466 N Main St #10

Tooele, UT 84074

$50,000B-

3 bd · 1.0 ba · 1,236 sqft · Built 1972 · Manufactured · Under Contract · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,752/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$500
• Vac / Maint / Mgmt: −$368
• Net cashflow: $539/mo
• Annual: $6,466/yr
• Cap rate: 19.22%
• Cash-on-cash: 46.18%
• DSCR: 3.05
• 1% rule: 3.50%
• Cash to close: $14,000

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $50k.
• At list price, monthly cash flow is $539 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• It's been on market 102 days — a 9% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#52 in UT, #3,142 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A-; Watch: amenities F.
• Tooele District (town): math 32% / reading 34% proficiency, ranked #62 of 80 in UT (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sterling School (math 23% / reading 25%, grade F, #488 of 585 statewide, top 84%, 829 students, 40% FRL); Tooele Jr High (math 33% / reading 28%, grade F, #106 of 138 statewide, top 77%, 733 students, 54% FRL); Tooele High (math 23% / reading 37%, grade F, #119 of 171 statewide, top 71%, 1,768 students, 25% FRL).
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising (+2.5%/yr); 589 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 867 units permitted in Tooele County in 2024 (87 in 5+ unit buildings).
• Tooele County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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 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.