6413 123rd Ave SE #32

Snohomish, WA 98290

$87,500B

2 bd · 2.0 ba · 840 sqft · Built 1974 · Manufactured · Active · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,001/mo
• Mortgage (P&I): −$459
• Tax + insurance: −$55
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $1,067/mo
• Annual: $12,807/yr
• Cap rate: 20.93%
• Cash-on-cash: 52.27%
• DSCR: 3.33
• 1% rule: 2.29%
• Cash to close: $24,500

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $88k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• It's been on market 149 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $605 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#120 in WA, #2,426 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, schools A-; Watch: amenities F, cost of living F.
• Snohomish School District (suburban): math 58% / reading 69% proficiency, ranked #25 of 291 in WA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.8%/yr); 236 active listings in the ZIP; high-income renter base; 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.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $38k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $88k implies a 250% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.9% vs local median 2.3% in Snohomish — 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 149 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 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?
• 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.