1165 Edgewood Dr

Ogden, UT 84403

$2,250,000F

240 bd · 240.0 ba · 5,320 sqft · Built 1968 · MultiFamily · Active · 139 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,390/mo
• Mortgage (P&I): −$11,799
• Tax + insurance: −$3,750
• HOA: −$0
• Vac / Maint / Mgmt: −$3,022
• Net cashflow: $-4,181/mo
• Annual: $-50,174/yr
• Cap rate: 4.06%
• Cash-on-cash: -7.96%
• DSCR: 0.65
• 1% rule: 0.64%
• Cash to close: $630,000

Investor read

• This is a 12 × 2-bed/1.0-bath units multifamily listed at $2.25M.
• At list price, monthly cash flow is $-4k ($-50k/yr) — negative. Per door: $-348/mo.
• To cash-flow at today's rent, offer at most $1.64M (26.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.44M (36.0% below list).
• It's been on market 139 days — a 12% lower offer ($1.98M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.44M (36.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $68k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#19 in UT, #810 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Ogden City District (urban): math 25% / reading 31% proficiency, ranked #72 of 80 in UT (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Shadow Valley School (math 50% / reading 56%, grade C, #127 of 585 statewide, top 22%, 587 students, 13% FRL); Mount Ogden Junior High (math 33% / reading 38%, grade F, #94 of 138 statewide, top 68%, 858 students, 31% FRL); Ogden High (math 15% / reading 37%, grade F, #137 of 171 statewide, top 81%, 1,128 students, 35% FRL) — zoned schools average 26% FRL vs 75% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.9%/yr); 238 active listings in the ZIP; solid renter incomes; 1,630 units permitted in Weber County in 2024 (521 in 5+ unit buildings).
• Weber County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 20y ago; this cycle's ask has dropped $250k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• At $14,390/mo this rent would consume 196% of the median local household income ($88k/yr) (locally 1076% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 139 days. Have you received any prior offers? Is the seller open to a 36% 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 1968 — 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.
• 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?