4986 #2 S 2000 W

Rexburg, ID 83440

$65,000C-

2 bd · 2.0 ba · 938 sqft · Built 1994 · Manufactured · Active · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,101/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$47
• HOA: −$452
• Vac / Maint / Mgmt: −$231
• Net cashflow: $30/mo
• Annual: $364/yr
• Cap rate: 6.85%
• Cash-on-cash: 2.00%
• DSCR: 1.09
• 1% rule: 1.69%
• Cash to close: $18,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $65k.
• At list price, monthly cash flow is $30 ($364/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 148 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#25 in ID, #3,515 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, health & safety A+; Watch: housing C-, commute F, employment F.
• Madison District (town): math 44% / reading 47% proficiency, ranked #50 of 92 in ID (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Fork Elementary (math 52% / reading 42%, grade D-, #176 of 357 statewide, top 53%, 293 students, 43% FRL) — zoned schools average 43% FRL vs 27% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 41% of rent.
• Market conditions: Rents rising (+2.6%/yr); 384 active listings in the ZIP; 274 units permitted in Madison County in 2024 (80 in 5+ unit buildings).
• Madison County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 15y 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.

Questions for listing agent

• It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.