28128 N Highway 41 #38

Spirit Lake, ID 83869

$119,000D

2 bd · 1.0 ba · 924 sqft · Built 1983 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,076/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $28/mo
• Annual: $334/yr
• Cap rate: 6.57%
• Cash-on-cash: 1.00%
• DSCR: 1.04
• 1% rule: 0.90%
• Cash to close: $33,320

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $119k. Condition is rated good.
• At list price, monthly cash flow is $28 ($334/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (9.6% below list).
• It's been on market 16 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (9.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#114 in ID) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: employment D+, amenities F, commute F.
• Lakeland District (rural): math 41% / reading 57% proficiency, ranked #34 of 92 in ID (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spirit Lake Elementary School (math 37% / reading 52%, grade F, #199 of 357 statewide, top 59%, 298 students, 40% FRL); Timberlake Middle School (math 43% / reading 59%, grade C, #29 of 109 statewide, top 26%, 380 students, 31% FRL); Timberlake Senior High School (math 32% / reading 72%, grade D+, #30 of 169 statewide, top 21%, 561 students, 21% FRL).
• Market conditions: 106 active listings in the ZIP; 1,606 units permitted in Kootenai County in 2024 (154 in 5+ unit buildings).
• Kootenai County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 0.8% in Spirit Lake — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.