake

• 2024 margin: D (+10.2) · D 53.7% · R 43.5% · Other 2.8%
• 2008→2024 swing: +10.1pp toward D · 2008: 0.1pp · 2024: 10.2pp
• All cycles: 2024: D+10.2 2020: D+11.0 2016: D+10.2 2012: R+19.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.89%
• Current HPI: 343.2303
• Rent YoY: ▲ 2.02%
• Metro: Salt Lake City, UT
• State GDP YoY: ▲ 3.54%
• F500 in state: 2

Industry mix (Fortune 500 HQ in UT)

Industry	F500 HQs	Revenue
▸Financial Services	1	$3B

Price history

+186.1% since first listed

14 events — show timeline

• 2026-04-15 Relisted — WFRMLS
• 2026-03-30 Pending — WFRMLS
• 2026-03-02 Relisted — WFRMLS
• 2026-03-02 Listing Removed — WFRMLS
• 2026-02-11 Price Changed $2,200,000 WFRMLS
• 2025-10-16 Price Changed $2,400,000 WFRMLS
• 2025-07-07 Price Changed $2,650,000 WFRMLS
• 2025-06-04 Price Changed $2,750,000 WFRMLS
• 2025-02-28 Listed $2,850,000 WFRMLS
• 2009-08-17 Sold (MLS) — WFRMLS
• 2008-11-14 Listed $1,195,000 WFRMLS
• 2002-04-16 Listing Removed — WFRMLS
• 2001-09-17 Listed $769,000 WFRMLS
• 1998-04-16 Sold (Public Records) — Public Records