2505 N Victor Way

Run June 11, 2026 · rate 6.52% (Freddie Mac 6/11/2026; Bankrate 6.55%, MND 6.60%, NerdWallet 6.45% — range 6.45–6.60%)

Price update (verified 2026-07-01): list is now $414,900 (was $420,000). The affordability math below was computed at the prior ask — the fit only improves at the lower price, but re-run the eval to refresh it.

✅ Street-name resolved — it’s “VICTOR Way”, not “Victory Way”

Eric’s note read “2505 N Victory Way”; the Zillow slug read “2505-N-Victor-Way”. The Ada County Assessor record is authoritative and reads 2505 N VICTOR WAY MERIDIAN, ID 83646 (parcel R8571330320, TUTHILL ESTATES NO 01). So the Zillow slug was correct and the note had the typo — the true street name is Victor Way (no “y”). A search for “Victory” returns only unrelated E VICTORY RD parcels (a different Meridian arterial); “Victor” returns the one match. The eval filename stays eval-victory.md for continuity, but the address is corrected throughout.

Listing facts

• ~$279/sqft (at the $414,900 list)
• AC, attached garage (~440 sqft), covered patio. (Beds/baths/sqft confirmed against the county Characteristics record below.)

County record — Ada County Assessor (the truth)

• List price is ~$11k (≈3%) ABOVE assessed value — priced close to the county’s market read; far tighter gap than Cathy. Modest premium, near-zero equity cushion but not egregious.

Same 2022 overshoot-and-pullback pattern as the Cathy comp (peaked $448.8k in 2022, settled, now climbing again to $404k). Up ~63% since 2019. Budget for continued upward drift.

The homeowner’s exemption is ALREADY in this bill (owner-occupied individual, held since 2014). The 2025 bill of $1,128.06 on $375,300 assessed is only ~0.30% effective — extraordinarily low, even for Meridian. Note the 2025 “Taxes Paid” was only $638.69 against the $1,128.06 billed: the balance is covered by Idaho’s state Homeowner’s Tax Relief credit (the owner pays even less than the billed amount). Do NOT assume Boise’s ~0.9% here. Derived from the record, the owner-occupied effective rate is ~0.30–0.45% of assessed value in this code area.

Eric’s owner-occupant tax estimate (2026): Eric inherits roughly the current exempted bill — call it ~$1,350/yr ≈ ~$113/mo (2025’s $1,128 nudged up for 2026 assessed drift; conservative, and it does NOT lean on the extra state-relief credit the current owner happens to get). Still: FILE FOR THE EXEMPTION after closing — it does NOT transfer with the sale; un-exempted, the bill would be roughly double.

Affordability — VERDICT: FITS $2,500 at clean 20% down

20% down (no PMI)

• 20% down = $84,000 → loan $336,000
• P&I at 6.52%: ~$2,128/mo
• Property tax (exemption applied): ~$113/mo
• Insurance: ~$120/mo
• HOA: $0 (none found)
• PMI: $0
• All-in: ~$2,361/mo → ~$139/mo UNDER the $2,500 target. ✓

Cash: $84,000 down + ~$12,600 closing (3%) ≈ $96,600 — inside the $105k fund, leaving ~$8,400 of cushion. Both tests clear, though this is the tighter cash entry of the two Meridian houses (highest price on this pair).

Flags

• Top of price on this pair + tightest cash ($414,900 list — was $420k; ~$96.6k cash in and ~$8.4k left at the prior ask). It clears both gates, but the cash cushion is the thinnest here — little room for a rate or closing-cost surprise.
• Listed only ~3% over assessed — much healthier than Cathy’s ~19% gap. Priced near the county’s market read; the single biggest flag is the thin cash cushion, not the price.
• Unusually cheap tax (~$113/mo, ~0.30% effective) — a real plus, but it leans partly on Idaho’s state Homeowner’s Tax Relief credit (policy-dependent). Eric’s $1,350/yr estimate is deliberately set above the current owner’s net to stay conservative; don’t assume the sub-$1,200 bill persists.
• No exemption upside to capture — current bill is already exempted; must still re-file after closing.
• 1995 build — a few years older than Cathy (2000) but still modern stock, low deferred-maintenance risk relative to the 1930s–70s candidates on the board.
• The genuine pluses: true 3bd / 2 full ba, 1,486 sqft (~250 sqft bigger than Cathy for ~$5k more list), a bigger 0.202-ac lot, AC, attached garage. Best size-per-dollar of the pair.

Bottom line

Numbers work: clean 20% down fits (~$96.6k cash, ~$8.4k left) and all-in lands ~$2,361 — about $139 under the $2,500 ceiling. Versus the Cathy comp it’s the better value — bigger (1,486 sqft, 0.202-ac lot), priced much closer to assessed (~3% over vs. ~19%), and even cheaper on tax — at the cost of being slightly older (1995) and the tighter cash entry of the two. Strong contender. Pursue; the price is already near assessed so there’s less to negotiate, but confirm the insurance quote and remember to FILE FOR THE EXEMPTION after closing.