669 Locust St S

Twin Falls, ID 83301

$199,990D+

2 bd · 1.0 ba · 896 sqft · Built 1954 · SingleFamily · Pending · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,480/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$311
• Net cashflow: $-25/mo
• Annual: $-302/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• 1% rule: 0.74%
• Cash to close: $55,997

Investor read

• This is a 2-bed/1.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $-25 ($-302/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (26.0% below list).
• It's been on market 89 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $148k (26.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#33 in ID, #4,779 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, commute F.
• Twin Falls District (town): math 34% / reading 49% proficiency, ranked #62 of 92 in ID (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bickel Elementary School (math 22% / reading 32%, grade F, #318 of 357 statewide, top 92%, 199 students, 76% FRL); Twin Falls High School (math 34% / reading 70%, grade D+, #30 of 169 statewide, top 21%, 1,286 students, 18% FRL) — zoned schools at 47% FRL track the district average.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.9%/yr); 625 active listings in the ZIP; 636 units permitted in Twin Falls County in 2024 (12 in 5+ unit buildings).
• Twin Falls County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.1% vs local median 2.4% in Twin Falls — 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

• 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 89 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1954 — 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.
• 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.
• 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.