537 N Blue Lake St #38 · Garden City, UT 84028

$72,150

3 bd · 3.0 ba · 2,075 sqft · Townhouse · 160 Days on market

Built 2023 1,306 sqft lot $160/mo HOA · 12% of rent

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Escape the 9-to-5 grind without ditching your day job: Snag 1/8th of Blue Bear Lake Townhome and unlock 45+ nights of turquoise-tinted paradise yearly. We're talking shares in an LLC that owns this 2,075-sq-ft stunner outright-no timeshare traps here. Crafted by FRAXIONED, it's your hassle-free ticket to Bear Lake's electric blue allure, where the water's so clear, you'll swear it's Photoshopped. Perched in Garden City, UT, mere minutes from the marina, this 3-bed, 3-bath retreat gazes out over sparkling waves and jagged peaks that make Instagram weep. Inside? Quartz counters that scream "chef's kiss, " a lofted game den with an electric fireplace for those "just one more rou

Key facts

• Lofted game den
• Hike trails
• Electric fireplace

Tags

• BLUE BEAR LAKE TOWNHOME
• LOFTED GAME DEN
• ELECTRIC FIREPLACE
• FULLY FURNISHED
• TURNKEY FOR SHORT-TERM RENTALS
• HIKE TRAILS

Property features AI

Finance

• Other: Subdivision: PARADISE PARKWAY
• HOA & community: Homeowners association (Utah Management); Monthly association fee of $160; HOA fee covers insurance, grounds maintenance, and water; Association amenities include insurance, maintenance, picnic area, and snow removal

Exterior

• Parking: 2-car garage; Total of 4 parking spaces; 2 covered parking spaces; 2 open parking spaces; RV parking available
• Utilities: Electricity connected; Water connected; Sewer connected (public sewer)
• Home design: Townhouse / row-mid style; Fractional ownership; Residential use; Approximately 2,075 above-grade finished area
• Construction: Built and currently standing; Construction materials include stone, cement siding, and other materials
• Exterior features: Asphalt roof; Lot approximately 0.03 acres; Sliding glass doors

Interior

• Bedrooms: One bedroom on the main level; Primary bedroom on the 1st floor
• Flooring: Carpet flooring
• Bathrooms: One full bathroom; Two three-quarter bathrooms
• Interior features: Primary bathroom; Walk-in closet; Sliding glass doors; One fireplace; Total of 12 rooms; Slab foundation (basement: slab)

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $72k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $63k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#156 in UT) — a middle-class / working-renter tenant base. Strengths: housing A-, crime B, cost of living B; Watch: employment C-, amenities F, commute F.
• Rich District (rural): math 51% / reading 55% proficiency, ranked #16 of 80 in UT (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: North Rich School (math 64% / reading 54%, grade B-, #59 of 585 statewide, top 10%, 113 students, 37% FRL); Rich Middle School (math 52% / reading 57%, grade B-, #13 of 138 statewide, top 9%, 123 students, 33% FRL); Rich High (math 30% / reading 50%, grade F, #63 of 171 statewide, top 37%, 156 students, 30% FRL).
• Market conditions: 478 active listings in the ZIP; 97 units permitted in Rich County in 2024 (19 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($498 loan paydown + $3k appreciation (4.3% local appreciation)).
• Rich County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Recommended offer $63,492 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.91% ✓
• Cap rate: 13.42%
• Cash-on-cash: 25.46%
• DSCR: 2.13
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.28% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.9%
• Equity multiple: 3.04×
• Total profit: $41,129
• Equity at exit: $37,787

10-year hold

• IRR: 33.0%
• Equity multiple: 6.07×
• Total profit: $102,474
• Equity at exit: $62,785

Cash invested: $20,202 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 86 Strongly Landlord-Friendly
• State Utah: 86 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

3-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 84028

• Home prices YoY: 1.2%
• Active inventory: 478
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,376 medium
• Mortgage (P&I): −$378
• Tax est. 1.5%: −$90 /mo · $1,082/yr
• Insurance: −$30
• HOA: −$160
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $429

Break-even live

Break-even rent $834

Max offer price $72,150

Occupancy floor 64%

Sensitivity live

Price	-10% $478	-5% $453	+0% $429	+5% $404	+10% $379
Rent	-10% $320	-5% $374	+0% $429	+5% $483	+10% $537
Rate	-1.0pp $465	-0.5pp $447	base $429	+0.5pp $410	+1.0pp $391

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $18,038
• Closing costs: $2,164
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $160 · $1,920/yr
• Likely covers: waterelectric

Listing history 22 events

1. 2026-06-21
   days on market $72,150 Active 160 DOM
2. 2026-06-19
   days on market $72,150 Active 158 DOM
3. 2026-06-18
   days on market $72,150 Active 157 DOM
4. 2026-06-17
   days on market $72,150 Active 156 DOM
5. 2026-06-16
   days on market $72,150 Active 155 DOM
6. 2026-06-15
   days on market $72,150 Active 154 DOM
7. 2026-06-14
   days on market $72,150 Active 152 DOM
8. 2026-06-13
   days on market $72,150 Active 151 DOM
9. 2026-06-10
   days on market $72,150 Active 149 DOM
10. 2026-06-09
    days on market $72,150 Active 148 DOM
11. 2026-06-08
    days on market $72,150 Active 147 DOM
12. 2026-06-07
    days on market $72,150 Active 146 DOM
13. 2026-06-03
    days on market $72,150 Active 142 DOM
14. 2026-06-02
    days on market $72,150 Active 141 DOM
15. 2026-06-01
    days on market $72,150 Active 140 DOM
16. 2026-05-31
    days on market $72,150 Active 139 DOM
17. 2026-05-30
    days on market $72,150 Active 138 DOM
18. 2026-04-01
    price $72,150
19. 2026-01-12
    listed $72,250 Active
20. 2023-09-06
    historical
21. 2023-08-18
    price $68,250
22. 2023-07-10
    listed $64,250 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $16,514
• − Mortgage interest: −$4,042
• − Property taxes: −$1,082
• − Insurance: −$361
• − Repairs & maintenance: −$1,321
• − Management: −$1,321
• − HOA: −$1,920
• − Depreciation: −$2,099
• Taxable income: $4,368
• Est. tax owed @ 24.0%: −$1,048
• After-tax cash flow: $4,094/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rich District
• NCES district ID: 4900840
• Math proficiency: 51% ▼ -3.00%
• Reading proficiency: 55% ▲ 1.00%
• Median HH income: $51,144
• Composite: 45.37/100
• National rank: #2633
• State rank: #16 of 80 in UT

Livability — Garden City

• Score: 65/100
• State rank: #156
• US rank: #12941

Category grades

Amenities F Commute F Cost of living B Crime B Employment C- Housing A- Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garden City, UT
• Population (ZIP): 667

Population outlook (Rich County) Hauer SSP2

• Today (2025): 2,278 people
• By 2030: 2,241 · -1.6%
• By 2040: 2,142 · -6.0%
• By 2050: 2,085 · -8.5%
• By 2075: 1,814 · -20.4%
• By 2100: 1,530 · -32.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 17% Two or more races 8%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Italian 17% Portuguese 2% Slovak 1%
• Foreign-born: 14% · Canada
• Languages at home: 80% English-only · Spanish 18% German/W. Germanic 1%

Political lean MEDSL · Rich

• 2024 margin: Solid R (+68.9) · D 14.8% · R 83.7% · Other 1.5%
• 2008→2024 swing: -1.6pp toward R · 2008: -67.3pp · 2024: -68.9pp
• All cycles: 2024: R+68.9 2020: R+71.7 2016: R+62.2 2012: R+82.5 2008: R+67.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.28%
• Current HPI: 347.1291
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.54%
• F500 in state: 2

Industry mix (Fortune 500 HQ in UT)

Industry	F500 HQs	Revenue
▸Financial Services	1	$3B

Price history

+12.3% since first listed

5 events — show timeline

• 2026-04-01 Price Changed $72,150 WFRMLS
• 2026-01-12 Listed $72,250 WFRMLS
• 2023-09-06 Listing Removed — WFRMLS
• 2023-08-18 Price Changed $68,250 WFRMLS
• 2023-07-10 Listed $64,250 WFRMLS