700 E Fairview #138

Meridian, ID 83642

$37,777B

2 bd · 1.5 ba · 938 sqft · Built 1978 · Manufactured · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,574/mo
• Mortgage (P&I): −$198
• Tax + insurance: −$63
• HOA: −$0
• Vac / Maint / Mgmt: −$331
• Net cashflow: $982/mo
• Annual: $11,788/yr
• Cap rate: 37.50%
• Cash-on-cash: 111.44%
• DSCR: 5.96
• 1% rule: 4.17%
• Cash to close: $10,578

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $38k. Condition is rated fair.
• At list price, monthly cash flow is $982 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $38k).
• It's been on market 18 days — a 2% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $261 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#10 in ID, #1,176 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living D+.
• Joint School District No. 2 (suburban): math 53% / reading 67% proficiency, ranked #11 of 92 in ID (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: River Valley Elementary School (math 53% / reading 53%, grade C, #124 of 357 statewide, top 35%, 427 students, 39% FRL); Mountain View High School (math 42% / reading 72%, grade C, #21 of 169 statewide, top 13%, 2,462 students, 16% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising (+3.8%/yr); 762 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 5,129 units permitted in Ada County in 2024 (414 in 5+ unit buildings).
• Ada County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 37.5% vs local median 3.1% in Meridian — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1978 — 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.
• 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?
• 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: roof — The roof appears to have some discoloration and minor damage.
• Minor: exterior siding — The siding shows some wear and tear, indicating minor damage or aging.
• Minor: landscaping — The landscaping is simple and could benefit from some updates to enhance curb appeal.