2650 Jefferson Ave

Ogden, UT 84401

$2,950,000F

558 bd · 324.0 ba · 14,569 sqft · Built 1979 · MultiFamily · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,742/mo
• Mortgage (P&I): −$15,470
• Tax + insurance: −$4,917
• HOA: −$0
• Vac / Maint / Mgmt: −$4,566
• Net cashflow: $-3,211/mo
• Annual: $-38,527/yr
• Cap rate: 4.99%
• Cash-on-cash: -4.66%
• DSCR: 0.79
• 1% rule: 0.74%
• Cash to close: $826,000

Investor read

• This is a 18 × 2-bed/1.5-bath units multifamily listed at $2.95M. Condition is rated good.
• At list price, monthly cash flow is $-3k ($-39k/yr) — negative. Per door: $-178/mo.
• To cash-flow at today's rent, offer at most $2.49M (15.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.17M (26.3% below list).
• It's been on market 83 days — a 6% lower offer ($2.77M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.17M (26.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $20k of loan paydown is wiped out by about $88k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#19 in UT, #810 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Ogden City District (urban): math 25% / reading 31% proficiency, ranked #72 of 80 in UT (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: James Madison School (math 8% / reading 17%, grade F, #570 of 585 statewide, top 98%, 321 students, 99% FRL); Mound Fort Junior High (math 26% / reading 27%, grade F, #116 of 138 statewide, top 85%, 627 students, 98% FRL); Ogden High (math 15% / reading 37%, grade F, #137 of 171 statewide, top 81%, 1,128 students, 35% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 462 active listings in the ZIP; solid renter incomes; 1,630 units permitted in Weber County in 2024 (521 in 5+ unit buildings).
• Weber County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At $21,742/mo this rent would consume 323% of the median local household income ($81k/yr) (locally 1027% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 26% 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 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?