4986 S 2000 W #4

Rexburg, ID 83440

$58,900B

3 bd · 2.0 ba · 950 sqft · Built 1984 · Manufactured · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,394/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$37
• HOA: −$452
• Vac / Maint / Mgmt: −$293
• Net cashflow: $303/mo
• Annual: $3,641/yr
• Cap rate: 12.47%
• Cash-on-cash: 22.07%
• DSCR: 1.98
• 1% rule: 2.37%
• Cash to close: $16,492

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $59k.
• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• It's been on market 18 days — a 2% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $407 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#25 in ID, #3,515 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, health & safety A+; Watch: housing C-, commute F, employment F.
• Madison District (town): math 44% / reading 47% proficiency, ranked #50 of 92 in ID (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Fork Elementary (math 52% / reading 42%, grade D-, #176 of 357 statewide, top 53%, 293 students, 43% FRL) — zoned schools average 43% FRL vs 27% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 32% of rent.
• Market conditions: Rents rising (+2.6%/yr); 384 active listings in the ZIP; 274 units permitted in Madison County in 2024 (80 in 5+ unit buildings).
• Madison County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $16k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.