235 S 1st E · Rexburg, ID 83440

$2,100,000

72 bd · 24.0 ba · 15,977 sqft · MultiFamily · 29 Days on market

Built 1974 0.60 ac lot

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

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 24 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

Marcus & Millichap is pleased to present the opportunity of Crestwood Apartments, a 71-bed Student Housing Opportunity located in Rexburg, Idaho. This property offers an exceptional living opportunity for BYU-Idaho students, providing affordable, comfortable housing right across from campus. This BYU-Idaho Approved complex delivers a home-away-from-home experience at a great price, with the convenience of a short walk to classes, fellow students, and campus activities. Residents benefit from private closets and desks, allowing for personal space and efficient study environments. The large lounge area, featuring couches, a TV, and a piano, creates a welcoming space for socializing and

Key facts

• Free onsite laundry
• Ample parking
• Large lounge area

Tags

• SHORT WALK TO CLASSES
• PRIVATE CLOSETS AND DESKS
• LARGE LOUNGE AREA
• FREE ONSITE LAUNDRY
• AMPLE PARKING
• NEAR KEY CAMPUS LANDMARKS

Property features AI

Finance

• Other: 12 total units (multi-unit property)
• Financial info: Annual tax reported
• HOA & community: Subdivision: PARKER ADDITION TO REXBURG

Exterior

• Home design: 2-story building
• Construction: Built/standing construction
• Exterior features: Lot roughly 0.6 acres; Zoned HDR2

Interior

• Interior features: Residential use; Built/standing condition

What this means for you Summary

Snapshot

• This is a 24 × 3-bed/1.0-bath units multifamily listed at $2.10M.

Deal economics

• At list price, monthly cash flow is $11k ($132k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($32k rent vs $2.10M).
• Recommended offer: $2.07M (1.5% below list) — sets the bar for market timing.

Location & tenants

• 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.
• 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).
• At $32,314/mo this rent would consume 667% of the median local household income ($58k/yr) (locally 1480% 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 $15k of loan paydown is wiped out by about $63k of value loss. Plan a longer hold.
• 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 $588k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($2.07M) is reasonable based on typical stale-listing flexibility.

Recommended offer $2,068,500 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.54% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.48%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.6% rent growth · sell at horizon

5-year hold

• IRR: 14.9%
• Equity multiple: 1.59×
• Total profit: $348,822
• Equity at exit: $313,117

10-year hold

• IRR: 23.3%
• Equity multiple: 2.97×
• Total profit: $1,156,395
• Equity at exit: $181,570

Cash invested: $588,000 (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 83440

• Rents YoY: 2.6%
• Active inventory: 384
• Price-to-rent: 130.0×

Monthly cashflow live

• Estimated rent: $32,314 medium
• Mortgage (P&I): −$11,013
• Tax est. 1.5%: −$2,625 /mo · $31,500/yr
• Insurance: −$875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,786
• Net cashflow: $11,015

Break-even live

Break-even rent $18,370

Max offer price $2,100,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 24× units	3	1	$32,304
Total (24 units)			$32,314

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: $525,000
• Closing costs: $63,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $2,100,000 Active 29 DOM
2. 2026-06-18
   days on market $2,100,000 Active 28 DOM
3. 2026-06-17
   days on market $2,100,000 Active 27 DOM
4. 2026-06-16
   days on market $2,100,000 Active 26 DOM
5. 2026-06-15
   days on market $2,100,000 Active 25 DOM
6. 2026-06-14
   days on market $2,100,000 Active 23 DOM
7. 2026-06-12
   days on market $2,100,000 Active 22 DOM
8. 2026-06-09
   days on market $2,100,000 Active 19 DOM
9. 2026-06-08
   days on market $2,100,000 Active 18 DOM
10. 2026-06-07
    days on market $2,100,000 Active 17 DOM
11. 2026-06-05
    days on market $2,100,000 Active 14 DOM
12. 2026-06-03
    days on market $2,100,000 Active 13 DOM
13. 2026-06-02
    days on market $2,100,000 Active 12 DOM
14. 2026-06-01
    days on market $2,100,000 Active 11 DOM
15. 2026-05-31
    days on market $2,100,000 Active 10 DOM
16. 2026-05-30
    days on market $2,100,000 Active 9 DOM
17. 2026-05-21
    listed $2,100,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥89°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $387,768
• − Mortgage interest: −$117,633
• − Property taxes: −$31,500
• − Insurance: −$10,500
• − Repairs & maintenance: −$31,021
• − Management: −$31,021
• − Depreciation: −$61,091
• Taxable income: $105,002
• Est. tax owed @ 24.0%: −$25,200
• After-tax cash flow: $106,985/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.

Schools (NCES district)

• District: Madison District
• NCES district ID: 1601920
• Math proficiency: 44% ▲ 2.00%
• Reading proficiency: 47% ▼ -3.00%
• Median HH income: $31,737
• Composite: 37.3/100
• National rank: #4447
• State rank: #50 of 92 in ID

Livability — Rexburg

• Score: 76/100
• State rank: #25
• US rank: #3515

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rexburg, ID
• County: Madison County · 51,421 people
• City population: 51,421
• Metro: Rexburg, ID
• Population (ZIP): 51,421
• Household income: $58,159
• Rent vs Own: 61.5% rent · 38.5% own
• Severe rent burden: 1480.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 40,126 people
• By 2030: 41,845 · +4.3%
• By 2040: 42,742 · +6.5%
• By 2050: 44,170 · +10.1%
• By 2075: 43,379 · +8.1%
• By 2100: 41,607 · +3.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 5% Slovak 5% Portuguese 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 7% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+64.3) · D 15.9% · R 80.2% · Other 3.8%
• 2008→2024 swing: +8.5pp toward D · 2008: -72.8pp · 2024: -64.3pp
• All cycles: 2024: R+64.3 2020: R+63.7 2016: R+49.3 2012: R+87.5 2008: R+72.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -133.02%
• Current HPI: 241.1775
• Rent YoY: ▲ 2.60%
• Metro: Rexburg, 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

1 event — show timeline

• 2026-05-21 Listed $2,100,000 WFRMLS