784 W Resort Dr #122

Midway, UT 84049

$210,000D

1 bd · 1.0 ba · 486 sqft · Built 2003 · Condo · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,278/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$222
• HOA: −$566
• Vac / Maint / Mgmt: −$478
• Net cashflow: $-89/mo
• Annual: $-1,070/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.82%
• DSCR: 0.92
• 1% rule: 1.08%
• Cash to close: $58,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $210k.
• At list price, monthly cash flow is $-89 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (7.5% below list).
• Meets the 1% rule at list price ($2k rent vs $210k).
• It's been on market 44 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (7.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#124 in UT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Wasatch District (town): math 45% / reading 51% proficiency, ranked #23 of 80 in UT (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Midway School (math 63% / reading 66%, grade B, #23 of 585 statewide, top 4%, 675 students, 18% FRL); Rocky Mountain Middle (math 40% / reading 50%, grade D, #43 of 138 statewide, top 33%, 717 students, 26% FRL); Wasatch High (math 34% / reading 50%, grade F, #55 of 171 statewide, top 32%, 2,531 students, 16% FRL).
• Watch-outs: HOA is 25% of rent.
• Market conditions: 225 active listings in the ZIP; high-income renter base; 835 units permitted in Wasatch County in 2024 (22 in 5+ unit buildings).
• Wasatch County population projected at +87% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 5.8% vs local median 2.5% in Midway — 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

• 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 44 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.