772 W Lennox St

Midvale, UT 84047

$925,000C-

28 bd · 16.0 ba · 3,696 sqft · Built 1956 · MultiFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,723/mo
• Mortgage (P&I): −$4,851
• Tax + insurance: −$807
• HOA: −$0
• Vac / Maint / Mgmt: −$1,832
• Net cashflow: $1,234/mo
• Annual: $14,803/yr
• Cap rate: 7.89%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• 1% rule: 0.94%
• Cash to close: $259,000

Investor read

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $925k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $308/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $872k (5.7% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $872k (5.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#35 in UT, #1,704 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Canyons District (suburban): math 49% / reading 53% proficiency, ranked #12 of 80 in UT (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Midvale School (math 17% / reading 17%, grade F, #542 of 585 statewide, top 93%, 722 students, 99% FRL); Midvale Middle (math 24% / reading 28%, grade F, #119 of 138 statewide, top 87%, 907 students, 98% FRL); Hillcrest High (math 23% / reading 50%, grade F, #86 of 171 statewide, top 52%, 2,296 students, 37% FRL) — zoned schools average 78% FRL vs 27% district-wide (51 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 51% district-wide (-24 pts) — the specific schools serving this property underperform the Canyons District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.3%/yr); 208 active listings in the ZIP; solid renter incomes; 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• Salt Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 20y ago 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 $8,723/mo this rent would consume 138% of the median local household income ($76k/yr) (locally 2050% 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 1956 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.