537 N Blue St

Garden City, UT 84028

$72,250B+

3 bd · 3.0 ba · 2,075 sqft · Built 2023 · Townhouse · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,376/mo
• Mortgage (P&I): −$379
• Tax + insurance: −$120
• HOA: −$200
• Vac / Maint / Mgmt: −$289
• Net cashflow: $388/mo
• Annual: $4,654/yr
• Cap rate: 12.73%
• Cash-on-cash: 23.01%
• DSCR: 2.02
• 1% rule: 1.90%
• Cash to close: $20,230

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $72k. Condition is rated excellent.
• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($500 loan paydown + $3k appreciation (4.3% local appreciation)).
• Location reads 65/100 on livability (#156 in UT) — a middle-class / working-renter tenant base. Strengths: housing A-, crime B, cost of living B; Watch: employment C-, amenities F, commute F.
• Rich District (rural): math 51% / reading 55% proficiency, ranked #16 of 80 in UT (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: North Rich School (math 64% / reading 54%, grade B-, #59 of 585 statewide, top 10%, 113 students, 37% FRL); Rich Middle School (math 52% / reading 57%, grade B-, #13 of 138 statewide, top 9%, 123 students, 33% FRL); Rich High (math 30% / reading 50%, grade F, #63 of 171 statewide, top 37%, 156 students, 30% FRL).
• Market conditions: 480 active listings in the ZIP; 97 units permitted in Rich County in 2024 (19 in 5+ unit buildings).
• Rich County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $68k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.