9164 N Reed Rd

Hayden, ID 83835

$339,900D-

4 bd · 2.0 ba · 1,404 sqft · Built 2000 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,487/mo
• Mortgage (P&I): −$1,782
• Tax + insurance: −$223
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $-41/mo
• Annual: $-489/yr
• Cap rate: 6.15%
• Cash-on-cash: -0.51%
• DSCR: 0.98
• 1% rule: 0.73%
• Cash to close: $95,172

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $340k.
• At list price, monthly cash flow is $-41 ($-489/yr) — negative.
• To cash-flow at today's rent, offer at most $333k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (26.8% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $249k (26.8% 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 $10k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#150 in ID) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Coeur D'Alene District (urban): math 44% / reading 60% proficiency, ranked #23 of 92 in ID (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Atlas Elementary School (math 51% / reading 58%, grade C, #106 of 357 statewide, top 33%, 438 students, 26% FRL); Woodland Middle School (math 35% / reading 58%, grade D+, #46 of 109 statewide, top 42%, 821 students, 24% FRL); Coeur D'Alene High School (math 47% / reading 80%, grade B-, #14 of 169 statewide, top 8%, 1,548 students, 15% FRL).
• Market conditions: Rents rising (+1.2%/yr); 390 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,606 units permitted in Kootenai County in 2024 (154 in 5+ unit buildings).
• Kootenai County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.1% vs local median 2.2% in Hayden — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 33% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.