380 Elmer City Access Rd

Elmer City, WA 99116

$95,000B

2 bd · 2.0 ba · 1,344 sqft · Built 1973 · Manufactured · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,251/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $409/mo
• Annual: $4,904/yr
• Cap rate: 11.45%
• Cash-on-cash: 18.44%
• DSCR: 1.82
• 1% rule: 1.32%
• Cash to close: $26,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 57 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($657 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#448 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Grand Coulee Dam School District (rural): math 26% / reading 38% proficiency, ranked #262 of 291 in WA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 17 active listings in the ZIP; 234 units permitted in Okanogan County in 2024 (0 in 5+ unit buildings).
• Okanogan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.