212 Old Owen Rd #59

Sultan, WA 98294

$134,000C+

3 bd · 2.0 ba · 1,188 sqft · Built 1989 · Manufactured · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,202/mo
• Mortgage (P&I): −$703
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$462
• Net cashflow: $948/mo
• Annual: $11,379/yr
• Cap rate: 14.78%
• Cash-on-cash: 30.33%
• DSCR: 2.35
• 1% rule: 1.64%
• Cash to close: $37,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $134k.
• At list price, monthly cash flow is $948 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• It's been on market 100 days — a 9% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k 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; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 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 $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.8% 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 100 days. Have you received any prior offers? Is the seller open to a 9% 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.