350 E E St · Idaho Falls, ID 83402

$4,250,000

729 bd · 729.0 ba · 22,578 sqft · MultiFamily · 75 Days on market

Built 1948 Excellent condition 0.41 ac lot ↓ 4% since listing

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.2/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Condition / age +4.8/5.0
• Livability +4.3/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 27 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

The Wellington is a fully renovated 27-unit apartment building in downtown Idaho Falls, one block from the Riverwalk, with stylish studios and 1-bedrooms designed for long-term renters, traveling nurses, and remote workers. Renovated in 2022 with 9' ceilings, sound-dampened walls, LED lighting, secured access, and efficient systems, this property offers low-maintenance operations. Every tenant enjoys high-speed fiber internet, free laundry, assigned parking, and individual storage. Strong rental demand and scarce downtown inventory support steady performance, with high-credit tenants in place. Walkable to the Museum of Idaho, dining, farmers market, bars, shops, and the public library. Grea

Key facts

• Fully renovated
• Secured access
• Free laundry

Tags

• FULLY RENOVATED
• SECURED ACCESS
• HIGH-SPEED FIBER INTERNET
• FREE LAUNDRY
• ASSIGNED PARKING
• INDIVIDUAL STORAGE

Property features AI

Finance

• Other: Zoned IDAHO FALLS-CC-CENTRAL COMMER; Lot frontage approximately 127 feet; Lot size approximately 0.41 acres; Subdivision: Railroad Addition-Bon
• Financial info: Annual tax amount reported

Exterior

• Parking: 28 parking spaces; Parking on asphalt, concrete and off-street areas
• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family, 11+ units)
• Construction: Stucco construction
• Exterior features: Rubber roof

Interior

• Bathrooms: 27 full bathrooms
• Heating & cooling: Heat pump heating
• Interior features: Full, partially finished basement
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 27 × 27-bed/27.0-bath units multifamily listed at $4.25M. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $8k ($93k/yr) — positive. Per door: $286/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($47k rent vs $4.25M).
• Recommended offer: $4.00M (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 86/100 on livability (#3 in ID, #428 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+.
• Idaho Falls District (urban): math 36% / reading 50% proficiency, ranked #54 of 92 in ID (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: A H Bush Elementary School (math 22% / reading 32%, grade F, #318 of 357 statewide, top 92%, 322 students, 74% FRL); Eagle Rock Middle School (math 35% / reading 53%, grade D, #57 of 109 statewide, top 54%, 776 students, 46% FRL); Skyline Senior High School (math 30% / reading 47%, grade F, #98 of 169 statewide, top 58%, 1,321 students, 31% FRL).
• Market conditions: Rents rising (+2.6%/yr); 275 active listings in the ZIP; 2,253 units permitted in Bonneville County in 2024 (1,051 in 5+ unit buildings).
• At $46,966/mo this rent would consume 756% of the median local household income ($75k/yr) (locally 636% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $29k of loan paydown is wiped out by about $128k of value loss. Plan a longer hold.
• Bonneville County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($4.00M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,995,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.80%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.57% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-215,731
• Equity at exit: $633,689

10-year hold

• IRR: 4.3%
• Equity multiple: 1.31×
• Total profit: $366,857
• Equity at exit: $367,462

Cash invested: $1,190,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 91 Strongly Landlord-Friendly
• State Idaho: 91 Strongly Landlord-Friendly · R+18
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; minimal tenant protections.

Methodology + full state rankings →

ZIP-level market 83402

• Rents YoY: 2.6%
• Active inventory: 275
• Price-to-rent: 203.6×

Monthly cashflow live

• Estimated rent: $46,966 medium
• Mortgage (P&I): −$22,287
• Tax est. 1.5%: −$5,312 /mo · $63,750/yr
• Insurance: −$1,771
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,863
• Net cashflow: $7,732

Break-even live

Break-even rent $37,178

Max offer price $4,250,000

Occupancy floor 79%

Sensitivity live

Price	-10% $10,669	-5% $9,201	+0% $7,732	+5% $6,264	+10% $4,795
Rent	-10% $4,022	-5% $5,877	+0% $7,732	+5% $9,588	+10% $11,443
Rate	-1.0pp $9,873	-0.5pp $8,813	base $7,732	+0.5pp $6,631	+1.0pp $5,511

27-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 27× units	27	27	$46,953
Total (27 units)			$46,966

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,062,500
• Closing costs: $127,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $4,250,000 Active 75 DOM
2. 2026-06-19
   days on market $4,250,000 Active 73 DOM
3. 2026-06-18
   days on market $4,250,000 Active 72 DOM
4. 2026-06-17
   days on market $4,250,000 Active 71 DOM
5. 2026-06-16
   days on market $4,250,000 Active 70 DOM
6. 2026-06-15
   days on market $4,250,000 Active 69 DOM
7. 2026-06-14
   days on market $4,250,000 Active 67 DOM
8. 2026-06-13
   days on market $4,250,000 Active 66 DOM
9. 2026-06-10
   days on market $4,250,000 Active 64 DOM
10. 2026-06-09
    days on market $4,250,000 Active 63 DOM
11. 2026-06-08
    days on market $4,250,000 Active 62 DOM
12. 2026-06-07
    days on market $4,250,000 Active 61 DOM
13. 2026-06-05
    days on market $4,250,000 Active 58 DOM
14. 2026-06-03
    days on market $4,250,000 Active 57 DOM
15. 2026-06-02
    days on market $4,250,000 Active 56 DOM
16. 2026-06-01
    days on market $4,250,000 Active 55 DOM
17. 2026-05-31
    days on market $4,250,000 Active 54 DOM
18. 2026-05-30
    days on market $4,250,000 Active 53 DOM
19. 2026-04-28
    price $4,250,000
20. 2026-04-07
    listed $4,449,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $563,592
• − Mortgage interest: −$238,066
• − Property taxes: −$63,750
• − Insurance: −$21,250
• − Repairs & maintenance: −$45,087
• − Management: −$45,087
• − Depreciation: −$123,636
• Taxable income: $26,715
• Est. tax owed @ 24.0%: −$6,412
• After-tax cash flow: $86,377/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Excellent 95/100 None rehab

This fully renovated 27-unit apartment building in downtown Idaho Falls is move-in ready with modern amenities and excellent condition.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Addition of smart home features — Improves tenant experience and marketability
• Both Update to kitchen appliances — Maintains modern aesthetic and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Addition of smart home features — Improves tenant experience and marketability ↑
• Both Update to kitchen appliances — Maintains modern aesthetic and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Idaho Falls District
• NCES district ID: 1601530
• Math proficiency: 36% ▼ -2.00%
• Reading proficiency: 50% ▲ 1.00%
• Median HH income: $48,119
• Composite: 36.75/100
• National rank: #4581
• State rank: #54 of 92 in ID

Livability — Idaho Falls

• Score: 86/100
• State rank: #3
• US rank: #428

Category grades

Amenities A+ Commute B Cost of living A+ Crime C Employment B- Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Idaho Falls, ID
• County: Bonneville County · 125,162 people
• City population: 105,466
• Metro: Idaho Falls, ID
• Population (ZIP): 29,994
• Household income: $74,517
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 636.0

Population outlook (Bonneville County) Hauer SSP2

• Today (2025): 120,170 people
• By 2030: 124,993 · +4.0%
• By 2040: 134,091 · +11.6%
• By 2050: 142,122 · +18.3%
• By 2075: 157,767 · +31.3%
• By 2100: 160,316 · +33.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 19% Two or more races 9%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 3% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 86% English-only · Spanish 12% Other Indo-European 0%

Political lean MEDSL · Bonneville

• 2024 margin: Solid R (+45.4) · D 25.6% · R 71.0% · Other 3.4%
• 2008→2024 swing: -2.4pp toward R · 2008: -43.0pp · 2024: -45.4pp
• All cycles: 2024: R+45.4 2020: R+43.6 2016: R+40.2 2012: R+51.8 2008: R+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.66%
• Current HPI: 355.2953
• Rent YoY: ▲ 2.57%
• Metro: Idaho Falls, ID
• State GDP YoY: ▲ 4.51%
• F500 in state: 6

Industry mix (Fortune 500 HQ in ID)

Industry	F500 HQs	Revenue
▸Retail	1	$79B
▸Technology	1	$25B
▸Food / Agriculture	1	$6B

Price history

-4.5% since first listed

2 events — show timeline

• 2026-04-28 Price Changed $4,250,000 SRMLS
• 2026-04-07 Listed $4,449,000 SRMLS