412 E 48th St #20 · Garden City, ID 83714

$14,900

2 bd · 1.0 ba · 672 sqft · Manufactured · 5 Days on market

Built 1967 $550/mo HOA · 35% of rent

---

Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 2-bedroom, 1-bathroom mobile home in Garden City is an investor special waiting for the right vision. It needs work, but that's where the value lies—solid bones and a compact footprint keep renovation costs manageable while leaving plenty of room to build equity. Update the layout, refresh the finishes, and transform a rough property into a rewarding one. Flippers will appreciate the margins, and buy-and-hold investors can turn this into reliable rental income once the work is complete. The lot lease is an affordable $550 per month, helping keep ongoing expenses low and the numbers attractive for any strategy. The location adds further appeal. Brown Box Organics is just around th

Key facts

• Solid bones
• Affordable lot lease
• Compact footprint

Tags

• SOLID BONES
• COMPACT FOOTPRINT
• RELIABLE RENTAL INCOME
• AFFORDABLE LOT LEASE

Property features AI

Finance

• Other: Directions: Left on Adams from Curtis, then right on 48th
• Financial info: $94.14 annual taxes
• HOA & community: Monthly association fee of $550

Exterior

• Home design: Manufactured on land; Built in 1967
• Exterior features: Located within a mobile home park; Subdivision: River View

Interior

• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 bathroom
• Heating & cooling: No heating; No cooling
• Interior features: Located primarily on the main level

🏷️ Possibly a rental listed for sale. The $14,900 price doesn't fit this home's estimated sale value (~$51,072) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $15k.

Deal economics

• At list price, monthly cash flow is $146 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• Cap rate 52.4% vs local median 2.5% in Garden 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.

Location & tenants

• Location reads 82/100 on livability (#11 in ID, #1,264 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, housing A; Watch: crime F.
• Boise Independent District (urban): math 42% / reading 56% proficiency, ranked #36 of 92 in ID (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mountain View Elementary School (math 42% / reading 47%, grade F, #199 of 357 statewide, top 59%, 312 students, 31% FRL); Capital Senior High School (math 34% / reading 57%, grade D-, #59 of 169 statewide, top 35%, 1,220 students, 28% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: Rents rising fast (+4.9%/yr); 445 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,129 units permitted in Ada County in 2024 (414 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $103 of loan paydown is wiped out by about $447 of value loss. Plan a longer hold.
• 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 + 4.9% rent growth), your $4k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 35% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $14,900

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 10.41% ✓
• Cap rate: 52.43%
• Cash-on-cash: 164.77%
• DSCR: 8.33
• GRM: 0.8

CMA / ARV

• ARV (on-the-fly): $51,072
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 E 48th St Trlr 6	0.13mi	3/1.0 (+1)	684 (+2%)	19mo	$24,900	$36	70
208 E 44th St #5	0.55mi	2/1.0	672 (0%)	10mo	$75,000	$112	66
415 E 44th St #12	0.54mi	3/1.0 (+1)	720 (+7%)	5mo	$55,000	$76	54
301 E 45th St #18	0.43mi	2/1.0	728 (+8%)	24mo	$54,900	$75	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.87% rent growth · sell at horizon

5-year hold

• IRR: 50.2%
• Equity multiple: 3.52×
• Total profit: $10,502
• Equity at exit: $2,222

10-year hold

• IRR: 59.1%
• Equity multiple: 9.71×
• Total profit: $36,356
• Equity at exit: $1,288

Cash invested: $4,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 91 Strongly Landlord-Friendly
• State Idaho: 91 Strongly Landlord-Friendly · R+18
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; minimal tenant protections.

Methodology + full state rankings →

ZIP-level market 83714

• Home prices YoY: -31.5%
• Rents YoY: 4.9%
• Active inventory: 445
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,552 high
• Mortgage (P&I): −$78
• Tax est. 1.5%: −$19 /mo · $224/yr
• Insurance: −$6
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$550
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $146

Break-even live

Break-even rent $1,366

Max offer price $14,900

Occupancy floor 86%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $3,725
• Closing costs: $447
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4632 N Iota Ln Unit 300 Garden City, ID	1.0	1.0	563	$1,375	$2.44	23d	1	0.28mi
4632 N Iota Ln Unit 200 Garden City, ID	1.0	1.0	563	$1,375	$2.44	18d	1	0.28mi
4633 N Iota Ln Unit 201 Garden City, ID	1.0	1.0	563	$1,375	$2.44	23d	1	0.28mi
3304 N Lakeharbor Ln Boise, ID	1.0–3.0	1.0–2.0	1000	$1,935	$1.94	2d	16	0.58mi
3115 Sycamore Dr Boise, ID	1.0	1.0	454	$1,520	$3.35	23d	1	0.73mi
4220 N Adams St Garden City, ID	2.0	1.0–2.0	767	$2,333	$3.04	2d	7	0.75mi
385 E 42nd St Garden City, ID	1.0–2.0	1.0–2.0	832	$1,495	$1.80	3d	1	0.79mi
521 E 41st St Garden City, ID	2.0	1.0–2.0	814	$5,000	$6.14	23d	18	0.92mi
331 E 40th St Garden City, ID	2.0	2.0	678	$1,875	$2.77	2d	1	1.03mi
6103 W State St Unit 6103-10 Garden City, ID	1.0	1.0	580	$1,150	$1.98	23d	1	1.18mi
7460 W Holbrook Ln Boise, ID	1.0	1.0	674	$1,095	$1.62	23d	1	1.32mi
2722 N Retirement Ln Boise, ID	1.0	1.0	590	$1,095	$1.86	23d	1	1.34mi
7479 W Holbrook Ln Boise, ID	1.0	1.0	650	$1,095	$1.68	23d	1	1.34mi
1901 N 32nd St Boise, ID	2.0	1.0	616	$1,245	$2.02	23d	1	1.48mi

HOA detail

• Monthly dues: $550 · $6,600/yr

Listing history 5 events

1. 2026-06-18
   days on market $14,900 Active 5 DOM
2. 2026-06-17
   days on market $14,900 Active 4 DOM
3. 2026-06-16
   days on market $14,900 Active 3 DOM
4. 2026-06-15
   remarks 693-char remark
5. 2026-06-15
   listed $14,900 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone AE · 3% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 19 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,620
• − Mortgage interest: −$835
• − Property taxes: −$224
• − Insurance: −$5,193
• − Repairs & maintenance: −$1,490
• − Management: −$1,490
• − HOA: −$6,600
• − Depreciation: −$433
• Taxable income: $2,356
• Est. tax owed @ 24.0%: −$566
• After-tax cash flow: $1,190/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Boise Independent District
• NCES district ID: 1600360
• Math proficiency: 42% ▼ -5.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $49,135
• Composite: 41.82/100
• National rank: #3388
• State rank: #36 of 92 in ID

Livability — Garden City

• Score: 82/100
• State rank: #11
• US rank: #1264

Category grades

Amenities A- Commute A+ Cost of living B Crime F Employment C Housing A Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garden City, ID
• County: Ada County · 522,161 people
• Metro: Boise City, ID
• Population (ZIP): 27,564
• Household income: $87,651
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 557.0

Population outlook (Ada County) Hauer SSP2

• Today (2025): 535,818 people
• By 2030: 585,751 · +9.3%
• By 2040: 682,435 · +27.4%
• By 2050: 775,818 · +44.8%
• By 2075: 994,458 · +85.6%
• By 2100: 1,148,884 · +114.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Slovak 4% Portuguese 4%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Ada

• 2024 margin: R (+10.3) · D 43.4% · R 53.8% · Other 2.8%
• 2008→2024 swing: -4.2pp toward R · 2008: -6.2pp · 2024: -10.3pp
• All cycles: 2024: R+10.3 2020: R+3.9 2016: R+9.2 2012: R+11.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.87%
• Current HPI: 339.0701
• Rent YoY: ▲ 4.87%
• Metro: Boise City, ID
• State GDP YoY: ▲ 4.51%
• F500 in state: 6

Industry mix (Fortune 500 HQ in ID)

Industry	F500 HQs	Revenue
▸Retail	1	$79B
▸Technology	1	$25B
▸Food / Agriculture	1	$6B

Price history

1 event — show timeline

• 2026-06-13 Listed $14,900 IMLS