1715 W Flamingo #74

Nampa, ID 83651

$69,000B

3 bd · 2.0 ba · 1,440 sqft · Built 1978 · Manufactured · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,551/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$46
• HOA: −$0
• Vac / Maint / Mgmt: −$326
• Net cashflow: $818/mo
• Annual: $9,814/yr
• Cap rate: 20.52%
• Cash-on-cash: 50.80%
• DSCR: 3.26
• 1% rule: 2.25%
• Cash to close: $19,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $69k.
• At list price, monthly cash flow is $818 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• It's been on market 93 days — a 9% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#47 in ID) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: employment C-, amenities F, commute F.
• Vallivue School District (rural): math 34% / reading 56% proficiency, ranked #48 of 92 in ID (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East Canyon Elementary School (math 34% / reading 44%, grade F, #247 of 357 statewide, top 70%, 692 students, 33% FRL); Vallivue Academy (math 24% / reading 75%, grade D+, #40 of 169 statewide, top 26%, 122 students, 77% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: Rents rising fast (+6.4%/yr); 324 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 3,620 units permitted in Canyon County in 2024 (196 in 5+ unit buildings).
• Canyon County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 16y ago; this cycle's ask has dropped $51k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.5% vs local median 3.1% in Nampa — 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

• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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?
• 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.