3554 Kingsland Way

Boise City, ID 83716-8710

$299,900B

3 bd · 2.0 ba · 1,876 sqft · Built 1978 · Manufactured · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,293/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$242
• HOA: −$0
• Vac / Maint / Mgmt: −$692
• Net cashflow: $787/mo
• Annual: $9,448/yr
• Cap rate: 9.44%
• Cash-on-cash: 11.25%
• DSCR: 1.50
• 1% rule: 1.10%
• Cash to close: $83,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $300k.
• At list price, monthly cash flow is $787 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.0% local appreciation)).
• 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: Adams Elementary School (math 62% / reading 77%, grade A-, #23 of 357 statewide, top 8%, 272 students, 8% FRL); East Junior High School (math 57% / reading 70%, grade B+, #5 of 109 statewide, top 4%, 619 students, 12% FRL); Timberline High School (math 53% / reading 74%, grade B-, #14 of 169 statewide, top 8%, 1,398 students, 10% FRL) — zoned schools average 10% FRL vs 33% district-wide (24 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 66% at this address vs 49% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Boise Independent District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 1 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 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 24y 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 + 3.0% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.4% 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

• Built in 1978 — 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.
• 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.