3621 N Patricia Ln #14

Boise City, ID 83704

$19,900D+

2 bd · 1.0 ba · 840 sqft · Built 1973 · Manufactured · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,475/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$33
• HOA: −$550
• Vac / Maint / Mgmt: −$310
• Net cashflow: $478/mo
• Annual: $5,736/yr
• Cap rate: 35.12%
• Cash-on-cash: 102.94%
• DSCR: 5.58
• 1% rule: 7.41%
• Cash to close: $5,572

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $20k.
• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Joint School District No. 2 (suburban): math 53% / reading 67% proficiency, ranked #11 of 92 in ID (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Summerwind Stem Academy (math 52% / reading 62%, grade C+, #88 of 357 statewide, top 28%, 372 students, 40% FRL); Centennial High School (math 53% / reading 76%, grade B-, #10 of 169 statewide, top 7%, 1,931 students, 22% FRL).
• Watch-outs: HOA is 37% of rent.
• Market conditions: Rents rising (+1.9%/yr); 193 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $6k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 35.1% 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

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.