24 Grover St

Layton, UT 84041

$38,000D+

3 bd · 2.0 ba · 924 sqft · Built 1971 · Manufactured · Active · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,747/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$63
• HOA: −$866
• Vac / Maint / Mgmt: −$367
• Net cashflow: $252/mo
• Annual: $3,018/yr
• Cap rate: 14.24%
• Cash-on-cash: 28.37%
• DSCR: 2.26
• 1% rule: 4.60%
• Cash to close: $10,640

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $38k.
• At list price, monthly cash flow is $252 ($3k/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 140 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#11 in UT, #457 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Davis District (suburban): math 43% / reading 47% proficiency, ranked #28 of 80 in UT (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Layton School (math 37% / reading 37%, grade F, #355 of 585 statewide, top 63%, 573 students, 26% FRL); Fairfield Jr High (math 60% / reading 58%, grade B, #6 of 138 statewide, top 4%, 1,026 students, 18% FRL); Layton High (math 27% / reading 46%, grade F, #86 of 171 statewide, top 52%, 2,242 students, 16% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: HOA is 50% of rent.
• Market conditions: Rents rising (+1.3%/yr); 342 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,461 units permitted in Davis County in 2024 (508 in 5+ unit buildings).
• Davis County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.3% rent growth), your $11k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 B-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?
• 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.