362 SE Main St

Blackfoot, ID 83221

$289,000B-

12 bd · 9.0 ba · 0 sqft · Built 1940 · MultiFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,308/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$308
• HOA: −$0
• Vac / Maint / Mgmt: −$1,115
• Net cashflow: $2,369/mo
• Annual: $28,431/yr
• Cap rate: 16.13%
• Cash-on-cash: 35.14%
• DSCR: 2.56
• 1% rule: 1.84%
• Cash to close: $80,920

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $289k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $790/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $289k).
• It's been on market 28 days — a 2% lower offer ($285k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $285k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#8 in ID, #904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Blackfoot District (town): math 34% / reading 45% proficiency, ranked #69 of 92 in ID (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mountain View Middle School (math 33% / reading 46%, grade F, #72 of 109 statewide, top 67%, 588 students, 47% FRL); Blackfoot High School (math 26% / reading 47%, grade F, #105 of 169 statewide, top 63%, 1,286 students, 40% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 282 active listings in the ZIP; solid renter incomes; 251 units permitted in Bingham County in 2024 (0 in 5+ unit buildings).
• Bingham County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~4 years — after that, you're playing with house money.
• At $5,308/mo this rent would consume 85% of the median local household income ($75k/yr) (locally 286% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.