229 S Main St #4

Paris, ID 83261

$37,900B

2 bd · 1.0 ba · 1,120 sqft · Built 1973 · Manufactured · Under Contract · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $999/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$63
• HOA: −$400
• Vac / Maint / Mgmt: −$210
• Net cashflow: $127/mo
• Annual: $1,525/yr
• Cap rate: 10.32%
• Cash-on-cash: 14.37%
• DSCR: 1.64
• 1% rule: 2.64%
• Cash to close: $10,612

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $38k. Condition is rated good.
• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($999 rent vs $38k).
• It's been on market 74 days — a 6% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $36k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $262 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#153 in ID) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, health & safety F.
• Bear Lake County District (rural): math 48% / reading 56% proficiency, ranked #25 of 92 in ID (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Paris Elementary School (math 47% / reading 47%, grade D-, #176 of 357 statewide, top 53%, 165 students, 48% FRL); Bear Lake Middle School (math 43% / reading 51%, grade D+, #43 of 109 statewide, top 41%, 289 students, 38% FRL); Bear Lake High School (math 42% / reading 67%, grade C-, #26 of 169 statewide, top 17%, 352 students, 29% FRL).
• Watch-outs: HOA is 40% of rent.
• Market conditions: 19 active listings in the ZIP; 86 units permitted in Bear Lake County in 2024 (0 in 5+ unit buildings).
• Bear Lake County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 B-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.

Repairs flagged (vision-AI assessment)

• Minor: Exterior siding — Some wear is visible on the siding.
• Minor: Landscaping — Some areas of the lawn appear less maintained than others.