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Buy a rental in Millcreek, Utah: current rents, cap rates, which neighborhoods actually cash flow, and what management costs.
Ondo pairs neighborhood-level pricing, prep, and negotiation support with the realities of a $500K median home market in Millcreek.
Nearby Coverage
Millcreek's rental market presents a compelling investment opportunity. With a median home price of $500,000 and median rent of $1,600/month, the gross rent multiplier sits at approximately 26.0×, meaning the purchase price represents roughly 26.0 years of gross rental income. Population growth of 1.3% annually, driven by employers like Granite School District and Intermountain Health, supports sustained rental demand. With 42% of Millcreek households renting, the tenant pool is established and active. We help investors identify properties that generate positive cash flow from day one and build long-term equity in Millcreek's appreciating market.
Millcreek residents live at the intersection of urban convenience and mountain access. A typical Saturday starts with coffee at Publik on 3300 South, a morning hike or mountain bike ride in Millcreek Canyon, lunch at one of the Millcreek Mile's restaurants, and an afternoon at Tanner Park with the dog. The dining scene punches above its weight, sushi, Thai, Italian, and craft cocktails within a one-mile stretch. Commutes to downtown SLC take 10–15 minutes, and the TRAX system is accessible via Murray or South Salt Lake stations. The annual Millcreek Arts Festival showcases local creatives, and Sundays at the Canyon Rim park farmer's market are a social ritual for the neighborhood.
Median Home Price
$500K
Median Rent
$1,600/mo
Population
62,000
Annual Growth
1.3%
Avg Days on Market
23
Owner-Occupied
58%
Ondo city medians as of Aug 2026 — verify. Not an MLS pull, appraisal, BPO, or CMA. Population and annual growth are approximate and are not tied to a named public source here. Check the U.S. Census Bureau for official figures.
We define your target returns, budget, preferred property type, and management expectations. Whether you're buying your first rental or adding to a portfolio, we tailor the search to your investment thesis.
For every property we present, you get a cash flow analysis including purchase price, down payment, financing costs, projected rent, operating expenses (vacancy, maintenance, insurance, taxes, management), and net yield. No surprises.
Once you close, our property management team takes over: marketing, tenant placement, rent collection, maintenance, and reporting. You get passive income without the daily operational burden.
School District: Granite School District
Notable schools: Skyline High School, Evergreen Junior High, Moss Elementary
East-side community at the mouth of Millcreek Canyon, incorporated as a city in 2016 with eclectic neighborhoods.
Outdoor Activities
Local Landmarks
Returns vary by property, financing, and management approach. In the current market, cash-on-cash returns for a well-purchased rental property typically range from 4–8% before appreciation. Cap rates for single-family rentals generally run 4–6%. Total returns including appreciation, principal paydown, and tax benefits can exceed 12–15% annually. We provide property-specific pro forma analysis so you know exactly what to expect before making an offer.
Investment property loans typically require 15–25% down for a single-family rental and 25% for 2–4 unit properties. Some portfolio lenders offer 10% down for strong borrowers. DSCR (debt service coverage ratio) loans are available for investors who prefer to qualify based on the property's rental income rather than personal income. We help you structure financing that preserves capital for multiple acquisitions.
It depends on your time, proximity, and number of properties. Self-management saves the management fee (typically 8–10% of rent) but requires you to handle tenant calls, maintenance coordination, rent collection, and legal compliance. As your portfolio grows past 2–3 units, the time investment usually exceeds the management fee savings. Our property management service handles everything from day one.
A 1031 exchange lets you defer capital gains taxes when you sell an investment property and reinvest the proceeds into a like-kind replacement property. Strict timelines apply: 45 days to identify replacement properties and 180 days to close. We coordinate with qualified intermediaries and help you identify replacement properties that improve your portfolio's cash flow and appreciation potential.
Millcreek's 2016 incorporation gave the community control over zoning, development, and infrastructure, previously managed by Salt Lake County. Since incorporation, the city has invested in road improvements, park upgrades, and the Millcreek Mile branding along 3300 South. These investments have coincided with strong appreciation, though separating incorporation effects from broader market trends is difficult. What's clear is that Millcreek now has a distinct identity, active governance, and improvement trajectory that supports investor confidence.
East Millcreek listings can market canyon proximity and larger hillside homes. The Millcreek Mile can market walkable dining along 3300 South. Central ramblers sit at moderate price points in Granite School District zoning.
Millcreek's appreciation has been strong, and prices now rival some SLC neighborhoods. However, value remains in pockets, older homes on the Millcreek Mile that are priced below the corridor's emerging potential, central neighborhood ramblers that can be cost-effectively updated, and multi-family properties in improving areas. The investment thesis has shifted from deep value to quality growth, Millcreek is increasingly a hold-and-appreciate market rather than a cash-flow-maximization play. Location within Millcreek matters enormously for returns.
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