240 E 1100 N Unit D2

North Salt Lake, UT 84054

$39,900D-

2 bd · 1.0 ba · 672 sqft · Built 1965 · Manufactured · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,220/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$66
• HOA: −$835
• Vac / Maint / Mgmt: −$256
• Net cashflow: $-147/mo
• Annual: $-1,764/yr
• Cap rate: 1.87%
• Cash-on-cash: -15.79%
• DSCR: 0.30
• 1% rule: 3.06%
• Cash to close: $11,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $40k. Condition is rated good.
• At list price, monthly cash flow is $-147 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $19k (53.3% below list).
• Meets the 1% rule at list price ($1k rent vs $40k).
• It's been on market 31 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $19k (53.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#57 in UT, #3,560 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: cost of living D, amenities F, health & safety F.
• Davis District (suburban): math 43% / reading 47% proficiency, ranked #28 of 80 in UT (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Woods Cross School (math 39% / reading 43%, grade F, #315 of 585 statewide, top 55%, 496 students, 24% FRL); South Davis Jr High (math 31% / reading 37%, grade F, #97 of 138 statewide, top 70%, 1,095 students, 25% FRL); Woods Cross High (math 36% / reading 47%, grade F, #57 of 171 statewide, top 34%, 1,567 students, 16% FRL) — zoned schools at 21% FRL track the district average.
• Watch-outs: HOA is 68% of rent.
• Market conditions: Rents rising fast (+6.5%/yr); 148 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,461 units permitted in Davis County in 2024 (508 in 5+ unit buildings).
• Davis County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• This rent is only 14% of the median local income ($102k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 31 days. Have you received any prior offers? Is the seller open to a 53% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.