5209 W Targee St #5

Boise City, ID 83705

$70,000B+

2 bd · 1.0 ba · 924 sqft · Built 1980 · Manufactured · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,473/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$309
• Net cashflow: $680/mo
• Annual: $8,161/yr
• Cap rate: 17.95%
• Cash-on-cash: 41.64%
• DSCR: 2.85
• 1% rule: 2.10%
• Cash to close: $19,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $70k. Condition is rated good.
• At list price, monthly cash flow is $680 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 19 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Boise Independent District (urban): math 42% / reading 56% proficiency, ranked #36 of 92 in ID (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hillcrest Elementary School (math 27% / reading 32%, grade F, #306 of 357 statewide, top 88%, 280 students, 71% FRL); South Junior High School (math 27% / reading 41%, grade F, #86 of 109 statewide, top 79%, 565 students, 44% FRL); Borah Senior High School (math 34% / reading 57%, grade D-, #59 of 169 statewide, top 35%, 1,289 students, 25% FRL).
• Zoned-school proficiency averages 36% at this address vs 49% district-wide (-13 pts) — the specific schools serving this property underperform the Boise Independent District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.4%/yr); 136 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 5,129 units permitted in Ada County in 2024 (414 in 5+ unit buildings).
• Ada County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.0% vs local median 2.6% in Boise City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — Worn and dated appearance.
• Minor: Bathroom fixtures — Older style and possibly worn out.
• Minor: Bedroom carpet — Worn and outdated appearance.
• Minor: Interior wall paint — Faded and outdated appearance in some areas.