144 Angels Ln

Kalama, WA 98625

$249,900D+

2 bd · 2.0 ba · 1,248 sqft · Built 1982 · Manufactured · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,979/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$255
• HOA: −$0
• Vac / Maint / Mgmt: −$416
• Net cashflow: $-2/mo
• Annual: $-21/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• 1% rule: 0.79%
• Cash to close: $69,972

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $250k.
• At list price, monthly cash flow is $-2 ($-21/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (20.8% below list).
• It's been on market 73 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (20.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#217 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, cost of living D+, amenities F.
• Kalama School District (rural): math 46% / reading 56% proficiency, ranked #124 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 150 active listings in the ZIP; 348 units permitted in Cowlitz County in 2024 (40 in 5+ unit buildings).
• Cowlitz County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $250k implies a 117% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 1.9% in Kalama — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 21% 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.