3517 Rd 84 #108b Unit 108B

Pasco, WA 99301

$34,000D+

3 bd · 1.0 ba · 924 sqft · Built 1979 · Manufactured · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,923/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$25
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $1,315/mo
• Annual: $15,785/yr
• Cap rate: 52.72%
• Cash-on-cash: 165.81%
• DSCR: 8.38
• 1% rule: 5.65%
• Cash to close: $9,520

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $34k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $34k).
• It's been on market 142 days — a 12% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $235 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#104 in WA, #1,999 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+, schools D-.
• Pasco School District (suburban): math 31% / reading 40% proficiency, ranked #242 of 291 in WA (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.0%/yr); 710 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 981 units permitted in Franklin County in 2024 (517 in 5+ unit buildings).
• Franklin County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 52.7% vs local median 3.0% in Pasco — 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 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.