308 E 3rd N Unit 1-4

St. Anthony, ID 83445

$465,000D+

28 bd · 16.0 ba · 3,158 sqft · Built 1900 · MultiFamily · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,008/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$775
• HOA: −$0
• Vac / Maint / Mgmt: −$842
• Net cashflow: $-47/mo
• Annual: $-566/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.43%
• DSCR: 0.98
• 1% rule: 0.86%
• Cash to close: $130,200

Investor read

• This is a 4 × 3-bed/1.5-bath units multifamily listed at $465k. Condition is rated average.
• At list price, monthly cash flow is $-47 ($-566/yr) — negative. Per door: $-12/mo.
• To cash-flow at today's rent, offer at most $458k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $401k (13.8% below list).
• It's been on market 33 days — a 3% lower offer ($451k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $401k (13.8% below list) — sets the bar for 1% rule.
• In year one you build about $50k of equity ($3k loan paydown + $46k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Fremont County Joint District (rural): math 37% / reading 44% proficiency, ranked #63 of 92 in ID (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Fremont Jr High (math 30% / reading 42%, grade F, #78 of 109 statewide, top 72%, 365 students, 49% FRL); South Fremont High School (math 27% / reading 67%, grade D-, #55 of 169 statewide, top 34%, 457 students, 40% FRL) — zoned schools at 44% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 129 active listings in the ZIP; 135 units permitted in Fremont County in 2024 (0 in 5+ unit buildings).
• Fremont County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $130k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 33 days. Have you received any prior offers? Is the seller open to a 14% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: kitchen countertops — dated and worn
• Moderate: kitchen appliances — dated and worn
• Minor: bathroom fixtures — standard and functional