251 11th St #1234

Idaho Falls, ID 83403

$265,000B-

4 bd · 4.0 ba · 3,300 sqft · Built 1916 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,135/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$442
• HOA: −$0
• Vac / Maint / Mgmt: −$658
• Net cashflow: $645/mo
• Annual: $7,744/yr
• Cap rate: 9.22%
• Cash-on-cash: 10.44%
• DSCR: 1.46
• 1% rule: 1.18%
• Cash to close: $74,200

Investor read

• This is a 2 × 2-bed/?-bath units multifamily listed at $265k. Condition is rated average.
• At list price, monthly cash flow is $645 ($8k/yr) — positive. Per door: $323/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (3.0% local appreciation)).
• 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.
• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 projected returns (3.0% appreciation + 3.0% rent growth), your $74k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 1916 — 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.

Repairs flagged (vision-AI assessment)

• Minor: Exterior siding — There are some visible signs of wear and tear, such as minor discoloration and some loose siding panels.
• Minor: Interior walls — There are some visible signs of wear and tear, such as minor discoloration and some peeling paint.
• Minor: Bathrooms — There are some visible signs of wear and tear, such as minor discoloration and some peeling paint.
• Minor: Kitchen — There are some visible signs of wear and tear, such as minor discoloration and some peeling paint.
• Minor: Landscaping — There are some visible signs of wear and tear, such as some dead grass and some overgrown bushes.