1331 Rimwood #71

Boise City, ID 83704

$144,900C+

3 bd · 2.0 ba · 1,431 sqft · Built 1988 · Manufactured · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,813/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$0
• Vac / Maint / Mgmt: −$381
• Net cashflow: $431/mo
• Annual: $5,173/yr
• Cap rate: 9.86%
• Cash-on-cash: 12.75%
• DSCR: 1.57
• 1% rule: 1.25%
• Cash to close: $40,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $145k. Condition is rated good.
• At list price, monthly cash flow is $431 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 22 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — 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: Horizon Elementary School (math 26% / reading 38%, grade F, #294 of 357 statewide, top 85%, 484 students, 56% FRL); Fairmont Junior High School (math 23% / reading 44%, grade F, #87 of 109 statewide, top 80%, 677 students, 41% FRL); Capital Senior High School (math 34% / reading 57%, grade D-, #59 of 169 statewide, top 35%, 1,220 students, 28% FRL).
• Zoned-school proficiency averages 37% at this address vs 49% district-wide (-12 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 (+1.9%/yr); 194 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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.
• Cap rate 9.9% 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.