56620 381st Avenue Ct E

Ashford, WA 98304

$232,000C+

2 bd · 1.0 ba · 716 sqft · Built 1968 · Manufactured · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,583/mo
• Mortgage (P&I): −$1,217
• Tax + insurance: −$387
• HOA: −$0
• Vac / Maint / Mgmt: −$542
• Net cashflow: $437/mo
• Annual: $5,243/yr
• Cap rate: 8.55%
• Cash-on-cash: 8.07%
• DSCR: 1.36
• 1% rule: 1.11%
• Cash to close: $64,960

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $232k.
• At list price, monthly cash flow is $437 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $232k).
• It's been on market 16 days — a 2% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (1.5% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($2k loan paydown + $5k appreciation (2.0% local appreciation)).
• Location reads 56/100 on livability (#543 in WA) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A-, housing B; Watch: employment C-, health & safety C-, amenities F.
• Eatonville School District (rural): math 45% / reading 60% proficiency, ranked #116 of 291 in WA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Columbia Crest A-Stem Academy (143 students, 66% FRL); Eatonville High School (560 students, 41% FRL) — zoned schools average 54% FRL vs 32% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 42 active listings in the ZIP; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $192k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $65k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.