939 Schneitter Cir #3

Midway, UT 84049

$375,000D

2 bd · 2.0 ba · 1,074 sqft · Built 1986 · Condo · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,462/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$331
• HOA: −$450
• Vac / Maint / Mgmt: −$727
• Net cashflow: $-12/mo
• Annual: $-145/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.14%
• DSCR: 0.99
• 1% rule: 0.92%
• Cash to close: $105,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $375k.
• At list price, monthly cash flow is $-12 ($-145/yr) — negative.
• To cash-flow at today's rent, offer at most $373k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $346k (7.7% below list).
• It's been on market 104 days — a 9% lower offer ($341k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $341k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#124 in UT) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Wasatch District (town): math 45% / reading 51% proficiency, ranked #23 of 80 in UT (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Midway School (math 63% / reading 66%, grade B, #23 of 585 statewide, top 4%, 675 students, 18% FRL); Rocky Mountain Middle (math 40% / reading 50%, grade D, #43 of 138 statewide, top 33%, 717 students, 26% FRL); Wasatch High (math 34% / reading 50%, grade F, #55 of 171 statewide, top 32%, 2,531 students, 16% FRL).
• Market conditions: 228 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 835 units permitted in Wasatch County in 2024 (22 in 5+ unit buildings).
• Wasatch County population projected at +87% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 2.4% in Midway — 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.

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 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?