2815 W Dorian St #9

Boise City, ID 83705

$22,000D+

2 bd · 1.0 ba · 728 sqft · Built 1977 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,508/mo
• Mortgage (P&I): −$115
• Tax + insurance: −$37
• HOA: −$0
• Vac / Maint / Mgmt: −$317
• Net cashflow: $1,039/mo
• Annual: $12,469/yr
• Cap rate: 62.97%
• Cash-on-cash: 202.41%
• DSCR: 10.01
• 1% rule: 6.85%
• Cash to close: $6,160

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $22k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $22k).
• It's been on market 36 days — a 3% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $21k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $152 of loan paydown is wiped out by about $660 of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Boise Independent District (urban): math 42% / reading 56% proficiency, ranked #36 of 92 in ID (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Whitney Elementary School (math 23% / reading 29%, grade F, #329 of 357 statewide, top 92%, 476 students, 99% FRL); South Junior High School (math 27% / reading 41%, grade F, #86 of 109 statewide, top 79%, 565 students, 44% FRL); Borah Senior High School (math 34% / reading 57%, grade D-, #59 of 169 statewide, top 35%, 1,289 students, 25% FRL) — zoned schools average 56% FRL vs 33% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 35% at this address vs 49% district-wide (-14 pts) — the specific schools serving this property underperform the Boise Independent District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.4%/yr); 136 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 5,129 units permitted in Ada County in 2024 (414 in 5+ unit buildings).
• Ada County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 63.0% vs local median 2.6% in Boise City — 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

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1977 — 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.
• 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.
• 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.