6996 W Gillis Dr

Run June 7, 2026 · rate 6.5% (Freddie 6.48% 6/4, Bankrate 6.53% 6/7/2026) · cash fund $105k

Listing facts (Zillow)

• ~$374/sqft
• Has A/C · ~326 sqft garage

County record — Ada County Assessor (the truth)

• Corporate (mortgage-company) owner, acquired 2025 → investor / REO / flip, not owner-occupied. Demand a rigorous inspection; assume cosmetic-over-structural until proven otherwise.
• List price is ~$63k (19%) ABOVE assessed value — priced well over the county’s market read.

Up ~56% in six years (2020 → 2026). Budget for continued upward tax drift.

Tax Code Area 01-44 runs a gross levy of ~0.92%. The 2025 bill of $1,908.62 ≈ ($331,000 − ~$125k exemption) × 0.92% — i.e. the exemption WAS applied in 2025 (prior owner was an individual). With a mortgage company now on title, the 2026 exemption may be stripped (no longer owner-occupied), but Eric, living here, re-files and lands at the exempted figure regardless: ~$1,908/yr ≈ ~$159/mo. If the exemption were ever lost, the un-exempted bill would jump to ~$3,050/yr (~$254/mo) — so FILE FOR THE EXEMPTION immediately after closing.

Affordability — VERDICT: FITS $2,500 at clean 20% down (the old PMI squeeze is gone)

At the old $90k fund this was ~$827 short of clean 20% and got forced into a sliver of PMI. At $105k, clean 20% down fits and PMI disappears.

20% down (no PMI) — the only structure now needed

• 20% down = $78,980 → loan $315,920
• P&I at 6.5%: ~$1,997/mo
• Property tax (exemption applied, after Eric re-files): ~$159/mo — note: with a mortgage company on title the exemption may be stripped in 2026; re-filing recaptures ~$1,140/yr vs. the ~$3,050 un-exempted bill
• Insurance: ~$110/mo
• HOA: $17/mo
• PMI: $0
• All-in: ~$2,283/mo → ~$217/mo UNDER $2,500 (and ~$283 OVER the old $2,000). Clears $2,500. ✓

Cash — now fits. $78,980 down + ~$11,847 closing (3%) ≈ $90,827 — inside the $105k fund, leaving ~$14.2k of cushion. No PMI, no squeeze.

Flags

• 2 bd / 1 ba, 1,056 sqft for ~$395k (~$374/sqft) — the single biggest flag. That’s near-$400k for a small one-bathroom house; the worst value-per-foot in the batch. A 1-bath resells slowly.
• Corporate (mortgage-company) owner, acquired 2025 = REO/flip — inspect hard; verify what was actually repaired vs. lipsticked.
• Listed ~19% / $63k over assessed value — buying over market, no equity cushion.
• Detached single-family with an HOA (small, but confirm what $17/mo covers).
• Genuine pluses: 1982 build (younger than the 1930s–50s stock), real 0.10-ac lot (yard), and the monthly clears $2,500 comfortably even with PMI.

Bottom line

The payment now clears cleanly (~$2,283, ~$217 under $2,500) at clean 20% down with ~$14k cash to spare — so this is no longer a budget question. It’s a value no. You’d be paying ~$374/sqft for a 2bd / 1-bath, 1,056-sqft flip listed 19% / $63k over assessed — a lot of money for a small one-bathroom house with weak resale, bought well over the county’s market read. It’s a corporate (mortgage-company) flip, so the inspection has to be rigorous (what was actually repaired vs. lipsticked) and Eric has to re-file the exemption after closing to land the ~$159/mo tax. The genuine pluses are a 1982 build (younger than most of the batch) and a real 0.10-ac yard. Affordability passes; the value doesn’t. Pass unless it drops toward the mid-$300s (near the $331.6k assessed) AND the flip inspects clean — and even then you’re buying a 1-bath.