461 W Greenleaf St

Boise City, ID 83713

$39,900C-

3 bd · 2.0 ba · 1,056 sqft · Built 1981 · Manufactured · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,717/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$66
• HOA: −$1,040
• Vac / Maint / Mgmt: −$361
• Net cashflow: $41/mo
• Annual: $492/yr
• Cap rate: 7.53%
• Cash-on-cash: 4.40%
• DSCR: 1.20
• 1% rule: 4.30%
• Cash to close: $11,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $40k. Condition is rated average.
• At list price, monthly cash flow is $41 ($492/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• It's been on market 23 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Boise Independent District (urban): math 42% / reading 56% proficiency, ranked #36 of 92 in ID (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 61% of rent.
• Market conditions: Rents rising fast (+4.0%/yr); 135 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,129 units permitted in Ada County in 2024 (414 in 5+ unit buildings).
• Ada County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $11k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 7.5% vs local median 2.6% in Boise City — 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 does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: bathroom fixtures — dated and in need of replacement
• Minor: exterior paint — worn but not peeling