2436 S Madison Ave E

Ogden, UT 84401

$690,000C+

24 bd · 16.0 ba · 3,618 sqft · Built 1912 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,206/mo
• Mortgage (P&I): −$3,618
• Tax + insurance: −$1,150
• HOA: −$0
• Vac / Maint / Mgmt: −$1,723
• Net cashflow: $1,714/mo
• Annual: $20,572/yr
• Cap rate: 9.27%
• Cash-on-cash: 10.65%
• DSCR: 1.47
• 1% rule: 1.19%
• Cash to close: $193,200

Investor read

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $690k.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $429/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $690k).
• It's been on market 31 days — a 3% lower offer ($669k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $669k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k 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: James Madison School (math 8% / reading 17%, grade F, #570 of 585 statewide, top 98%, 321 students, 99% FRL); Mound Fort Junior High (math 26% / reading 27%, grade F, #116 of 138 statewide, top 85%, 627 students, 98% FRL); Ogden High (math 15% / reading 37%, grade F, #137 of 171 statewide, top 81%, 1,128 students, 35% FRL) — zoned schools at 77% FRL track the district average.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.4%/yr); 464 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.
• 7 sale attempts since 25y 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.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• At $8,206/mo this rent would consume 122% of the median local household income ($81k/yr) (locally 1027% 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 31 days. Have you received any prior offers? Is the seller open to a 3% 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 1912 — 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.
• 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.
• 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.