928 Warner Ave

Lewiston, ID 83501

$29,000B

2 bd · 1.0 ba · 784 sqft · Built 1976 · Manufactured · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $993/mo
• Mortgage (P&I): −$152
• Tax + insurance: −$48
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $584/mo
• Annual: $7,006/yr
• Cap rate: 30.45%
• Cash-on-cash: 86.28%
• DSCR: 4.84
• 1% rule: 3.42%
• Cash to close: $8,120

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $29k. Condition is rated good.
• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($993 rent vs $29k).
• It's been on market 87 days — a 6% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $200 of loan paydown is wiped out by about $870 of value loss. Plan a longer hold.
• 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: Mcghee Elementary School (math 37% / reading 52%, grade F, #199 of 357 statewide, top 59%, 257 students, 48% FRL); Lewiston High School (math 37% / reading 63%, grade D+, #39 of 169 statewide, top 23%, 1,373 students, 17% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 272 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 $8k 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 30.5% 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.
• This rent is only 16% of the median local income ($74k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1976 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Slight wear and tear visible.
• Minor: Bathroom paint — Paint shows some wear.
• Minor: Roof inspection — No immediate signs of major damage, but may need inspection.
• Minor: Exterior paint — Paint shows some wear.
• Minor: Window weatherstripping — Weatherstripping may be worn or missing.
• Minor: HVAC tune-up — System appears functional but may need maintenance.