2280 Old Pullman #20

Moscow, ID 83843

$30,000B-

2 bd · 1.0 ba · 768 sqft · Built 1969 · Manufactured · Pending · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $947/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$199
• Net cashflow: $541/mo
• Annual: $6,491/yr
• Cap rate: 27.93%
• Cash-on-cash: 77.27%
• DSCR: 4.44
• 1% rule: 3.16%
• Cash to close: $8,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $30k.
• At list price, monthly cash flow is $541 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($947 rent vs $30k).
• It's been on market 76 days — a 6% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $28k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#2 in ID, #273 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment F.
• Moscow District (town): math 47% / reading 67% proficiency, ranked #17 of 92 in ID (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: West Park Elementary School (173 students, 44% FRL); Moscow High School (math 47% / reading 77%, grade B-, #16 of 169 statewide, top 10%, 769 students, 16% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising fast (+9.0%/yr); 166 active listings in the ZIP; 199 units permitted in Latah County in 2024 (72 in 5+ unit buildings).
• Latah County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 27.9% vs local median 1.1% in Moscow — 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 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.