111 Gun Club Rd. #27 Rd

Dover, ID 83860

$88,000B-

3 bd · 2.0 ba · 1,008 sqft · Built 1978 · Manufactured · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,172/mo
• Mortgage (P&I): −$461
• Tax + insurance: −$55
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $410/mo
• Annual: $4,916/yr
• Cap rate: 11.88%
• Cash-on-cash: 19.95%
• DSCR: 1.89
• 1% rule: 1.33%
• Cash to close: $24,640

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $88k.
• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• It's been on market 27 days — a 2% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $608 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#108 in ID) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Lake Pend Oreille School District (town): math 46% / reading 60% proficiency, ranked #22 of 92 in ID (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sagle Elementary School (math 42% / reading 52%, grade D-, #176 of 357 statewide, top 53%, 290 students, 31% FRL); Sandpoint Middle School (math 51% / reading 65%, grade B, #12 of 109 statewide, top 10%, 514 students, 32% FRL); Sandpoint High School (math 26% / reading 63%, grade F, #61 of 169 statewide, top 41%, 1,080 students, 17% FRL).
• Market conditions: 211 active listings in the ZIP; 147 units permitted in Bonner County in 2024 (24 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.9% vs local median 0.0% in Dover — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1978 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.