308 Ohio Ave Unit 202

Kellogg, ID 83837

$289,000F

1 bd · 1.0 ba · 9,896 sqft · Built 2008 · Condo · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,384/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$190
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $-612/mo
• Annual: $-7,343/yr
• Cap rate: 3.75%
• Cash-on-cash: -9.07%
• DSCR: 0.60
• 1% rule: 0.48%
• Cash to close: $80,920

Investor read

• This is a 1-bed/1.0-bath condo listed at $289k.
• At list price, monthly cash flow is $-612 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (37.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (52.1% below list).
• It's been on market 36 days — a 3% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (52.1% below list) — sets the bar for 1% rule.
• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#162 in ID) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools D-, amenities F, commute F.
• Kellogg Joint District (rural): math 28% / reading 53% proficiency, ranked #66 of 92 in ID (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 75 active listings in the ZIP; 36 units permitted in Shoshone County in 2024 (0 in 5+ unit buildings).
• Shoshone County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 36 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.