800 W Highway Dr

Wellington, UT 84542

$4,550,000D

74 bd · 37.0 ba · 30,000 sqft · Built 1980 · MultiFamily · Active · 253 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $34,464/mo
• Mortgage (P&I): −$23,861
• Tax + insurance: −$7,583
• HOA: −$0
• Vac / Maint / Mgmt: −$7,237
• Net cashflow: $-4,217/mo
• Annual: $-50,610/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.97%
• DSCR: 0.82
• 1% rule: 0.76%
• Cash to close: $1,274,000

Investor read

• This is a 37 × 2-bed/1.0-bath units multifamily listed at $4.55M.
• At list price, monthly cash flow is $-4k ($-51k/yr) — negative. Per door: $-114/mo.
• To cash-flow at today's rent, offer at most $3.94M (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.45M (24.3% below list).
• It's been on market 253 days — a 12% lower offer ($4.00M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.45M (24.3% below list) — sets the bar for 1% rule.
• In year one you build about $486k of equity ($31k loan paydown + $455k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#184 in UT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: amenities F, commute F, employment D-.
• Carbon District (town): math 36% / reading 43% proficiency, ranked #53 of 80 in UT (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mont Harmon Middle (math 36% / reading 44%, grade F, #72 of 138 statewide, top 53%, 601 students, 45% FRL); Carbon High (math 17% / reading 42%, grade F, #124 of 171 statewide, top 74%, 1,023 students, 34% FRL) — zoned schools at 40% FRL track the district average.
• Market conditions: 35 active listings in the ZIP; 196 units permitted in Carbon County in 2024 (168 in 5+ unit buildings).
• Carbon County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$782k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 253 days. Have you received any prior offers? Is the seller open to a 24% 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?
• 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.
• 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.