8383 Florence St

Letha, ID 83617

$124,900B-

2 bd · 1.0 ba · 924 sqft · Built 1985 · Manufactured · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,469/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$309
• Net cashflow: $298/mo
• Annual: $3,573/yr
• Cap rate: 9.15%
• Cash-on-cash: 10.22%
• DSCR: 1.45
• 1% rule: 1.18%
• Cash to close: $34,972

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $125k.
• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• It's been on market 18 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Emmett Independent District (town): math 33% / reading 43% proficiency, ranked #73 of 92 in ID (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shadow Butte Elementary School (math 41% / reading 35%, grade F, #251 of 357 statewide, top 71%, 463 students, 40% FRL); Emmett Middle School (math 30% / reading 45%, grade F, #75 of 109 statewide, top 69%, 533 students, 39% FRL); Emmett High School (math 42% / reading 67%, grade C-, #26 of 169 statewide, top 17%, 737 students, 23% FRL) — zoned schools average 34% FRL vs 49% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 335 active listings in the ZIP; 198 units permitted in Gem County in 2024 (0 in 5+ unit buildings).
• Gem County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 12y 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.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.