149 White Point Rd

Roche Harbor, WA 98250

$1,450,000B

4 bd · 2.0 ba · 1,961 sqft · Built 1986 · Other · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $25,000/mo
• Mortgage (P&I): −$7,604
• Tax + insurance: −$1,382
• HOA: −$0
• Vac / Maint / Mgmt: −$5,250
• Net cashflow: $10,764/mo
• Annual: $129,169/yr
• Cap rate: 15.20%
• Cash-on-cash: 31.82%
• DSCR: 2.42
• 1% rule: 1.72%
• Cash to close: $406,000

Investor read

• This is a 4-bed/2.0-bath other listed at $1.45M.
• At list price, monthly cash flow is $11k ($129k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $1.45M).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $44k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• San Juan Island School District (rural): math 61% / reading 67% proficiency, ranked #36 of 291 in WA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 165 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 99 units permitted in San Juan County in 2024 (0 in 5+ unit buildings).
• San Juan County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $406k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.2% vs local median 0.5% in Roche Harbor — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.