47 W 600 N

Vernal, UT 84078

$990,000C+

16 bd · 8.0 ba · 7,904 sqft · Built 1975 · MultiFamily · Under Contract · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,892/mo
• Mortgage (P&I): −$5,192
• Tax + insurance: −$649
• HOA: −$0
• Vac / Maint / Mgmt: −$2,287
• Net cashflow: $2,764/mo
• Annual: $33,170/yr
• Cap rate: 9.64%
• Cash-on-cash: 11.97%
• DSCR: 1.53
• 1% rule: 1.10%
• Cash to close: $277,200

Investor read

• This is a 16-bed/8.0-bath multifamily listed at $990k.
• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $990k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#60 in UT, #3,813 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, amenities A; Watch: crime D+, health & safety D+, employment F.
• Uintah District (town): math 34% / reading 34% proficiency, ranked #60 of 80 in UT (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ashley School (math 32% / reading 18%, grade F, #472 of 585 statewide, top 81%, 517 students, 58% FRL); Uintah Middle School (math 37% / reading 42%, grade F, #75 of 138 statewide, top 56%, 669 students, 40% FRL); Uintah High (math 18% / reading 36%, grade F, #131 of 171 statewide, top 79%, 1,808 students, 31% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 276 active listings in the ZIP; solid renter incomes; 85 units permitted in Uintah County in 2024 (0 in 5+ unit buildings).
• Uintah County population projected at +72% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 4y 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.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $277k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• At $10,892/mo this rent would consume 174% of the median local household income ($75k/yr) (locally 223% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1975 — 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.
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.