4911 NW 122nd St #9

Felida, WA 98685

$249,000C

3 bd · 2.0 ba · 1,679 sqft · Built 1994 · Other · Active · 611 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,009/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$175
• HOA: −$550
• Vac / Maint / Mgmt: −$632
• Net cashflow: $346/mo
• Annual: $4,152/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.26
• 1% rule: 1.21%
• Cash to close: $69,720

Investor read

• This is a 3-bed/2.0-bath other listed at $249k.
• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• It's been on market 611 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#144 in WA, #2,877 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Market conditions: Rents rising fast (+4.2%/yr); 237 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $116k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 8.0% vs local median 1.5% in Felida — 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 611 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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.