350 E E St

Idaho Falls, ID 83402

$4,250,000C+

729 bd · 729.0 ba · 22,578 sqft · Built 1948 · MultiFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $46,966/mo
• Mortgage (P&I): −$22,287
• Tax + insurance: −$7,083
• HOA: −$0
• Vac / Maint / Mgmt: −$9,863
• Net cashflow: $7,732/mo
• Annual: $92,788/yr
• Cap rate: 8.48%
• Cash-on-cash: 7.80%
• DSCR: 1.35
• 1% rule: 1.11%
• Cash to close: $1,190,000

Investor read

• This is a 27 × 27-bed/27.0-bath units multifamily listed at $4.25M. Condition is rated excellent.
• 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).
• It's been on market 75 days — a 6% lower offer ($4.00M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $4.00M (6.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Bonneville County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.