828 E 100 S

Salt Lake City, UT 84102

$1,295,000C-

48 bd · 36.0 ba · 4,174 sqft · Built 1911 · MultiFamily · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,215/mo
• Mortgage (P&I): −$6,791
• Tax + insurance: −$1,176
• HOA: −$0
• Vac / Maint / Mgmt: −$2,565
• Net cashflow: $1,683/mo
• Annual: $20,191/yr
• Cap rate: 7.85%
• Cash-on-cash: 5.57%
• DSCR: 1.25
• 1% rule: 0.94%
• Cash to close: $362,600

Investor read

• This is a 6 × 8-bed/6.0-bath units multifamily listed at $1.29M.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $280/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.22M (5.7% below list).
• It's been on market 138 days — a 12% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.14M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#64 in UT, #3,994 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: cost of living D+, crime F.
• Salt Lake District (urban): math 30% / reading 37% proficiency, ranked #65 of 80 in UT (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wasatch School (math 53% / reading 56%, grade C, #106 of 585 statewide, top 19%, 337 students, 31% FRL); Salt Lake Center For Science Education Bryant (math 14% / reading 29%, grade F, #125 of 138 statewide, top 91%, 407 students, 64% FRL); West High (math 33% / reading 60%, grade D-, #38 of 171 statewide, top 24%, 2,600 students, 51% FRL).
• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.0%/yr); 134 active listings in the ZIP; 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• Salt Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 2y ago; this cycle's ask is 108268% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $117k; list at $1.29M implies a 1006% gain — meaningful room to come down on a strong offer.
• At $12,215/mo this rent would consume 281% of the median local household income ($52k/yr) (locally 2450% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1911 — 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.
• Crime grade is F 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.