215 N Montana Ave

Oldtown, ID 83822

$999,000D

63 bd · 28.0 ba · 6,000 sqft · Built 1970 · MultiFamily · Active · 235 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,829/mo
• Mortgage (P&I): −$5,239
• Tax + insurance: −$1,665
• HOA: −$0
• Vac / Maint / Mgmt: −$1,644
• Net cashflow: $-719/mo
• Annual: $-8,627/yr
• Cap rate: 5.43%
• Cash-on-cash: -3.08%
• DSCR: 0.86
• 1% rule: 0.78%
• Cash to close: $279,720

Investor read

• This is a 7 × 9-bed/4.0-bath units multifamily listed at $999k.
• At list price, monthly cash flow is $-719 ($-9k/yr) — negative. Per door: $-103/mo.
• To cash-flow at today's rent, offer at most $895k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $783k (21.6% below list).
• It's been on market 235 days — a 12% lower offer ($879k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $783k (21.6% below list) — sets the bar for 1% rule.
• In year one you build about $31k of equity ($7k loan paydown + $24k appreciation (2.4% local appreciation)).
• Location reads 67/100 on livability (#94 in ID) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools D-, amenities F, commute F.
• West Bonner County District (rural): math 36% / reading 53% proficiency, ranked #51 of 92 in ID (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 70 active listings in the ZIP; 147 units permitted in Bonner County in 2024 (24 in 5+ unit buildings).
• 6 sale attempts since 8y 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.
• By year 3, paydown + projected appreciation supports a ~$79k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.4% vs local median 0.5% in Oldtown — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 235 days. Have you received any prior offers? Is the seller open to a 22% 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 1970 — 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?