8429 W Irving Ln

Boise City, ID 83704

$55,000B+

2 bd · 1.0 ba · 938 sqft · Built 1975 · Manufactured · Pending · 126 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,580/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $868/mo
• Annual: $10,414/yr
• Cap rate: 25.23%
• Cash-on-cash: 67.62%
• DSCR: 4.01
• 1% rule: 2.87%
• Cash to close: $15,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $55k.
• At list price, monthly cash flow is $868 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• It's been on market 126 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — 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: Capital Senior High School (math 34% / reading 57%, grade D-, #59 of 169 statewide, top 35%, 1,220 students, 28% FRL).
• Market conditions: Rents rising (+1.9%/yr); 193 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $20k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 25.2% 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

• It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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.
• 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.