4030 River Resort Dr #22

Homedale, ID 83628

$105,000B+

2 bd · 2.0 ba · 980 sqft · Built 1997 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,506/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $464/mo
• Annual: $5,565/yr
• Cap rate: 11.59%
• Cash-on-cash: 18.93%
• DSCR: 1.84
• 1% rule: 1.43%
• Cash to close: $29,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $105k. Condition is rated good.
• At list price, monthly cash flow is $464 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#105 in ID) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment D-.
• Homedale Joint District (town): math 32% / reading 50% proficiency, ranked #64 of 92 in ID (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Homedale Elementary School (math 42% / reading 32%, grade F, #255 of 357 statewide, top 74%, 469 students, 59% FRL); Homedale Middle School (math 31% / reading 59%, grade D, #49 of 109 statewide, top 46%, 380 students, 51% FRL); Homedale High School (math 17% / reading 52%, grade F, #108 of 169 statewide, top 67%, 411 students, 40% FRL).
• Market conditions: 41 active listings in the ZIP; 40 units permitted in Owyhee County in 2024 (0 in 5+ unit buildings).
• Owyhee County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.6% vs local median 2.5% in Homedale — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.