647 W Kentucky Ave

Hayden, ID 83835

$84,000B

2 bd · 2.0 ba · 980 sqft · Built 1991 · Manufactured · Pending · 257 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,882/mo
• Mortgage (P&I): −$441
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$395
• Net cashflow: $907/mo
• Annual: $10,880/yr
• Cap rate: 19.25%
• Cash-on-cash: 46.26%
• DSCR: 3.06
• 1% rule: 2.24%
• Cash to close: $23,520

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $84k.
• At list price, monthly cash flow is $907 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• It's been on market 257 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $581 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#150 in ID) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Coeur D'Alene District (urban): math 44% / reading 60% proficiency, ranked #23 of 92 in ID (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Atlas Elementary School (math 51% / reading 58%, grade C, #106 of 357 statewide, top 33%, 438 students, 26% FRL); Canfield Middle School (math 51% / reading 72%, grade B+, #9 of 109 statewide, top 7%, 746 students, 22% FRL); Coeur D'Alene High School (math 47% / reading 80%, grade B-, #14 of 169 statewide, top 8%, 1,548 students, 15% FRL).
• Market conditions: Rents rising (+1.2%/yr); 390 active listings in the ZIP; solid renter incomes; 1,606 units permitted in Kootenai County in 2024 (154 in 5+ unit buildings).
• Kootenai County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $25k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.2% vs local median 2.2% in Hayden — 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

• It's been on market 257 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.