935 E Highway 193 #102

Layton, UT 84040

$59,999B-

3 bd · 1.0 ba · 1,000 sqft · Built 2013 · Manufactured · Active · 156 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,188/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$1,125
• Vac / Maint / Mgmt: −$459
• Net cashflow: $189/mo
• Annual: $2,264/yr
• Cap rate: 10.07%
• Cash-on-cash: 13.48%
• DSCR: 1.60
• 1% rule: 3.65%
• Cash to close: $16,800

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• It's been on market 156 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#11 in UT, #457 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Davis District (suburban): math 43% / reading 47% proficiency, ranked #28 of 80 in UT (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Mountain View School (math 50% / reading 50%, grade D+, #161 of 585 statewide, top 29%, 781 students, 21% FRL); North Layton Jr High (math 39% / reading 40%, grade F, #75 of 138 statewide, top 56%, 1,009 students, 30% FRL); Northridge High (math 24% / reading 43%, grade F, #106 of 171 statewide, top 62%, 1,954 students, 23% FRL).
• Watch-outs: HOA is 51% of rent.
• Market conditions: 187 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,461 units permitted in Davis County in 2024 (508 in 5+ unit buildings).
• Davis County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $19k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 156 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.