133 E 21st St #4

Idaho Falls, ID 83404

$517,000C-

7 bd · 5.0 ba · 3,300 sqft · Built 1975 · MultiFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,058/mo
• Mortgage (P&I): −$2,711
• Tax + insurance: −$862
• HOA: −$0
• Vac / Maint / Mgmt: −$1,062
• Net cashflow: $423/mo
• Annual: $5,075/yr
• Cap rate: 7.27%
• Cash-on-cash: 3.51%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $144,760

Investor read

• This is a 7-bed/5.0-bath multifamily listed at $517k. Condition is rated fair.
• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $506k (2.2% below list).
• It's been on market 24 days — a 2% lower offer ($509k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $506k (2.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#3 in ID, #428 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+.
• Idaho Falls District (urban): math 36% / reading 50% proficiency, ranked #54 of 92 in ID (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.3%/yr); 198 active listings in the ZIP; 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.
• 4 sale attempts 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.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $145k cash investment doubles in ~10 years — after that, you're playing with house money.
• At $5,058/mo this rent would consume 74% of the median local household income ($82k/yr) (locally 490% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — Visible signs of wear and minor scratches.
• Minor: Bathroom fixtures — Visible signs of wear and minor stains.
• Minor: Exterior siding — Visible signs of wear and discoloration.
• Minor: Carpeting — Visible signs of wear and stains.
• Minor: Paint — Visible signs of chipping and wear.
• Minor: Windows — Visible signs of wear and discoloration.