2115 6th Ave #51

Clarkston Heights-Vineland, WA 99403

$134,000C-

3 bd · 2.0 ba · 1,144 sqft · Built 2000 · Manufactured · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,321/mo
• Mortgage (P&I): −$703
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$278
• Net cashflow: $220/mo
• Annual: $2,646/yr
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• 1% rule: 0.99%
• 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 $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (1.4% below list).
• It's been on market 30 days — a 2% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (1.5% 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Clarkston School District (suburban): math 38% / reading 57% proficiency, ranked #172 of 291 in WA (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Heights Elementary (361 students, 45% FRL).
• Market conditions: 249 active listings in the ZIP; 101 units permitted in Asotin County in 2024 (72 in 5+ unit buildings).
• Asotin County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 9 sale attempts since 12y 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.
• Cap rate 8.3% vs local median 1.4% in Clarkston Heights-Vineland — 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

• 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.