1220 N 4th #22.5

Parma, ID 83660

$110,000C-

3 bd · 2.0 ba · 1,026 sqft · Built 2023 · Manufactured · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,550/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$90
• HOA: −$600
• Vac / Maint / Mgmt: −$326
• Net cashflow: $-42/mo
• Annual: $-501/yr
• Cap rate: 5.84%
• Cash-on-cash: -1.63%
• DSCR: 0.93
• 1% rule: 1.41%
• Cash to close: $30,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $110k. Condition is rated good.
• At list price, monthly cash flow is $-42 ($-501/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (6.7% below list).
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 84 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (6.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#86 in ID) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Parma District (rural): math 41% / reading 59% proficiency, ranked #35 of 92 in ID (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Parma High School (math 27% / reading 57%, grade F, #72 of 169 statewide, top 47%, 334 students, 31% FRL) — zoned schools average 31% FRL vs 52% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 39% of rent.
• Market conditions: 70 active listings in the ZIP; 3,620 units permitted in Canyon County in 2024 (196 in 5+ unit buildings).
• Canyon County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.8% vs local median 2.4% in Parma — 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 84 days. Have you received any prior offers? Is the seller open to a 7% 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?
• 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.
• 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.