1123 W 465 N

Orem, UT 84057

$55,500C-

2 bd · 2.0 ba · 1,120 sqft · Built 1999 · Manufactured · Under Contract · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,561/mo
• Mortgage (P&I): −$291
• Tax + insurance: −$92
• HOA: −$830
• Vac / Maint / Mgmt: −$328
• Net cashflow: $20/mo
• Annual: $240/yr
• Cap rate: 6.72%
• Cash-on-cash: 1.54%
• DSCR: 1.07
• 1% rule: 2.81%
• Cash to close: $15,540

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $56k.
• At list price, monthly cash flow is $20 ($240/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $56k).
• It's been on market 31 days — a 3% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $384 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#10 in UT, #389 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Alpine District (suburban): math 45% / reading 50% proficiency, ranked #25 of 80 in UT (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Aspen School (math 45% / reading 47%, grade D-, #218 of 585 statewide, top 38%, 421 students, 27% FRL); Orem Jr High (math 24% / reading 34%, grade F, #112 of 138 statewide, top 81%, 961 students, 41% FRL); Timpanogos High (math 38% / reading 55%, grade D-, #38 of 171 statewide, top 24%, 1,365 students, 24% FRL).
• Watch-outs: HOA is 53% of rent.
• Market conditions: Rents rising fast (+4.9%/yr); 143 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,326 units permitted in Utah County in 2024 (1,053 in 5+ unit buildings).
• Utah County population projected at +49% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $4k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $16k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.