370 Aria Blvd E

Wendover, UT 84083

$3,200,000B-

3456 bd · 2304.0 ba · 30,828 sqft · Built 1985 · MultiFamily · Active · 223 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $39,209/mo
• Mortgage (P&I): −$16,781
• Tax + insurance: −$5,456
• HOA: −$0
• Vac / Maint / Mgmt: −$8,234
• Net cashflow: $8,738/mo
• Annual: $104,860/yr
• Cap rate: 9.62%
• Cash-on-cash: 11.87%
• DSCR: 1.53
• 1% rule: 1.23%
• Cash to close: $896,000

Investor read

• This is a 24×1.0bd/1.0ba + 24×2.0bd/1.0ba units multifamily listed at $3.20M.
• At list price, monthly cash flow is $9k ($105k/yr) — positive. Per door: $182/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($39k rent vs $3.20M).
• It's been on market 223 days — a 12% lower offer ($2.82M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.82M (12.0% below list) — sets the bar for market timing.
• In year one you build about $118k of equity ($22k loan paydown + $96k appreciation (3.0% local appreciation)).
• Location reads 55/100 on livability (#279 in UT) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, employment D, amenities F.
• Tooele District (town): math 32% / reading 34% proficiency, ranked #62 of 80 in UT (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Anna Smith School (math 17% / reading 22%, grade F, #525 of 585 statewide, top 91%, 206 students, 53% FRL); Wendover High (math 17% / reading 22%, grade F, #158 of 171 statewide, top 94%, 189 students, 0% FRL).
• Zoned-school proficiency averages 20% at this address vs 33% district-wide (-14 pts) — the specific schools serving this property underperform the Tooele District average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $122/mo.
• Market conditions: 7 active listings in the ZIP; 867 units permitted in Tooele County in 2024 (87 in 5+ unit buildings).
• Tooele County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $700k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $896k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$192k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• Schools are F-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.