905 W 11th St

Port Angeles, WA 98363

$409,900D-

4 bd · 2.0 ba · 1,684 sqft · Built 1955 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,456/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$504
• HOA: −$0
• Vac / Maint / Mgmt: −$516
• Net cashflow: $-713/mo
• Annual: $-8,558/yr
• Cap rate: 4.20%
• Cash-on-cash: -7.46%
• DSCR: 0.67
• 1% rule: 0.60%
• Cash to close: $114,772

Investor read

• This is a 4-bed/2.0-bath single-family listed at $410k.
• At list price, monthly cash flow is $-713 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $284k (30.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (40.1% below list).
• It's been on market 41 days — a 3% lower offer ($398k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (40.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#138 in WA, #2,729 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F.
• Port Angeles School District (town): math 55% / reading 65% proficiency, ranked #70 of 291 in WA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Port Angeles High School (989 students, 57% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 128 active listings in the ZIP; 166 units permitted in Clallam County in 2024 (0 in 5+ unit buildings).
• Clallam County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 7y 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 $295k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 4.2% vs local median 2.8% in Port Angeles — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Built in 1955 — 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 B-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?
• Crime grade is F 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.