2401 S Owyhee St #14

Boise City, ID 83705

$115,000B

2 bd · 2.0 ba · 1,040 sqft · Built 1991 · Manufactured · Pending · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,823/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$383
• Net cashflow: $645/mo
• Annual: $7,745/yr
• Cap rate: 13.03%
• Cash-on-cash: 24.05%
• DSCR: 2.07
• 1% rule: 1.59%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $645 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 118 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Boise Independent District (urban): math 42% / reading 56% proficiency, ranked #36 of 92 in ID (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Whitney Elementary School (math 23% / reading 29%, grade F, #329 of 357 statewide, top 92%, 476 students, 99% FRL); Borah Senior High School (math 34% / reading 57%, grade D-, #59 of 169 statewide, top 35%, 1,289 students, 25% FRL) — zoned schools average 62% FRL vs 33% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 49% district-wide (-13 pts) — the specific schools serving this property underperform the Boise Independent District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.4%/yr); 135 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.0% vs local median 2.6% in Boise City — 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.
• This rent runs 34% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• 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.