43010 SE North Bend Way #40

North Bend, WA 98045

$79,995A-

2 bd · 1.0 ba · 672 sqft · Built 1995 · Manufactured · Pending · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,315/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$200
• HOA: −$0
• Vac / Maint / Mgmt: −$486
• Net cashflow: $1,210/mo
• Annual: $14,516/yr
• Cap rate: 25.44%
• Cash-on-cash: 68.37%
• DSCR: 4.04
• 1% rule: 2.89%
• Cash to close: $22,399

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $80k. Condition is rated good.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 52 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#187 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools A; Watch: amenities C-, commute F, cost of living F.
• Snoqualmie Valley School District (town): math 73% / reading 80% proficiency, ranked #5 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+7.8%/yr); 148 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $50k; list at $80k implies a 60% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 25.4% vs local median 1.5% in North Bend — 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.
• This rent is only 16% of the median local income ($176k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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.