118 N 8th St #2

Ashton, ID 83420

$409,000D

6 bd · 4.0 ba · 4,572 sqft · Built 1950 · MultiFamily · Pending · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,921/mo
• Mortgage (P&I): −$2,145
• Tax + insurance: −$682
• HOA: −$0
• Vac / Maint / Mgmt: −$613
• Net cashflow: $-519/mo
• Annual: $-6,227/yr
• Cap rate: 4.77%
• Cash-on-cash: -5.44%
• DSCR: 0.76
• 1% rule: 0.71%
• Cash to close: $114,520

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $409k.
• At list price, monthly cash flow is $-519 ($-6k/yr) — negative. Per door: $-259/mo.
• To cash-flow at today's rent, offer at most $334k (18.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $292k (28.6% below list).
• It's been on market 100 days — a 9% lower offer ($372k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $292k (28.6% below list) — sets the bar for 1% rule.
• In year one you build about $44k of equity ($3k loan paydown + $41k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#61 in ID) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools D, amenities F.
• Fremont County Joint District (rural): math 37% / reading 44% proficiency, ranked #63 of 92 in ID (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 115 active listings in the ZIP; 135 units permitted in Fremont County in 2024 (0 in 5+ unit buildings).
• Fremont County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$70k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1950 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?