165 W 250 N

Elmo, UT 84521

$299,973B+

35 bd · 25.0 ba · 2,640 sqft · Built 1977 · MultiFamily · Under Contract · 260 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,454/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$1,145
• Net cashflow: $2,236/mo
• Annual: $26,827/yr
• Cap rate: 15.24%
• Cash-on-cash: 31.94%
• DSCR: 2.42
• 1% rule: 1.82%
• Cash to close: $83,992

Investor read

• This is a 5 × 7-bed/?-bath units multifamily listed at $300k.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $447/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• It's been on market 260 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (2.9% local appreciation)).
• Location reads 68/100 on livability (#112 in UT) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: amenities F, commute F, health & safety F.
• Emery District (rural): math 43% / reading 35% proficiency, ranked #52 of 80 in UT (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cleveland School (math 42% / reading 32%, grade F, #355 of 585 statewide, top 63%, 181 students, 55% FRL); Canyon View Middle School (math 32% / reading 27%, grade F, #109 of 138 statewide, top 80%, 200 students, 49% FRL) — zoned schools average 52% FRL vs 37% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 3 active listings in the ZIP; 55 units permitted in Emery County in 2024 (0 in 5+ unit buildings).
• Emery County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 4y ago; this cycle's ask is 39896% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (2.9% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 260 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?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-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.