10742 W Ardyce Ln #11

Boise City, ID 83713

$87,900D-

2 bd · 2.0 ba · 1,065 sqft · Built 2009 · Manufactured · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,263/mo
• Mortgage (P&I): −$461
• Tax + insurance: −$146
• HOA: −$1,130
• Vac / Maint / Mgmt: −$265
• Net cashflow: $-740/mo
• Annual: $-8,876/yr
• Cap rate: -3.81%
• Cash-on-cash: -36.06%
• DSCR: -0.60
• 1% rule: 1.44%
• Cash to close: $24,612

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $88k. Condition is rated good.
• At list price, monthly cash flow is $-740 ($-9k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $88k).
• It's been on market 77 days — a 6% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $83k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $608 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Joint School District No. 2 (suburban): math 53% / reading 67% proficiency, ranked #11 of 92 in ID (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Eliza Hart Spalding Stem Academy (math 65% / reading 65%, grade B+, #41 of 357 statewide, top 12%, 678 students, 17% FRL); Lewis & Clark Middle School (math 44% / reading 64%, grade B-, #20 of 109 statewide, top 19%, 882 students, 32% FRL); Centennial High School (math 53% / reading 76%, grade B-, #10 of 169 statewide, top 7%, 1,931 students, 22% FRL) — zoned schools at 24% FRL track the district average.
• Watch-outs: HOA is 89% of rent.
• Market conditions: Rents rising fast (+4.0%/yr); 271 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 66d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• 6 sale attempts 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 -3.8% vs local median 2.8% in Boise City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent is only 17% of the median local income ($91k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.