352 & 374 E E Idaho St

Middleton, ID 83644

$565,000D-

6 bd · 4.0 ba · 2,134 sqft · Built 2020 · MultiFamily · Active · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,768/mo
• Mortgage (P&I): −$2,963
• Tax + insurance: −$942
• HOA: −$0
• Vac / Maint / Mgmt: −$1,001
• Net cashflow: $-138/mo
• Annual: $-1,654/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.05%
• DSCR: 0.95
• 1% rule: 0.84%
• Cash to close: $158,200

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $565k. Condition is rated good.
• At list price, monthly cash flow is $-138 ($-2k/yr) — negative. Per door: $-69/mo.
• To cash-flow at today's rent, offer at most $545k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $477k (15.6% below list).
• It's been on market 86 days — a 6% lower offer ($531k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $477k (15.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#22 in ID, #3,173 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Middleton District (suburban): math 41% / reading 58% proficiency, ranked #29 of 92 in ID (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Middleton Heights Elementary (math 43% / reading 58%, grade D+, #144 of 357 statewide, top 41%, 534 students, 29% FRL); Middleton Middle School (math 38% / reading 60%, grade C-, #34 of 109 statewide, top 34%, 1,007 students, 21% FRL); Middleton Academy (math 5% / reading 44%, grade F, #132 of 169 statewide, top 78%, 161 students, 34% FRL).
• Market conditions: 461 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,620 units permitted in Canyon County in 2024 (196 in 5+ unit buildings).
• Canyon County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $35k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.0% vs local median 2.4% in Middleton — 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.
• At $4,768/mo this rent would consume 59% of the median local household income ($97k/yr) (locally 141% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 86 days. Have you received any prior offers? Is the seller open to a 16% 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?
• 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.