1629 S Michigan Ave
- Price$495,000
- Beds / Baths2 / 2
- Sqft998
- Built1953
- HOANone
- Avg drive17 min
- School zoneBoise
Drive times 17 min avg
- Illya's house 20 min 8.5 mi
- Jay & Debby's house 22 min 7.5 mi
- Boise High School 7 min 2.7 mi
- Idaho Fine Arts Academy 20 min 12.9 mi
Driving estimates via OSRM (free-flow, no traffic) — routes drawn on the map above. Average across 4 landmarks.
Valuation & tax history
| Year | Assessed value | Property tax |
|---|---|---|
| 2026 | $425,900 | — |
| 2025 | $428,300 | $2,805.42 |
| 2024 | $406,600 | $2,563.36 |
| 2023 | $347,000 | $2,127.98 |
| 2022 | $471,300 | $3,010.66 |
| 2021 | $352,700 | $3,862.80 |
| 2020 | $281,200 | $3,343.56 |
Idaho has no cap on assessment increases — assessed value (and therefore tax) drifts up year over year. Budget for the drift.
Run June 19, 2026 · rate 6.5% (Freddie 6.47% 6/18, Bankrate 6.48% 6/19/2026) · cash fund $105k
Price update (verified 2026-07-01): list is now $495,000 (was $522,000). The affordability math below was computed at the prior ask — re-run the eval to refresh it.
Listing facts (Zillow)
- ~$496/sqft (at the $495,000 list)
County record — Ada County Assessor (the truth)
- List price is ~$69,100 (16%) OVER assessed value — a steep premium, no equity cushion at purchase.
Up ~51% in six years (2020 $281k → 2026 $426k), and bouncy (a 2022 spike to $471k). Budget for upward tax drift.
Exemption is applied. Owner is a long-time individual resident; 2025 tax $2,805.42 on $428,300 assessed = ~0.66% effective — below the ~0.92% un-exempted Boise norm, so the homeowner’s exemption is already in the bill. Eric, living here, inherits roughly this bill (~$2,800/yr ≈ ~$234/mo), no extra savings to capture. FILE FOR THE EXEMPTION after closing — it does not transfer with a sale.
Affordability — VERDICT: clear no on both axes
Assumptions: 6.5% 30-yr fixed, 20% down (no PMI), exempted tax ~$2,800/yr, ins ~$110/mo.
20% down (no PMI)
- 20% down = $104,400 → loan $417,600
- P&I at 6.5%: ~$2,640/mo
- Property tax (exemption applied): ~$234/mo
- Insurance: ~$110/mo · HOA $0 · PMI $0
- All-in: ~$2,984/mo → ~$484/mo OVER the $2,500 ceiling. ✗
Cash also fails. $104,400 down + ~$15,660 closing (3%) ≈ $120,060 — about $15k OVER the $105k fund. So at list it misses both the payment and the cash tests, and not narrowly.
What would make it fit: nothing realistic. To hit ~$2,500/mo the price would need to drop toward ~$430k (a ~$90k / 18% cut, back to the county’s assessed value) — which is not a negotiation, it’s a different listing.
Flags
- Fails payment AND cash by a wide margin — ~$484/mo over $2,500 and ~$15k over the $105k fund at list. Not a contender at this price.
- Priced ~16% over the county’s $425,900 — paying a big premium for a small 1953 two-bed.
- Only a 2bd in 998 sqft at ~$496/sqft — the size/price ratio is poor; resale and livability both limited vs. the 3-bed stock nearby.
- Bouncy assessments (no Idaho cap) — 2022 spiked to $471k; taxes will drift, eating any thin margin.
Bottom line
A clear no. At the prior $522,000 ask the math failed on both axes: ~$2,984/mo all-in (~$484 over the $2,500 ceiling) and ~$120k cash needed (~$15k over the $105k fund) — and the cut to $495,000 recovers only $27k of that. It’s a 1953 2/2 in 998 sqft still priced ~16% over the county’s $425,900 assessed value — a steep premium for a small two-bed, with no equity cushion. Only a price cut into the low-$400s would make the payment work, and that’s another big haircut, not a negotiation. Pass.