201 Heber Ave Unit 309.E

Park City, UT 84060

$640,000D

3 bd · 3.0 ba · 1,976 sqft · Built 2007 · Condo · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,980/mo
• Mortgage (P&I): −$3,356
• Tax + insurance: −$1,133
• HOA: −$1,488
• Vac / Maint / Mgmt: −$1,256
• Net cashflow: $-1,253/mo
• Annual: $-15,033/yr
• Cap rate: 4.07%
• Cash-on-cash: -7.94%
• DSCR: 0.65
• 1% rule: 0.93%
• Cash to close: $179,200

Investor read

• This is a 3-bed/3.0-bath condo listed at $640k. Condition is rated excellent.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $459k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $598k (6.6% below list).
• It's been on market 111 days — a 9% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $459k (28.3% below list) — sets the bar for cash-flow.
• In year one you build about $47k of equity ($4k loan paydown + $43k appreciation (6.7% local appreciation)).
• Location reads 72/100 on livability (#78 in UT) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime D, cost of living F, health & safety F.
• Park City District (town): math 46% / reading 53% proficiency, ranked #9 of 80 in UT (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Mcpolin School (math 62% / reading 52%, grade C+, #75 of 585 statewide, top 14%, 403 students, 29% FRL); Park City High (math 39% / reading 58%, grade D, #33 of 171 statewide, top 19%, 1,224 students, 13% FRL) — zoned schools at 21% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo; HOA is 25% of rent.
• Market conditions: 705 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 917 units permitted in Summit County in 2024 (529 in 5+ unit buildings).
• Summit County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• By year 2, paydown + projected appreciation supports a ~$75k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• At $5,980/mo this rent would consume 56% of the median local household income ($128k/yr) (locally 223% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?