1557 Harvest St W

Salt Lake City, UT 84116

$59,900B-

2 bd · 2.0 ba · 1,000 sqft · Built 2016 · Manufactured · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,587/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $840/mo
• Annual: $10,077/yr
• Cap rate: 23.12%
• Cash-on-cash: 60.09%
• DSCR: 3.67
• 1% rule: 2.65%
• Cash to close: $16,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $840 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• It's been on market 108 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#64 in UT, #3,994 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: cost of living D+, crime F.
• Salt Lake District (urban): math 30% / reading 37% proficiency, ranked #65 of 80 in UT (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Backman School (math 8% / reading 19%, grade F, #566 of 585 statewide, top 97%, 364 students, 87% FRL); Northwest Middle (math 8% / reading 13%, grade F, #137 of 138 statewide, top 99%, 633 students, 84% FRL); West High (math 33% / reading 60%, grade D-, #38 of 171 statewide, top 24%, 2,600 students, 51% FRL) — zoned schools average 74% FRL vs 57% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-2.1%/yr); 87 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• Salt Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $15k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.