Cache County

Cache County sits at a 2.39% cap rate with a gross rent-to-price ratio of 0.037, putting it firmly in appreciation territory and well outside the range where cash flow is a realistic near-term expectation. At a $470,352 purchase price and $1,441 median rent, the math is unambiguous: financing at 6.85% produces a monthly mortgage of $2,466, and after adding estimated operating expenses of $504 and accounting for rent, the modeled cash flow comes out to negative $1,529 per month. Cash-on-cash return of -16.96% on a $94,070 down payment is not a rounding error; it reflects a market where prices have structurally outrun rents. The 3% year-over-year home price appreciation is real but not spectacular, and an affordability index of 33 signals that the local buyer pool is already stretched, which limits how quickly appreciation can compound.

The numbers make the investor fit fairly clear. Cash-flow buyers should look elsewhere, full stop. The appreciation score of 80 out of 100 suggests this county rewards long-hold, equity-building strategies over landlords who need the property to service itself from day one. A value-add operator who can meaningfully lift rents above the $1,441 median might narrow the monthly gap, but even a 20% rent premium gets you to roughly $1,729, which still leaves a large negative spread against a $2,466 mortgage. The investor who belongs here is someone with reserves to carry a loss, a multi-year horizon, and conviction in the appreciation thesis, not someone underwriting to a positive monthly return in year one.

Cache County's economic anchor is Utah State University, located in Logan, which is the county seat. A large public research university generates durable rental demand from students, faculty, and staff across economic cycles, and it anchors employment in ways that pure private-sector markets cannot replicate. That said, a university-dependent rental market carries its own character: demand is concentrated in specific unit types (smaller, closer to campus), lease cycles follow academic calendars, and summer vacancy can be a real operational consideration. The stability score of 50 reflects this mixed picture, where the university provides a demand floor but not the diversified employment base that pushes stability scores higher.

On carry costs, the property tax picture is a genuine tailwind. Utah's state-average effective rate of 0.63% is low by national standards, producing an estimated annual tax bill of $2,963, or roughly $247 per month. Combined with $75 per month in estimated insurance, the total tax-and-insurance burden runs about $321 per month. That figure matters because it means the $504 in total estimated monthly expenses is not being dragged up by a punishing tax rate; the cash-flow problem here is driven by the price-to-rent mismatch, not by carry costs. As always, the 0.63% is a state-average estimate and your actual Cache County or Logan City rate may differ, so confirm with the county assessor before finalizing your underwrite.

The concentration risk in this market is real and worth naming. A 134,428-person county built substantially around a single university is exposed to enrollment trends, state funding decisions, and any long-term shift in how higher education is delivered or financed. Unlike a metro where employers across multiple industries compete for the same rental pool, Logan's demand drivers are narrower. That does not make it uninvestable, but it means an investor should size their exposure accordingly and monitor enrollment data as a leading indicator for rental demand.

Compared to its neighbors, Cache County's 0.037 rent-to-price ratio places it behind Weber County (0.038), Utah County (0.040), and well behind Tooele County (0.050). Tooele, with a median rent of $1,957 against a median home price of $472,857, is the standout cash-flow option among the group and carries an overall score of 50. Weber County pairs a lower entry price ($450,369) with a nearly identical rent to Cache ($1,442), giving it marginally better ratios and the same overall score of 49. Cache's appreciation score of 80 is its differentiator, and it likely reflects the university's stabilizing influence on long-term demand, but an investor who prioritizes current income should seriously consider Weber or Tooele first. Cache makes sense over its neighbors specifically when an investor wants exposure to a university market, is willing to accept negative cash flow in exchange for what the model scores as above-average appreciation potential, and has the capital to carry that position without stress.