296 E Vagabond Ave #101

Murray, UT 84107

$122,800B-

3 bd · 2.0 ba · 1,530 sqft · Built 2003 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,962/mo
• Mortgage (P&I): −$644
• Tax + insurance: −$271
• HOA: −$4
• Vac / Maint / Mgmt: −$412
• Net cashflow: $631/mo
• Annual: $7,571/yr
• Cap rate: 13.11%
• Cash-on-cash: 24.34%
• DSCR: 2.08
• 1% rule: 1.60%
• Cash to close: $34,384

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $123k. Condition is rated average.
• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $123k).
• It's been on market 16 days — a 2% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $849 of loan paydown is wiped out by about $4k 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); Riverview Jr High (math 48% / reading 48%, grade C-, #37 of 138 statewide, top 26%, 618 students, 21% FRL); Murray High (math 29% / reading 45%, grade F, #78 of 171 statewide, top 49%, 1,400 students, 24% FRL).
• 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 12d 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $34k cash investment doubles in ~7 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.
• This rent runs 33% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn appearance, but not damaged.
• Minor: Bathroom fixtures — Slight wear, but functional.
• Minor: Exterior siding — Weathered appearance, but no major damage.