220 E Leslie Ave

South Salt Lake, UT 84115

$799,900C+

16 bd · 16.0 ba · 2,400 sqft · Built 1967 · MultiFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,187/mo
• Mortgage (P&I): −$4,195
• Tax + insurance: −$1,333
• HOA: −$0
• Vac / Maint / Mgmt: −$2,139
• Net cashflow: $2,520/mo
• Annual: $30,238/yr
• Cap rate: 10.07%
• Cash-on-cash: 13.50%
• DSCR: 1.60
• 1% rule: 1.27%
• Cash to close: $223,972

Investor read

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $800k.
• 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).
• It's been on market 52 days — a 3% lower offer ($776k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $776k (3.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Salt Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1967 — 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.
• 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?
• 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?
• 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.