234 W Main St

Parker, ID 83438

$299,000D

8 bd · 4.0 ba · 2,491 sqft · Built 1920 · MultiFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,536/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$498
• HOA: −$0
• Vac / Maint / Mgmt: −$533
• Net cashflow: $-63/mo
• Annual: $-755/yr
• Cap rate: 6.04%
• Cash-on-cash: -0.90%
• DSCR: 0.96
• 1% rule: 0.85%
• Cash to close: $83,720

Investor read

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $299k. Condition is rated fair.
• At list price, monthly cash flow is $-63 ($-755/yr) — negative. Per door: $-31/mo.
• To cash-flow at today's rent, offer at most $290k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $254k (15.2% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $254k (15.2% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.0% local appreciation)).
• Location reads 54/100 on livability (#207 in ID) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A, cost of living A; Watch: amenities F, commute F, employment F.
• Fremont County Joint District (rural): math 37% / reading 44% proficiency, ranked #63 of 92 in ID (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Henrys Fork Elementary (math 42% / reading 43%, grade F, #216 of 357 statewide, top 60%, 603 students, 56% FRL); South Fremont Jr High (math 30% / reading 42%, grade F, #78 of 109 statewide, top 72%, 365 students, 49% FRL); South Fremont High School (math 27% / reading 67%, grade D-, #55 of 169 statewide, top 34%, 457 students, 40% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 135 units permitted in Fremont County in 2024 (0 in 5+ unit buildings).
• Fremont County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 28y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn and dated appearance
• Moderate: Bathroom fixtures — Worn and dated appearance
• Major: Landscaping — Sparse and in need of maintenance