24919 Hoehn Rd #49

Sedro-Woolley, WA 98294

$48,000B-

2 bd · 1.0 ba · 1,127 sqft · Built 1983 · Manufactured · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,916/mo
• Mortgage (P&I): −$252
• Tax + insurance: −$487
• HOA: −$0
• Vac / Maint / Mgmt: −$402
• Net cashflow: $775/mo
• Annual: $9,300/yr
• Cap rate: 36.33%
• Cash-on-cash: 107.28%
• DSCR: 5.77
• 1% rule: 3.99%
• Cash to close: $13,440

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $48k.
• At list price, monthly cash flow is $775 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• It's been on market 75 days — a 6% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $45k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $332 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Sedro-Woolley School District (suburban): math 47% / reading 58% proficiency, ranked #117 of 291 in WA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mary Purcell Elementary School (410 students, 75% FRL); Cascade Middle School (697 students, 58% FRL); Sedro Woolley Senior High School (1,276 students, 49% FRL) — zoned schools average 61% FRL vs 45% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 104 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 36.3% vs local median 2.4% in Sedro-Woolley — 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 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.