802 S Forrest St #4

Westport, WA 98595

$69,900B+

1 bd · 1.0 ba · 750 sqft · Built 2016 · Manufactured · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $581/mo
• Annual: $6,966/yr
• Cap rate: 16.26%
• Cash-on-cash: 35.59%
• DSCR: 2.58
• 1% rule: 1.86%
• Cash to close: $19,572

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $70k.
• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 46 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#251 in WA) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living A-, housing A-; Watch: commute C-, health & safety C-, amenities F.
• Ocosta School District (rural): math 39% / reading 50% proficiency, ranked #196 of 291 in WA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ocosta Elementary School (325 students, 67% FRL); Ocosta Junior - Senior High (243 students, 62% FRL) — zoned schools at 64% FRL track the district average.
• Market conditions: 120 active listings in the ZIP; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).
• Grays Harbor County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.3% vs local median 1.5% in Westport — 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 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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.