220 E Leslie Ave · South Salt Lake, UT 84115

$799,900

16 bd · 16.0 ba · 2,400 sqft · MultiFamily public records · 52 Days on market

Built 1967 6,098 sqft lot

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

There are no remarks available.

Key facts

• Solid brick
• Turnkey fourplex
• Durable flooring

Tags

• TURNKEY FOURPLEX
• SOLID BRICK
• MODERN KITCHENS
• STAINLESS STEEL APPLIANCES
• UPDATED BATHROOMS
• DURABLE FLOORING

Property features AI

Finance

• Financial info: Four rental units total; Each unit currently rents for $1,319

Exterior

• Parking: Uncovered open parking; Four total parking spaces (4 open); RV parking approximately 40' long
• Security: Visible alert features (accessibility-related)
• Utilities: Natural gas connected; Electricity connected; Public sewer connected; Culinary (public) water connected
• Home design: Multi-family property (side-by-side style); Built in 2018; Faces north; Single-level living units; Property is residential and multi-family zoned
• Construction: Brick construction; Asphalt roof; Built/standing condition
• Exterior features: Double-pane windows; Partially fenced lot; Curb and gutter; Paved road and sidewalks; Private lot; Mature landscaping and full landscaping; Outbuildings

Interior

• Kitchen: Updated kitchen; Built-in range/oven; Countertop range; Wall oven
• Bedrooms: Four 1-bedroom units (each unit is single-level)
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: Four 1-bath units
• Heating & cooling: Electric heating; Heat pump
• Interior features: Updated kitchen with built-in range/oven and wall oven; Blinds on windows; Accessible features including ramps, roll-in shower, grip-accessible features, accessible doors and hallways, accessible entrance, and fully accessible/visitable design; Storage shed(s); Outbuildings
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $630/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $800k).
• Recommended offer: $776k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#88 in UT) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, amenities B; Watch: employment C-, crime F.
• Granite District (suburban): math 26% / reading 32% proficiency, ranked #69 of 80 in UT (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Woodrow Wilson School (math 22% / reading 17%, grade F, #525 of 585 statewide, top 91%, 461 students, 62% FRL); Granite Park Jr High (math 6% / reading 14%, grade F, #138 of 138 statewide, top 100%, 871 students, 70% FRL); Cottonwood High (math 18% / reading 34%, grade F, #137 of 171 statewide, top 81%, 1,585 students, 49% FRL) — zoned schools average 60% FRL vs 45% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.1%/yr); 128 active listings in the ZIP; 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• At $10,187/mo this rent would consume 186% of the median local household income ($66k/yr) (locally 1946% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Salt Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($776k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y 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.

Recommended offer $775,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 10.07%
• Cash-on-cash: 13.50%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $1,169
• Equity at exit: $119,268

10-year hold

• IRR: 6.4%
• Equity multiple: 1.41×
• Total profit: $92,921
• Equity at exit: $69,161

Cash invested: $223,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 86 Strongly Landlord-Friendly
• State Utah: 86 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

3-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 84115

• Rents YoY: -0.1%
• Active inventory: 128
• Price-to-rent: 26.2×

Monthly cashflow live

• Estimated rent: $10,187 medium
• Mortgage (P&I): −$4,195
• Tax est. 1.5%: −$1,000 /mo · $11,998/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,139
• Net cashflow: $2,520

Break-even live

Break-even rent $6,997

Max offer price $799,900

Occupancy floor 70%

Sensitivity live

Price	-10% $3,073	-5% $2,796	+0% $2,520	+5% $2,243	+10% $1,967
Rent	-10% $1,715	-5% $2,117	+0% $2,520	+5% $2,922	+10% $3,325
Rate	-1.0pp $2,923	-0.5pp $2,723	base $2,520	+0.5pp $2,313	+1.0pp $2,102

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$10,188
Total (4 units)			$10,187

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $199,975
• Closing costs: $23,997
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $799,900 Active 52 DOM
2. 2026-06-17
   days on market $799,900 Active 51 DOM
3. 2026-06-16
   days on market $799,900 Active 50 DOM
4. 2026-06-15
   days on market $799,900 Active 49 DOM
5. 2026-06-13
   days on market $799,900 Active 47 DOM
6. 2026-06-09
   days on market $799,900 Active 43 DOM
7. 2026-06-08
   days on market $799,900 Active 42 DOM
8. 2026-06-07
   days on market $799,900 Active 41 DOM
9. 2026-06-03
   days on market $799,900 Active 37 DOM
10. 2026-06-02
    days on market $799,900 Active 36 DOM
11. 2026-06-01
    days on market $799,900 Active 35 DOM
12. 2026-05-31
    days on market $799,900 Active 34 DOM
13. 2026-05-08
    price $799,900
14. 2026-04-27
    listed $824,900 Active
15. 2025-07-23
    historical $1,389
16. 2025-06-21
    listed $1,389
17. 2025-05-21
    soldstatus Closed 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

18. 2025-05-21
    soldstatus

    Show marketing remark (31 chars)

    There are no remarks available.

19. 2025-05-05
    status Under Contract 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

20. 2025-04-15
    listed $825,000 Active 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

21. 1999-06-30
    soldstatus 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

22. 1999-06-30
    soldstatus

    Show marketing remark (31 chars)

    There are no remarks available.

23. 1999-05-30
    historical
24. 1999-04-07
    listed $175,000 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

25. 1999-03-08
    listed $179,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $122,244
• − Mortgage interest: −$44,807
• − Property taxes: −$11,998
• − Insurance: −$4,000
• − Repairs & maintenance: −$9,780
• − Management: −$9,780
• − Depreciation: −$23,270
• Taxable income: $18,610
• Est. tax owed @ 24.0%: −$4,466
• After-tax cash flow: $25,771/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Granite District
• NCES district ID: 4900360
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 32% ▼ -3.00%
• Median HH income: $55,971
• Composite: 25.93/100
• National rank: #7336
• State rank: #69 of 80 in UT

Livability — South Salt Lake

• Score: 71/100
• State rank: #88
• US rank: #7159

Category grades

Amenities B Commute A+ Cost of living B Crime F Employment C- Housing A+ Health & safety B- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Salt Lake, UT
• County: Salt Lake County · 1,195,750 people
• City population: 28,882
• Metro: Salt Lake City, UT
• Population (ZIP): 28,882
• Household income: $65,548
• Rent vs Own: 62.6% rent · 37.4% own
• Severe rent burden: 1946.0

Population outlook (Salt Lake County) Hauer SSP2

• Today (2025): 1,305,860 people
• By 2030: 1,402,611 · +7.4%
• By 2040: 1,594,533 · +22.1%
• By 2050: 1,787,244 · +36.9%
• By 2075: 2,224,138 · +70.3%
• By 2100: 2,551,390 · +95.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 57% Hispanic / Latino 26% Two or more races 10% Asian 8% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 20% · Canada, India, China
• Languages at home: 70% English-only · Spanish 19% Other Indo-European 5% Arabic 1%

Political lean MEDSL · Salt Lake

• 2024 margin: D (+10.2) · D 53.7% · R 43.5% · Other 2.8%
• 2008→2024 swing: +10.1pp toward D · 2008: 0.1pp · 2024: 10.2pp
• All cycles: 2024: D+10.2 2020: D+11.0 2016: D+10.2 2012: R+19.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -301.49%
• Current HPI: 358.8883
• Rent YoY: ▼ -0.14%
• Metro: Salt Lake City, UT
• State GDP YoY: ▲ 3.54%
• F500 in state: 2

Industry mix (Fortune 500 HQ in UT)

Industry	F500 HQs	Revenue
▸Financial Services	1	$3B

Price history

+344.6% since first listed

13 events — show timeline

• 2026-05-08 Price Changed $799,900 WFRMLS
• 2026-04-27 Listed $824,900 WFRMLS
• 2025-07-23 Rental Removed $1,389 RENTLAR
• 2025-06-21 Listed for Rent $1,389 RENTLAR
• 2025-05-21 Sold (Public Records) — Public Records
• 2025-05-21 Sold (MLS) — WFRMLS
• 2025-05-05 Pending — WFRMLS
• 2025-04-15 Listed $825,000 WFRMLS
• 1999-06-30 Sold (Public Records) — Public Records
• 1999-06-30 Sold (MLS) — WFRMLS
• 1999-05-30 Listing Removed — WFRMLS
• 1999-04-07 Listed $175,000 WFRMLS
• 1999-03-08 Listed $179,900 WFRMLS