944 E Binford St

Ogden, UT 84401

$247,500F

4 bd · 2.0 ba · 1,236 sqft · Built 1912 · SingleFamily · Under Contract · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,777/mo
• Mortgage (P&I): −$1,298
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $-198/mo
• Annual: $-2,380/yr
• Cap rate: 5.33%
• Cash-on-cash: -3.43%
• DSCR: 0.85
• 1% rule: 0.72%
• Cash to close: $69,300

Investor read

• This is a 4-bed/2.0-bath single-family listed at $248k.
• At list price, monthly cash flow is $-198 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (28.2% below list).
• It's been on market 32 days — a 3% lower offer ($240k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (28.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#19 in UT, #810 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Ogden City District (urban): math 25% / reading 31% proficiency, ranked #72 of 80 in UT (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Polk School (math 52% / reading 57%, grade C, #106 of 585 statewide, top 19%, 439 students, 20% FRL); Mount Ogden Junior High (math 33% / reading 38%, grade F, #94 of 138 statewide, top 68%, 858 students, 31% FRL); Ogden High (math 15% / reading 37%, grade F, #137 of 171 statewide, top 81%, 1,128 students, 35% FRL) — zoned schools average 29% FRL vs 75% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.4%/yr); 464 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,630 units permitted in Weber County in 2024 (521 in 5+ unit buildings).
• Weber County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 29y 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.
• Current owner paid $88k; list at $248k implies a 181% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

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 32 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1912 — 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.
• 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?
• 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.