273 E Vagabond Dr

Murray, UT 84107

$85,000B-

3 bd · 2.0 ba · 1,144 sqft · Built 1993 · Manufactured · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,310/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$208
• HOA: −$1
• Vac / Maint / Mgmt: −$275
• Net cashflow: $380/mo
• Annual: $4,565/yr
• Cap rate: 12.60%
• Cash-on-cash: 22.53%
• DSCR: 2.00
• 1% rule: 1.54%
• Cash to close: $23,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 81 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#29 in UT, #1,169 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A; Watch: cost of living C-, crime D.
• Murray District (suburban): math 37% / reading 43% proficiency, ranked #46 of 80 in UT (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parkside School (math 13% / reading 26%, grade F, #525 of 585 statewide, top 91%, 471 students, 69% FRL); Hillcrest Jr High (math 24% / reading 31%, grade F, #113 of 138 statewide, top 83%, 776 students, 39% FRL); Murray High (math 29% / reading 45%, grade F, #78 of 171 statewide, top 49%, 1,400 students, 24% FRL).
• Zoned-school proficiency averages 28% at this address vs 40% district-wide (-12 pts) — the specific schools serving this property underperform the Murray District average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents falling (-3.0%/yr); 230 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 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.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $15k (15%) 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 $24k cash investment doubles in ~9 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 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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.