157 S 800 E

Salt Lake City, UT 84102

$975,000D

9 bd · 6.6 ba · 5,989 sqft · Built 1950 · MultiFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,510/mo
• Mortgage (P&I): −$5,113
• Tax + insurance: −$1,625
• HOA: −$0
• Vac / Maint / Mgmt: −$1,787
• Net cashflow: $-15/mo
• Annual: $-181/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $273,000

Investor read

• This is a 3 × 3-bed/2.2-bath units multifamily listed at $975k. Condition is rated fair.
• At list price, monthly cash flow is $-15 ($-181/yr) — negative. Per door: $-5/mo.
• To cash-flow at today's rent, offer at most $973k (0.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $851k (12.7% below list).
• It's been on market 30 days — a 2% lower offer ($960k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $851k (12.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#64 in UT, #3,994 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: cost of living D+, crime F.
• Salt Lake District (urban): math 30% / reading 37% proficiency, ranked #65 of 80 in UT (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wasatch School (math 53% / reading 56%, grade C, #106 of 585 statewide, top 19%, 337 students, 31% FRL); Salt Lake Center For Science Education Bryant (math 14% / reading 29%, grade F, #125 of 138 statewide, top 91%, 407 students, 64% FRL); East High (math 17% / reading 36%, grade F, #136 of 171 statewide, top 79%, 1,886 students, 51% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.0%/yr); 133 active listings in the ZIP; 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 $8,510/mo this rent would consume 196% of the median local household income ($52k/yr) (locally 2450% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1950 — 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.
• Crime grade is F 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?
• 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)

• Major: Exterior siding — Weathered and in need of repainting
• Major: Landscaping — Overgrown and requires trimming