307 8th St #7

Sultan, WA 98294

$265,000B-

3 bd · 2.0 ba · 1,782 sqft · Built 2001 · Manufactured · Active · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,026/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$207
• HOA: −$0
• Vac / Maint / Mgmt: −$636
• Net cashflow: $794/mo
• Annual: $9,531/yr
• Cap rate: 9.89%
• Cash-on-cash: 12.85%
• DSCR: 1.57
• 1% rule: 1.14%
• Cash to close: $74,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $265k.
• At list price, monthly cash flow is $794 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• It's been on market 132 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $233k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#183 in WA, #4,863 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment A; Watch: cost of living D+, amenities F, health & safety F.
• Sultan School District (town): math 42% / reading 56% proficiency, ranked #143 of 291 in WA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 103 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $74k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.9% vs local median 3.0% in Sultan — 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 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.