2311 SW 6th Ave Unit 8B

Camas, WA 98607

$199,000D-

1 bd · 1.0 ba · 657 sqft · Built 1949 · Condo · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,613/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$244
• HOA: −$255
• Vac / Maint / Mgmt: −$339
• Net cashflow: $-268/mo
• Annual: $-3,215/yr
• Cap rate: 4.68%
• Cash-on-cash: -5.77%
• DSCR: 0.74
• 1% rule: 0.81%
• Cash to close: $55,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $199k.
• At list price, monthly cash flow is $-268 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (19.0% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $152k (23.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#181 in WA, #4,740 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Camas School District (suburban): math 73% / reading 80% proficiency, ranked #8 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Prune Hill Elem (449 students, 13% FRL); Skyridge Middle School (734 students, 13% FRL); Camas High School (1,964 students, 15% FRL) — zoned schools at 13% FRL track the district average.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.5%/yr); 554 active listings in the ZIP; high-income renter base; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 4.7% vs local median 1.7% in Camas — 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.
• This rent is only 15% of the median local income ($128k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.