705 S Redwood Rd W #77

Salt Lake City, UT 84104

$36,000D

2 bd · 2.0 ba · 980 sqft · Built 1981 · Manufactured · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,536/mo
• Mortgage (P&I): −$189
• Tax + insurance: −$60
• HOA: −$1,025
• Vac / Maint / Mgmt: −$323
• Net cashflow: $-60/mo
• Annual: $-719/yr
• Cap rate: 4.29%
• Cash-on-cash: -7.14%
• DSCR: 0.68
• 1% rule: 4.27%
• Cash to close: $10,080

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $36k. Condition is rated fair.
• At list price, monthly cash flow is $-60 ($-719/yr) — negative.
• To cash-flow at today's rent, offer at most $27k (24.1% below list).
• Meets the 1% rule at list price ($2k rent vs $36k).
• It's been on market 90 days — a 6% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (24.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $249 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#64 in UT, #3,994 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: cost of living D+, crime F.
• Salt Lake District (urban): math 30% / reading 37% proficiency, ranked #65 of 80 in UT (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edison School (math 8% / reading 12%, grade F, #577 of 585 statewide, top 99%, 368 students, 100% FRL); Glendale Middle (math 13% / reading 20%, grade F, #134 of 138 statewide, top 97%, 680 students, 84% FRL); East High (math 17% / reading 36%, grade F, #136 of 171 statewide, top 79%, 1,886 students, 51% FRL) — zoned schools average 78% FRL vs 57% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 18% at this address vs 34% district-wide (-16 pts) — the specific schools serving this property underperform the Salt Lake District average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 67% of rent.
• Market conditions: Rents falling (-5.2%/yr); 82 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts; this cycle's ask has dropped $5k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• This rent runs 30% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 90 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 F 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering and peeling
• Major: interior paint — Worn and peeling
• Major: kitchen cabinets — Old and dated
• Major: bathroom fixtures — Old and dated
• Major: landscaping — Needs significant improvement