3375 E Elswood Dr

Idaho Falls, ID 83402

$84,900C-

0 bd · 2.0 ba · 938 sqft · Built 1989 · Manufactured · Pending · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $889/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$187
• Net cashflow: $116/mo
• Annual: $1,387/yr
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• 1% rule: 1.05%
• Cash to close: $23,772

Investor read

• This is a ?-bed/2.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $116 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($889 rent vs $85k).
• It's been on market 87 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#3 in ID, #428 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+.
• Idaho Falls District (urban): math 36% / reading 50% proficiency, ranked #54 of 92 in ID (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edgemont Gardens Elementary School (math 34% / reading 46%, grade F, #227 of 357 statewide, top 65%, 427 students, 38% FRL); Eagle Rock Middle School (math 35% / reading 53%, grade D, #57 of 109 statewide, top 54%, 776 students, 46% FRL); Skyline Senior High School (math 30% / reading 47%, grade F, #98 of 169 statewide, top 58%, 1,321 students, 31% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 279 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,253 units permitted in Bonneville County in 2024 (1,051 in 5+ unit buildings).
• Bonneville County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• This rent is only 14% of the median local income ($75k/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?
• 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.