3027 Adams Ave Ave

Ogden, UT 84403

$1,400,000C+

120 bd · 100.0 ba · 4,680 sqft · Built 1896 · MultiFamily · Active · 274 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,854/mo
• Mortgage (P&I): −$7,342
• Tax + insurance: −$2,333
• HOA: −$0
• Vac / Maint / Mgmt: −$3,539
• Net cashflow: $3,640/mo
• Annual: $43,675/yr
• Cap rate: 9.41%
• Cash-on-cash: 11.14%
• DSCR: 1.50
• 1% rule: 1.20%
• Cash to close: $392,000

Investor read

• This is a 10 × 12-bed/10.0-bath units multifamily listed at $1.40M.
• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $364/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.40M).
• It's been on market 274 days — a 12% lower offer ($1.23M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.23M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#19 in UT, #810 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Ogden City District (urban): math 25% / reading 31% proficiency, ranked #72 of 80 in UT (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mount Ogden Junior High (math 33% / reading 38%, grade F, #94 of 138 statewide, top 68%, 858 students, 31% FRL); Ogden High (math 15% / reading 37%, grade F, #137 of 171 statewide, top 81%, 1,128 students, 35% FRL) — zoned schools average 33% FRL vs 75% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.9%/yr); 238 active listings in the ZIP; solid renter incomes; 1,630 units permitted in Weber County in 2024 (521 in 5+ unit buildings).
• Weber County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 19y ago; this cycle's ask has dropped $195k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At $16,854/mo this rent would consume 229% of the median local household income ($88k/yr) (locally 1076% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 274 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1896 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.