488 D St · Idaho Falls, ID 83402

$2,650,000

256 bd · 256.0 ba · 12,300 sqft · MultiFamily · 76 Days on market

Built 1915 Excellent condition 0.40 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.8/30.0
• Condition / age +4.8/5.0
• Livability +4.3/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• 1% rule +1.2/10.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

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

ACCEPTED OFFER WITH CONTINGENCIES, STILL ACCEPTING OFFERS. GREAT INVESTMENT OPPORTUNITY includes THREE city lots in downtown Idaho Falls! This corner lot is . 4 acres. One lot is vacant the other has a 15 unit, 2 story apartment building! Monthly rent is over $5700. Each unit has 1 bedroom, 1 bath, and kitchen. Two main exterior doors and 2 units with designated exterior entries. Asphalt parking lot on east side. Lot to the west of the building is vacant but also being used for parking. Property is on the corner of Capital Ave and D Street.

Key facts

• Fully rebuilt
• New plumbing
• New finishes

Tags

• FULLY REBUILT
• NEW ROOF
• NEW ELECTRICAL
• NEW PLUMBING
• NEW SYSTEMS
• NEW FINISHES

Property features AI

Finance

• Financial info: Annual tax amount $13,560

Exterior

• Parking: 22 total parking spaces; Asphalt off-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (11+ units); Located in Railroad Addition-Bon subdivision; Zoned IDAHO FALLS-CC-CENTRAL COMMER
• Construction: Brick construction
• Exterior features: Rubber roof; Shed(s)

Interior

• Bathrooms: 16 full bathrooms
• Interior features: Finished basement
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 16 × 1-bed/1-bath units multifamily listed at $2.65M. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-5k ($-64k/yr) — negative. Per door: $-334/mo.
• To cash-flow at today's rent, offer at most $1.88M (29.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.64M (38.1% below list).
• Recommended offer: $1.64M (38.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 86/100 on livability (#3 in ID, #428 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+.
• Idaho Falls District (urban): math 36% / reading 50% proficiency, ranked #54 of 92 in ID (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: A H Bush Elementary School (math 22% / reading 32%, grade F, #318 of 357 statewide, top 92%, 322 students, 74% FRL); Eagle Rock Middle School (math 35% / reading 53%, grade D, #57 of 109 statewide, top 54%, 776 students, 46% FRL); Skyline Senior High School (math 30% / reading 47%, grade F, #98 of 169 statewide, top 58%, 1,321 students, 31% FRL).
• Market conditions: Rents rising (+2.6%/yr); 275 active listings in the ZIP; 2,253 units permitted in Bonneville County in 2024 (1,051 in 5+ unit buildings).
• At $16,413/mo this rent would consume 264% of the median local household income ($75k/yr) (locally 636% 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 $18k of loan paydown is wiped out by about $80k of value loss. Plan a longer hold.
• Bonneville County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($2.49M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago; this cycle's ask has dropped $150k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,641,300 (38.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.62% ✗
• Cap rate: 3.87%
• Cash-on-cash: -8.65%
• DSCR: 0.62
• GRM: 13.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.57% rent growth · sell at horizon

5-year hold

• IRR: -32.1%
• Equity multiple: -0.05×
• Total profit: $-776,809
• Equity at exit: $395,124

10-year hold

• IRR: -39.2%
• Equity multiple: -0.54×
• Total profit: $-1,142,730
• Equity at exit: $229,124

Cash invested: $742,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 91 Strongly Landlord-Friendly
• State Idaho: 91 Strongly Landlord-Friendly · R+18
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; minimal tenant protections.

Methodology + full state rankings →

ZIP-level market 83402

• Rents YoY: 2.6%
• Active inventory: 275
• Price-to-rent: 215.3×

Monthly cashflow live

• Estimated rent: $16,413 high
• Mortgage (P&I): −$13,897
• Tax est. 1.5%: −$3,312 /mo · $39,750/yr
• Insurance: −$1,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,447
• Net cashflow: $-5,347

Break-even live

Break-even rent $23,182

Max offer price $1,876,240

Occupancy floor —

Sensitivity live

Price	-10% $-3,516	-5% $-4,432	+0% $-5,347	+5% $-6,263	+10% $-7,179
Rent	-10% $-6,644	-5% $-5,996	+0% $-5,347	+5% $-4,699	+10% $-4,051
Rate	-1.0pp $-4,013	-0.5pp $-4,673	base $-5,347	+0.5pp $-6,034	+1.0pp $-6,733

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

Units	Beds	Baths	Est. rent
▸ 16× units	1	1	$16,416
Total (16 units)			$16,413

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: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $2,650,000 Active 76 DOM
2. 2026-06-19
   days on market $2,650,000 Active 74 DOM
3. 2026-06-18
   days on market $2,650,000 Active 73 DOM
4. 2026-06-17
   days on market $2,650,000 Active 72 DOM
5. 2026-06-16
   days on market $2,650,000 Active 71 DOM
6. 2026-06-15
   days on market $2,650,000 Active 70 DOM
7. 2026-06-14
   days on market $2,650,000 Active 68 DOM
8. 2026-06-13
   days on market $2,650,000 Active 67 DOM
9. 2026-06-10
   days on market $2,650,000 Active 65 DOM
10. 2026-06-09
    days on market $2,650,000 Active 64 DOM
11. 2026-06-08
    days on market $2,650,000 Active 63 DOM
12. 2026-06-07
    days on market $2,650,000 Active 62 DOM
13. 2026-06-05
    days on market $2,650,000 Active 59 DOM
14. 2026-06-03
    days on market $2,650,000 Active 58 DOM
15. 2026-06-02
    days on market $2,650,000 Active 57 DOM
16. 2026-06-01
    days on market $2,650,000 Active 56 DOM
17. 2026-05-31
    days on market $2,650,000 Active 55 DOM
18. 2026-05-30
    days on market $2,650,000 Active 54 DOM
19. 2026-04-28
    price $2,650,000
20. 2026-04-06
    listed $2,800,000 Active
21. 2024-01-30
    price $3,000,000
22. 2023-08-15
    price $3,299,000
23. 2023-07-17
    price $3,266,382
24. 2018-11-19
    soldstatus 547-char remark

    Show marketing remark (547 chars)

    ACCEPTED OFFER WITH CONTINGENCIES, STILL ACCEPTING OFFERS. GREAT INVESTMENT OPPORTUNITY includes THREE city lots in downtown Idaho Falls! This corner lot is . 4 acres. One lot is vacant the other has a 15 unit, 2 story apartment building! Monthly rent is over $5700. Each unit has 1 bedroom, 1 bath, and kitchen. Two main exterior doors and 2 units with designated exterior entries. Asphalt parking lot on east side. Lot to the west of the building is vacant but also being used for parking. Property is on the corner of Capital Ave and D Street.

25. 2018-05-09
    listed $675,000 547-char remark

    Show marketing remark (547 chars)

    ACCEPTED OFFER WITH CONTINGENCIES, STILL ACCEPTING OFFERS. GREAT INVESTMENT OPPORTUNITY includes THREE city lots in downtown Idaho Falls! This corner lot is . 4 acres. One lot is vacant the other has a 15 unit, 2 story apartment building! Monthly rent is over $5700. Each unit has 1 bedroom, 1 bath, and kitchen. Two main exterior doors and 2 units with designated exterior entries. Asphalt parking lot on east side. Lot to the west of the building is vacant but also being used for parking. Property is on the corner of Capital Ave and D Street.

26. 2003-04-21
    soldstatus
27. 2003-03-18
    listed $355,000

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

Taxation est. · year 1

• Rental income: $196,956
• − Mortgage interest: −$148,441
• − Property taxes: −$39,750
• − Insurance: −$13,250
• − Repairs & maintenance: −$15,756
• − Management: −$15,756
• − Depreciation: −$77,091
• Taxable loss: −$113,089
• Est. tax savings @ 24.0%: +$27,141
• After-tax cash flow: $-37,026/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This 16-unit apartment building in downtown Idaho Falls is in excellent condition with no visible repairs needed. It offers a great investment opportunity with a prime location and modern systems.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value to the property.
• Both Interior updates (e.g., new flooring, paint, and fixtures) — Improves the aesthetic and functionality of the units, attracting more tenants and buyers.
• Both Exterior updates (e.g., new siding, paint, and landscaping) — Enhances the overall appearance and adds value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑
• Both Interior updates (e.g., new flooring, paint, and fixtures) — Improves the aesthetic and functionality of the units, attracting more tenants and buyers. ↑
• Both Exterior updates (e.g., new siding, paint, and landscaping) — Enhances the overall appearance and adds value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Idaho Falls District
• NCES district ID: 1601530
• Math proficiency: 36% ▼ -2.00%
• Reading proficiency: 50% ▲ 1.00%
• Median HH income: $48,119
• Composite: 36.75/100
• National rank: #4581
• State rank: #54 of 92 in ID

Livability — Idaho Falls

• Score: 86/100
• State rank: #3
• US rank: #428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Idaho Falls, ID
• County: Bonneville County · 125,162 people
• City population: 105,466
• Metro: Idaho Falls, ID
• Population (ZIP): 29,994
• Household income: $74,517
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 636.0

Population outlook (Bonneville County) Hauer SSP2

• Today (2025): 120,170 people
• By 2030: 124,993 · +4.0%
• By 2040: 134,091 · +11.6%
• By 2050: 142,122 · +18.3%
• By 2075: 157,767 · +31.3%
• By 2100: 160,316 · +33.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 19% Two or more races 9%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 3% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 86% English-only · Spanish 12% Other Indo-European 0%

Political lean MEDSL · Bonneville

• 2024 margin: Solid R (+45.4) · D 25.6% · R 71.0% · Other 3.4%
• 2008→2024 swing: -2.4pp toward R · 2008: -43.0pp · 2024: -45.4pp
• All cycles: 2024: R+45.4 2020: R+43.6 2016: R+40.2 2012: R+51.8 2008: R+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.66%
• Current HPI: 355.2953
• Rent YoY: ▲ 2.57%
• Metro: Idaho Falls, ID
• State GDP YoY: ▲ 4.51%
• F500 in state: 6

Industry mix (Fortune 500 HQ in ID)

Industry	F500 HQs	Revenue
▸Retail	1	$79B
▸Technology	1	$25B
▸Food / Agriculture	1	$6B

Price history

+646.5% since first listed

9 events — show timeline

• 2026-04-28 Price Changed $2,650,000 SRMLS
• 2026-04-06 Listed $2,800,000 SRMLS
• 2024-01-30 Price Changed $3,000,000 SRMLS
• 2023-08-15 Price Changed $3,299,000 SRMLS
• 2023-07-17 Price Changed $3,266,382 SRMLS
• 2018-11-19 Sold (MLS) — SRMLS
• 2018-05-09 Listed $675,000 SRMLS
• 2003-04-21 Sold (MLS) — SRMLS
• 2003-03-18 Listed $355,000 SRMLS