3610 15th Street, Space 15

Lewiston, ID 83501

$122,500C

2 bd · 2.0 ba · 1,088 sqft · Built 2005 · Manufactured · Pending · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,089/mo
• Mortgage (P&I): −$642
• Tax + insurance: −$96
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $122/mo
• Annual: $1,463/yr
• Cap rate: 7.49%
• Cash-on-cash: 4.26%
• DSCR: 1.19
• 1% rule: 0.89%
• Cash to close: $34,300

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $122k.
• At list price, monthly cash flow is $122 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (11.1% below list).
• It's been on market 63 days — a 6% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (11.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $847 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#30 in ID, #4,281 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Lewiston Independent District (urban): math 44% / reading 54% proficiency, ranked #37 of 92 in ID (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Camelot Elementary School (math 57% / reading 52%, grade C, #106 of 357 statewide, top 33%, 352 students, 11% FRL); Sacajawea Middle School (math 45% / reading 60%, grade C+, #25 of 109 statewide, top 23%, 524 students, 22% FRL); Lewiston High School (math 37% / reading 63%, grade D+, #39 of 169 statewide, top 23%, 1,373 students, 17% FRL).
• Market conditions: 272 active listings in the ZIP; 125 units permitted in Nez Perce County in 2024 (0 in 5+ unit buildings).
• Nez Perce County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 10y 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.
• Cap rate 7.5% vs local median 1.9% in Lewiston — 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.
• This rent is only 18% of the median local income ($74k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• 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.