40 Wilderness Way

Maple Falls, WA 98244

$40,000B

1 bd · 1.0 ba · 422 sqft · Built 2005 · Manufactured · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,588/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$67
• HOA: −$180
• Vac / Maint / Mgmt: −$333
• Net cashflow: $798/mo
• Annual: $9,578/yr
• Cap rate: 30.24%
• Cash-on-cash: 85.51%
• DSCR: 4.80
• 1% rule: 3.97%
• Cash to close: $11,200

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $40k. Condition is rated good.
• At list price, monthly cash flow is $798 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• It's been on market 23 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#544 in WA) — a working-class tenant base; expect higher turnover. Watch: health & safety D, amenities F, commute F.
• Mount Baker School District (rural): math 40% / reading 53% proficiency, ranked #165 of 291 in WA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kendall Elementary (327 students, 79% FRL); Mount Baker Junior High (278 students, 58% FRL); Mount Baker Senior High (517 students, 47% FRL).
• Market conditions: 143 active listings in the ZIP; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.