130 Stanford Dr

Mount Vernon, WA 98273

$852,000D

2 bd · 1.0 ba · 3,576 sqft · Built 1977 · MultiFamily · Active · 267 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,517/mo
• Mortgage (P&I): −$4,468
• Tax + insurance: −$1,251
• HOA: −$0
• Vac / Maint / Mgmt: −$1,579
• Net cashflow: $219/mo
• Annual: $2,629/yr
• Cap rate: 6.60%
• Cash-on-cash: 1.10%
• DSCR: 1.05
• 1% rule: 0.88%
• Cash to close: $238,560

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $852k.
• At list price, monthly cash flow is $219 ($3k/yr) — positive. Per door: $55/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $752k (11.8% below list).
• It's been on market 267 days — a 12% lower offer ($750k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $750k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#106 in WA, #2,120 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: cost of living D+.
• Mount Vernon School District (urban): math 41% / reading 47% proficiency, ranked #189 of 291 in WA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Little Mountain Elementary (371 students, 66% FRL); Mount Baker Middle School (628 students, 73% FRL); Mount Vernon High School (1,977 students, 67% FRL).
• Market conditions: Rents rising (+2.3%/yr); 203 active listings in the ZIP; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 25y ago; this cycle's ask has dropped $128k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $550k; list at $852k implies a 55% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 2.3% in Mount Vernon — 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.
• At $7,517/mo this rent would consume 118% of the median local household income ($77k/yr) (locally 1045% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 267 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1977 — 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.
• 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.