2688 N Pilgrim Ln · Boise City, ID 83704

$124,900

2 bd · 2.0 ba · 924 sqft · Manufactured · 12 Days on market

Built 1978 Good condition Est $121k · at est.

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +7.1/10.0
• ARV discount +6.1/15.0
• Schools +5.2/10.0
• Condition / age +4.0/5.0
• Rent growth +3.0/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully renovated home in the desirable 55+ Granger Sub community. Filled with natural light, this inviting home features 9 foot ceilings in the main living area, creating an open and airy feel that is perfect for both everyday living and entertaining. The fully remodeled kitchen is a highlight of the home, offering gorgeous quartz countertops, brand-new cabinetry, and a charming window seat that brings in abundant natural light. An ideal spot to enjoy your morning coffee or a quiet afternoon break. Both bathrooms have been thoughtfully updated with fresh, modern finishes, creating a clean and cohesive feel throughout the home. The comfortable floor plan provides welcomi

Key facts

• Quartz countertops
• Renovated home
• 9 foot ceilings

Tags

• RENOVATED HOME
• 9 FOOT CEILINGS
• FULLY REMODELED KITCHEN
• QUARTZ COUNTERTOPS
• BRAND-NEW CABINETRY
• WINDOW SEAT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 9.4% vs local median 2.6% in Boise City — 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.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Joint School District No. 2 (suburban): math 53% / reading 67% proficiency, ranked #11 of 92 in ID (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ustick Elementary School (math 32% / reading 37%, grade F, #272 of 357 statewide, top 80%, 357 students, 60% FRL); Centennial High School (math 53% / reading 76%, grade B-, #10 of 169 statewide, top 7%, 1,931 students, 22% FRL) — zoned schools average 41% FRL vs 23% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 193 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 5,129 units permitted in Ada County in 2024 (414 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Ada County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $124,900

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $121,044
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2688 N Pilgrim Ln	0.00mi	2/2.0	924 (0%)	1mo	$124,900	$135	99
9915 W Abram Ln	0.12mi	2/2.0	924 (0%)	17mo	$109,000	$118	80
9916 W Dewitt Ln	0.22mi	2/2.0	924 (0%)	20mo	$110,000	$119	73
10690 Java Ct	0.52mi	2/2.0	960 (+4%)	12mo	$175,500	$183	59
10600 W Abram Ln #71	0.54mi	2/2.0	849 (-8%)	16mo	$111,000	$131	48
10630 W Macaw Ln	0.56mi	2/1.0	840 (-9%)	10mo	$11,000	$13	46
10866 W Palm Dr	0.64mi	3/1.0 (+1)	840 (-9%)	3mo	$204,900	$244	44
3150 N Kimball St	0.53mi	2/1.0	1,040 (+13%)	10mo	$265,000	$255	42
2960 N Linda Vista Ln Trlr 15 Ln	0.42mi	2/1.0	800 (-13%)	24mo	$52,000	$65	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.95% rent growth · sell at horizon

5-year hold

• IRR: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,012
• Equity at exit: $18,623

10-year hold

• IRR: 7.8%
• Equity multiple: 1.56×
• Total profit: $19,641
• Equity at exit: $10,799

Cash invested: $34,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 91 Strongly Landlord-Friendly
• State Idaho: 91 Strongly Landlord-Friendly · R+18
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; minimal tenant protections.

Methodology + full state rankings →

ZIP-level market 83704

• Rents YoY: 1.9%
• Active inventory: 193
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,506 high
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $326

Break-even live

Break-even rent $1,093

Max offer price $124,900

Occupancy floor 73%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10096 W Garverdale Ln Boise, ID	3.0	2.0	1113	$1,600	$1.44	23d	1	0.43mi
9169 W Cory Ln #202 Boise, ID	2.0	1.5	968	$1,395	$1.44	21d	1	0.44mi
10105 W Garverdale Ln Ste 201 Boise, ID	2.0	2.0	915	$1,350	$1.48	14d	1	0.48mi
2555 N Workland Ln Unit 202 Boise, ID	2.0	1.0	800	$1,325	$1.66	14d	1	0.49mi
10222 W Ustick Rd Boise, ID	2.0	2.0	1010	$1,575	$1.56	23d	1	0.56mi
9113 W Ustick Rd Unit 102 Boise, ID	2.0	2.0	1000	$1,525	$1.52	23d	1	0.63mi
9131 W Ustick Rd Unit 104 Boise, ID	2.0	2.0	1000	$1,595	$1.59	12d	1	0.64mi
10811 W Ustick Rd Boise, ID	2.0	1.0	794	$1,345	$1.69	21d	1	0.78mi
10887 W Ustick Rd Boise, ID	2.0–3.0	1.0–2.0	874	$1,345	$1.54	3d	3	0.78mi
9130 W Irving St Boise, ID	2.0	1.5	952	$1,575	$1.65	3d	5	0.88mi
3909 N Patricia Ln Unit 1547101P Boise, ID	2.0	1.0	818	$4,200	$5.13	3d	1	0.99mi
3911 N Patricia Ln Unit 1547109P Boise, ID	2.0	1.0	818	$4,431	$5.42	3d	1	0.99mi
10077 W Rifleman Ln Unit 103 Boise, ID	2.0	2.0	860	$1,395	$1.62	12d	1	1.02mi
930 N Maple Grove Rd Boise, ID	1.0–3.0	1.0–2.0	950	$1,920	$2.02	3d	14	1.08mi
11383 W Fairview Ave Boise, ID	2.0	2.0	1123	$1,575	$1.40	3d	4	1.09mi
8443 W Rifleman St Unit 8443 Boise, ID	2.0	1.0	846	$1,900	$2.25	3d	1	1.34mi
7521 W Tottenham Ln Apt 202 Boise, ID	3.0	2.0	1113	$1,595	$1.43	23d	1	1.45mi
2722 N Retirement Ln Boise, ID	1.0	1.0	590	$1,095	$1.86	23d	1	1.46mi
4418 N Oxbow Pl Boise, ID	3.0	2.0	1120	$2,095	$1.87	14d	1	1.48mi
7479 W Holbrook Ln Boise, ID	1.0	1.0	650	$1,095	$1.68	23d	1	1.49mi

Listing history 2 events

1. 2026-03-26
   status Pending
2. 2026-03-13
   listed $124,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $18,067
• − Mortgage interest: −$6,996
• − Property taxes: −$1,874
• − Insurance: −$624
• − Repairs & maintenance: −$1,445
• − Management: −$1,445
• − Depreciation: −$3,633
• Taxable income: $2,048
• Est. tax owed @ 24.0%: −$492
• After-tax cash flow: $3,423/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 14 photos

Good 80/100 Cosmetic rehab

This beautifully renovated home in the desirable 55+ Granger Sub community is move-in ready with modern updates and a good condition score.

Value-add opportunities

• Both Painting the exterior siding — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both New flooring in high-traffic areas — Improves aesthetics and durability
• Both New window treatments — Enhances curb appeal and value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both New flooring in high-traffic areas — Improves aesthetics and durability ↑
• Both New window treatments — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Joint School District No. 2
• NCES district ID: 1602100
• Math proficiency: 53% ▼ -6.00%
• Reading proficiency: 67% ▼ -1.00%
• Median HH income: $64,573
• Composite: 52.42/100
• National rank: #1576
• State rank: #11 of 92 in ID

Livability — Boise City

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Boise City, ID
• County: Ada County · 522,161 people
• City population: 152,689
• Metro: Boise City, ID
• Population (ZIP): 42,719
• Household income: $73,390
• Rent vs Own: 37.0% rent · 63.0% own
• Severe rent burden: 1415.0

Population outlook (Ada County) Hauer SSP2

• Today (2025): 535,818 people
• By 2030: 585,751 · +9.3%
• By 2040: 682,435 · +27.4%
• By 2050: 775,818 · +44.8%
• By 2075: 994,458 · +85.6%
• By 2100: 1,148,884 · +114.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 9% Asian 2% Native American 2% Black 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Portuguese 3% Slovak 2%
• Foreign-born: 8% · Canada
• Languages at home: 87% English-only · Spanish 8% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Ada

• 2024 margin: R (+10.3) · D 43.4% · R 53.8% · Other 2.8%
• 2008→2024 swing: -4.2pp toward R · 2008: -6.2pp · 2024: -10.3pp
• All cycles: 2024: R+10.3 2020: R+3.9 2016: R+9.2 2012: R+11.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -393.15%
• Current HPI: 379.0934
• Rent YoY: ▲ 1.95%
• Metro: Boise City, ID
• State GDP YoY: ▲ 4.51%
• F500 in state: 6

Industry mix (Fortune 500 HQ in ID)

Industry	F500 HQs	Revenue
▸Retail	1	$79B
▸Technology	1	$25B
▸Food / Agriculture	1	$6B

Price history

2 events — show timeline

• 2026-03-26 Pending — IMLS
• 2026-03-13 Listed $124,900 IMLS