686 Old Arden Highway Lot #24 Rd

Colville, WA 99114-0000

$40,000B+

2 bd · 1.0 ba · 980 sqft · Built 1974 · Manufactured · Pending · 175 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,122/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$24
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $653/mo
• Annual: $7,831/yr
• Cap rate: 25.87%
• Cash-on-cash: 69.92%
• DSCR: 4.11
• 1% rule: 2.80%
• Cash to close: $11,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $40k.
• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• It's been on market 175 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($277 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 78/100 on livability (#119 in WA, #2,418 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, health & safety A+; Watch: employment D, commute F.
• Colville School District (town): math 52% / reading 67% proficiency, ranked #75 of 291 in WA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hofstetter Elementary (378 students, 64% FRL); Colville Junior High School (370 students, 60% FRL); Colville Senior High School (513 students, 52% FRL) — zoned schools average 59% FRL vs 42% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 29 active listings in the ZIP; 341 units permitted in Stevens County in 2024 (72 in 5+ unit buildings).
• Stevens County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $30k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 25.9% vs local median 1.6% in Colville — 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

• It's been on market 175 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.