403 - 405 W Hazel St

Caldwell, ID 83605-4723

$420,000C

6 bd · 2.5 ba · 2,980 sqft · Built 1960 · Other · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,077/mo
• Mortgage (P&I): −$2,203
• Tax + insurance: −$414
• HOA: −$0
• Vac / Maint / Mgmt: −$856
• Net cashflow: $604/mo
• Annual: $7,248/yr
• Cap rate: 8.02%
• Cash-on-cash: 6.16%
• DSCR: 1.27
• 1% rule: 0.97%
• Cash to close: $117,600

Investor read

• This is a 6-bed/2.5-bath other listed at $420k.
• At list price, monthly cash flow is $604 ($7k/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 $408k (2.9% below list).
• It's been on market 85 days — a 6% lower offer ($395k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $395k (6.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($3k loan paydown + $13k appreciation (3.0% local appreciation)).
• Location reads 67/100 on livability (#88 in ID) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment D+, amenities F.
• Caldwell District (suburban): math 17% / reading 31% proficiency, ranked #90 of 92 in ID (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wilson Elementary School (math 15% / reading 26%, grade F, #343 of 357 statewide, top 96%, 466 students, 72% FRL); Caldwell Senior High School (math 16% / reading 38%, grade F, #131 of 169 statewide, top 77%, 1,474 students, 76% FRL) — zoned schools at 74% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,620 units permitted in Canyon County in 2024 (196 in 5+ unit buildings).
• Canyon County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 24y 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $118k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.0% vs local median 3.1% in Caldwell — 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

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.