6611 W Redwood Creek Dr

Meridian, ID 83646

$559,990D

5 bd · 2.5 ba · 2,317 sqft · Built 2026 · SingleFamily · Pending · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,716/mo
• Mortgage (P&I): −$2,937
• Tax + insurance: −$933
• HOA: −$108
• Vac / Maint / Mgmt: −$990
• Net cashflow: $-252/mo
• Annual: $-3,027/yr
• Cap rate: 5.75%
• Cash-on-cash: -1.93%
• DSCR: 0.91
• 1% rule: 0.84%
• Cash to close: $156,797

Investor read

• This is a 5-bed/2.5-bath single-family listed at $560k. Condition is rated good.
• At list price, monthly cash flow is $-252 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $523k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $472k (15.8% below list).
• It's been on market 47 days — a 3% lower offer ($543k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $472k (15.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#10 in ID, #1,176 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living D+.
• Joint School District No. 2 (suburban): math 53% / reading 67% proficiency, ranked #11 of 92 in ID (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pleasant View Elementary (math 67% / reading 72%, grade A-, #23 of 357 statewide, top 8%, 616 students, 7% FRL); Meridian Middle School (math 38% / reading 58%, grade C-, #39 of 109 statewide, top 36%, 1,078 students, 42% FRL); Owyhee High School (1,773 students, 9% FRL) — zoned schools at 19% FRL track the district average.
• Market conditions: Rents rising fast (+4.2%/yr); 905 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 2 sale attempts 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.
• Cap rate 5.8% vs local median 3.1% in Meridian — 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.
• At $4,716/mo this rent would consume 55% of the median local household income ($103k/yr) (locally 1017% 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?
• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.