17410 87th Ave SE #13

Cathcart, WA 98296

$69,000B+

2 bd · 2.0 ba · 924 sqft · Built 1987 · Manufactured · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,561/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$538
• Net cashflow: $1,597/mo
• Annual: $19,161/yr
• Cap rate: 34.06%
• Cash-on-cash: 99.18%
• DSCR: 5.41
• 1% rule: 3.71%
• Cash to close: $19,320

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $69k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $69k).
• It's been on market 62 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#452 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools C-, amenities F, commute F.
• Snohomish School District (suburban): math 58% / reading 69% proficiency, ranked #25 of 291 in WA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 222 active listings in the ZIP; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 34.1% vs local median 2.2% in Cathcart — 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 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.