1019 E 1700 S

Salt Lake City, UT 84105

$1,200,000B-

36 bd · 36.0 ba · 5,214 sqft · Built 1908 · MultiFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,321/mo
• Mortgage (P&I): −$6,293
• Tax + insurance: −$1,142
• HOA: −$0
• Vac / Maint / Mgmt: −$3,217
• Net cashflow: $4,669/mo
• Annual: $56,024/yr
• Cap rate: 10.96%
• Cash-on-cash: 16.67%
• DSCR: 1.74
• 1% rule: 1.28%
• Cash to close: $336,000

Investor read

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $1.20M.
• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $778/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.20M).
• It's been on market 52 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k 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: Hawthorne School (math 63% / reading 66%, grade B, #23 of 585 statewide, top 4%, 362 students, 22% FRL); Hillside Middle (math 44% / reading 46%, grade D, #43 of 138 statewide, top 33%, 555 students, 29% FRL); Highland High (math 21% / reading 54%, grade F, #76 of 171 statewide, top 45%, 1,980 students, 30% FRL) — zoned schools average 27% FRL vs 57% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 49% at this address vs 34% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Salt Lake District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.9%/yr); 98 active listings in the ZIP; solid renter incomes; 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.
• 4 sale attempts since 2y ago 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 + 3.9% rent growth), your $336k cash investment doubles in ~7 years — after that, you're playing with house money.
• At $15,321/mo this rent would consume 185% of the median local household income ($100k/yr) (locally 873% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.