209 Houghton St

Ione, WA 99139

$129,500C-

2 bd · 2.0 ba · 1,480 sqft · Built — · SingleFamily · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,122/mo
• Mortgage (P&I): −$679
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $-8/mo
• Annual: $-102/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $36,260

Investor read

• This is a 2-bed/2.0-bath single-family listed at $130k. Condition is rated fair.
• At list price, monthly cash flow is $-8 ($-102/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (13.4% below list).
• It's been on market 84 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (13.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.2%/yr); year-one equity from $895 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#354 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D, crime F, amenities F.
• Selkirk School District (rural): math 55% / reading 70% proficiency, ranked #51 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Selkirk Elementary School (124 students, 66% FRL); Selkirk Middle School (64 students, 66% FRL); Selkirk High School (75 students, 53% FRL) — zoned schools average 62% FRL vs 42% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 30 active listings in the ZIP; 62 units permitted in Pend Oreille County in 2024 (0 in 5+ unit buildings).
• Pend Oreille County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

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 84 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Painting — Peeling paint on exterior and interior
• Major: Siding — Weathered and peeling
• Major: Flooring — Worn carpet and linoleum
• Major: Bathroom Fixtures — Old and outdated
• Major: Kitchen Appliances — Basic and outdated