Investment Analysis
236 N 3rd East · Rexburg, Idaho
The 4-Plex Metrics Calculator Back Lot Portfolio Run the Numbers
Rexburg, Idaho · Investment Portfolio · April 2026

A Rare Rexburg
Investment Opportunity

A legally converted, fire-suppressed 4-plex with proven rental history — paired with a city-approved development lot ready for four townhomes next door.

4-Plex Active Listing Back Lot — 4 Townhomes Approved Full Fire Suppression · Legal Conversion
$699K 4-Plex List Price
$49,800 Gross Annual Rent
4,377 Total Sq Ft
$140K Back Lot Price
4+4 Current + Future Units
Explore the 4-Plex View Development Lot
Scroll to Explore
$4,150/mo
Gross Monthly Rent
5.45%
Cap Rate (Self-Managed)
14.04x
Gross Rent Multiplier
7.12%
Gross Rental Yield
Property Analysis · Asset 1 of 2

236 N 3rd East — The 4-Plex

Built in 1977, legally converted to a 4-unit multi-family with no HOA, a 2-car garage, full fire suppression, and 100% tenant occupancy. 4,377 total square feet on 0.23 acres in Rexburg's medium-density corridor.

Unit 01 — Primary
$1,350
per month
🛏 3 Bedrooms 🚿 1.5 Baths 📐 1,029 sqft
Ceiling Fan · Dishwasher · Laundry Hookups · Refrigerator · Stove
Occupied
Unit 02
$850
per month
🛏 1 Bedroom 🚿 1 Bath 📐 987 sqft
Ceiling Fan · Dishwasher · Laundry Hookups · Refrigerator · Stove
Occupied
Unit 03 — Oversized
$1,000
per month
🛏 1 BR + Office 🚿 1 Bath 📐 1,188 sqft
Dishwasher · Dryer · Laundry Hookups · Refrigerator · Stove · Washer
Room to add a 2nd bedroom — potential rent upside
Occupied
Unit 04
$950
per month
🛏 1 BR + Bonus 🚿 1 Bath 📐 1,173 sqft
Dishwasher · Laundry Hookups · Refrigerator · Stove
Bonus room (no window) — potential flex space
Occupied
Rent Sensitivity
What does break-even look like?
Drag each unit's rent to explore the break-even point. The target updates live based on your mortgage calculator settings below.
Adjusted Monthly Rent
$4,150
$49,800 / yr
Unit 1 · 3BR $1,350
$800Current: $1,350$2,500
Unit 2 · 1BR $850
$500Current: $850$1,800
Unit 3 · 1BR+ $1,000
$500Current: $1,000$1,800
Unit 4 · 1BR+ $950
$500Current: $950$1,800
Monthly NOI
$2,634
Break-Even Target
—
Set mortgage calc ↓
Monthly Gap
—
Status
—
Progress toward break-even —
Adjust the sliders above to see what rents would be needed for break-even cash flow based on your current mortgage settings.
Break-even target pulls from the mortgage calculator below · 5% vacancy · Self-managed · No CapEx reserve
Pro Forma Income Statement — Annual Self-Managed · No CapEx Reserve · 5% Vacancy
Gross Scheduled Rent $49,800
Less: Vacancy Allowance (5%) ($2,490)
Effective Gross Income $47,310
Operating Expenses
Utilities — Water / Sewer / Trash (owner-paid) ($2,367)
Fire & Hazard Insurance (owner-paid) ($1,980)
Property Taxes (2026 assessed) ($4,886)
Total Operating Expenses ($9,233)
Net Operating Income (NOI) $38,077
Monthly NOI (annual ÷ 12) $3,173/mo
Investment Metrics · 4-Plex at $699,000

Every Number an Investor Needs

All standard metrics used to evaluate income-producing real estate — calculated from actual MLS data, verified property taxes, and conservative expense assumptions.

Data sources: MLS-verified (rents, taxes, sqft, price) Estimated assumption (vacancy 5% · self-managed · no CapEx reserve) Derived calculation
Cap Rate
5.45%
Self-managed with no CapEx reserve. Owner-paid expenses are only utilities, insurance, and property taxes — keeping the expense ratio lean.
Strong for Rexburg
Gross Rent Multiplier
14.04×
At the upper end of typical ranges, reflecting the premium for legal compliance, fire suppression, and Rexburg's strong demand fundamentals.
Monitor vs. Market
Gross Rental Yield
7.12%
Above 7% gross yield on a legally compliant multi-family with 100% occupancy and a development lot attached is a meaningful find.
Above Average
Price Per Unit
$174,750
Reflects the cost and value of the legal conversion and fire suppression system — meaningfully above an unlicensed conversion.
Compliance Premium
Price Per Sq Ft
$159.71
$159/sqft for 4,377 finished square feet — above and below grade — in a market with growing replacement costs well above this level.
Below Replacement Cost
Debt Coverage Ratio
↓ Calc
Highly rate and down-payment sensitive. Use the mortgage calculator below to model your exact DCR — and find the break-even point. NOI is now $38,077 so DCR improves meaningfully.
→ Run the Calculator
Operating Expense Ratio
19.5%
Exceptionally lean. Owner-paid costs are only utilities, insurance, and taxes. Tenants cover their own gas and electric — no management overhead.
Excellent
Break-Even Occupancy
~19.5%
Only about 19.5% of gross potential rent needs to come in to cover all operating costs with no debt. That's less than one unit out of four — outstanding downside protection.
Very Low Risk
NOI / Cap Rate Sensitivity
$38,077
At a 4.5% cap (market compression): $846,156 implied value. At 5.0%: $761,540. Every 0.5% cap rate drop = ~$85K in value.
Appreciation Upside
The Story Behind the Numbers

Why This Property Makes Sense

🏛️
Legal Compliance — A Real Moat
Converting a single-family into a legal 4-plex takes years, serious money, and patience with the city. This one's already done — full fire suppression, city-approved. That compliance premium is baked in and extremely hard to replicate.
🎓
BYU-Idaho Creates Built-In Demand
BYU-Idaho enrolls over 20,000 students, with housing demand that runs well ahead of supply. Rexburg isn't a speculative bet — it's a university town with structural rental demand baked into its DNA.
📈
Negative Leverage Is a Timing Story
At 7% rates, this property runs negative cash flow with conventional financing. That's the math — not a secret. But buyers who can handle the carry are positioning ahead of rate normalization, when this asset re-prices meaningfully higher.
🔧
Organic Rent Upside Still on the Table
Unit 3 is 1,188 sqft with a room that could become a legal 2nd bedroom with the right window. That one change could push that unit's rent from $1,000 to $1,200+ — adding $2,400/yr to NOI with no acquisition cost.
🏗️
The Back Lot Is the Equity Play
A separately-priced, city-approved development lot next door for 4 townhomes is extraordinarily rare. The approvals and engineering are already done. Whether you sell them or hold for rents, the development upside is the asymmetric kicker in this deal.
🔑
100% Occupancy — Day One
No lease-up risk. All four units are tenant-occupied at market-rate rents. You're buying a stabilized asset with immediate cash flow from day one. That's a meaningful risk reduction in any underwriting scenario.
Payment Estimator · 4-Plex

Model Your Financing

Adjust the down payment and interest rate to see your monthly payment, cash flow, and debt coverage ratio in real time. Property taxes are pulled from the 2026 assessment. Insurance is the owner-provided figure.

Financing Inputs
Purchase Price $699,000
$575K$699K (list)
4.52% Cap Rate
14.04× GRM
$174,750 Per Unit
Down Payment 25% — $174,750
10%50%
Interest Rate 7.00%
4.00%10.00%
Loan Term 30 Years
15 yr30 yr
Fixed Assumptions: Purchase price $699,000 · Property taxes $407/mo (2026 assessed) · Insurance $165/mo (owner-provided) · NOI $31,603/yr · 30-yr amortization. Results are estimates — verify all figures with your lender.
Monthly PITI
Principal · Interest · Taxes · Insurance
—
— P & I
$407 Taxes
$165 Insurance
Down Payment
25% of $699,000
$174,750 Loan: $524,250
Monthly Cash Flow
NOI/mo minus P&I
— Annual: —
Cash-on-Cash Return
Annual cash flow ÷ down payment
—
Debt Coverage Ratio (DCR)
Lender threshold: 1.20
0.50.751.01.251.5+
—
Break-Even Down Payment
% needed for $0 cash flow at current rate
— Amount: —
Development Opportunity · Asset 2 of 2

The Back Lot —
4 Townhomes, Already Approved

Engineering is done. City approvals are in hand. The lot behind the 4-plex has been fully permitted for four townhomes with basements. You're not buying a dream — you're buying a shovel-ready site.

Engineering Complete City Approved 4 Townhomes
$140,000
Back Lot List Price
$1,396,000
Gross Sale Revenue
(4 × $349K with basement)
$1,326,200
Net Proceeds After Selling Costs
(less ~5% commissions)
$274,000
Break-Even Build Cost/Unit
(below this = profitable)

With engineering and city approvals already complete, the primary unknown is construction cost per unit. Use the slider below to model different scenarios. The break-even is approximately $274,000 per unit — build cheaper than that and the development is profitable. Build over it and you're underwater on sale.

$88,800
Gross Annual Rent
(4 units × $1,850/mo)
$59,052
Estimated Annual NOI
(after 30% expense ratio)
$1,181,040
Implied Value at 5% Cap
(NOI ÷ 0.05)

The rental play requires more capital upfront but creates a significant long-term income asset. At $1,850/mo per unit and a 30% expense ratio, projected NOI is $59,052/year. Valued at a 5% cap, the stabilized asset is worth over $1.18M — potentially well above total project cost depending on build costs.

$84,360
Effective Gross Income
(after 5% vacancy)
($25,308)
Est. Operating Expenses
(mgmt, taxes, ins, maint)
$59,052
Net Operating Income
$4,921/mo
Build Cost Calculator
Drag the slider to model different construction costs. Numbers update instantly for both the sell and rent scenarios.
Construction Cost Per Unit $265,000 / unit
$150K (lean)$400K (premium)
— Total Project Cost
(land + build + 8% soft)
— Profit on Sale
(gross less 5% costs)
— ROI on Sale
(profit ÷ total invested)
— Cap Rate (Rental)
(NOI $59,052 ÷ total cost)
Profitability on Sale —
Break-even: $274K/unit
$150K/unit (most profitable)$400K/unit (largest loss)
Combined View · Both Assets Together

The Full Portfolio Picture

What does it look like to acquire both assets? Here's how the numbers stack up across three scenarios — just the 4-plex, just the back lot development, and the full picture together.

🏘️
4-Plex Only
$699,000
Gross Annual Rent$49,800
Annual NOI$31,603
Cap Rate4.52%
GRM14.04×
Units4
Development UpsideNone
🏗️
Back Lot (Rental)
$140K land + construction
Gross Annual Rent$88,800
Annual NOI$59,052
Cap Rate on Cost*4.6–5.4%
Implied Value (5% cap)$1,181,040
Units4
*At $265K/unit build costSee calc above
🏆
Full Portfolio
$839K + construction
Total Gross Rent (stabilized)$138,600/yr
Combined NOI$90,655/yr
Total Units8
Monthly Gross Rent$11,550/mo
Portfolio ComplexityHigh Upside
One Contiguous Location✓ Same Block
Strategic Note: Acquiring both assets positions the buyer as a small-scale developer with an established rental base. The 4-plex generates income while the development project is underway. If the townhomes are sold, proceeds can offset or eliminate the 4-plex mortgage — effectively acquiring the 4-plex at a dramatically reduced basis. This is the kind of "layered deal" that rarely comes together in a single location with all approvals already completed. · Construction costs are highly variable. All development projections should be validated with local contractors prior to any commitment. These numbers are illustrative, not a guarantee of project economics.
Market Context · Rexburg, Idaho

Why Rexburg Continues to Perform

This isn't a speculative market bet. Rexburg has structural demand drivers that keep rental vacancy low and rent growth consistent year after year.

🎓
20,000+
BYU-Idaho Enrollment
One of the largest private universities in Idaho creates a permanent, year-over-year pipeline of housing demand. Students and faculty alike compete for limited rental inventory — especially legal, well-maintained units.
📉
Low
Historical Vacancy Rates
Rexburg's rental market historically runs tight. The combination of university demand, limited new supply, and a growing local economy means quality multi-family inventory fills quickly and stays filled.
🏗️
Rising
Replacement Cost Barrier
New construction costs in southeast Idaho have risen sharply. Buying existing legal multi-family at $160/sqft — below replacement cost — creates a valuation floor that makes this asset fundamentally defensible.