1460 S Falcon Dr

Ammon, ID 83406

$230,000F

3 bd · 2.5 ba · 1,268 sqft · Built 1978 · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,636/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$165
• HOA: −$225
• Vac / Maint / Mgmt: −$343
• Net cashflow: $-304/mo
• Annual: $-3,652/yr
• Cap rate: 4.71%
• Cash-on-cash: -5.67%
• DSCR: 0.75
• 1% rule: 0.71%
• Cash to close: $64,400

Investor read

• This is a 3-bed/2.5-bath condo listed at $230k.
• At list price, monthly cash flow is $-304 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (23.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (28.9% below list).
• It's been on market 38 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (28.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#12 in ID, #1,423 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F.
• Bonneville Joint District (suburban): math 41% / reading 57% proficiency, ranked #30 of 92 in ID (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hillcrest High School (math 36% / reading 67%, grade D+, #37 of 169 statewide, top 21%, 1,161 students, 17% FRL).
• Market conditions: Rents rising (+3.5%/yr); 300 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.