189 S Main St #21

Layton, UT 84041

$14,000D+

2 bd · 1.0 ba · 900 sqft · Built 1977 · Manufactured · Under Contract · 272 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,732/mo
• Mortgage (P&I): −$73
• Tax + insurance: −$23
• HOA: −$0
• Vac / Maint / Mgmt: −$364
• Net cashflow: $1,271/mo
• Annual: $15,255/yr
• Cap rate: 115.26%
• Cash-on-cash: 389.17%
• DSCR: 18.32
• 1% rule: 12.37%
• Cash to close: $3,920

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $14k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $14k).
• It's been on market 272 days — a 12% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $12k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $97 of loan paydown is wiped out by about $420 of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#11 in UT, #457 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Davis District (suburban): math 43% / reading 47% proficiency, ranked #28 of 80 in UT (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Whitesides School (math 37% / reading 47%, grade F, #287 of 585 statewide, top 52%, 421 students, 45% FRL); Central Davis Jr High (math 43% / reading 42%, grade D-, #56 of 138 statewide, top 41%, 1,009 students, 29% FRL); Layton High (math 27% / reading 46%, grade F, #86 of 171 statewide, top 52%, 2,242 students, 16% FRL).
• Market conditions: Rents rising (+1.3%/yr); 342 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,461 units permitted in Davis County in 2024 (508 in 5+ unit buildings).
• Davis County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask has dropped $1k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 1.3% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 272 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.