18 Log Ln

Richland, WA 99354

$36,000B+

2 bd · 1.0 ba · 672 sqft · Built 1966 · Manufactured · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,417/mo
• Mortgage (P&I): −$189
• Tax + insurance: −$22
• HOA: −$0
• Vac / Maint / Mgmt: −$298
• Net cashflow: $909/mo
• Annual: $10,908/yr
• Cap rate: 36.59%
• Cash-on-cash: 108.21%
• DSCR: 5.81
• 1% rule: 3.94%
• Cash to close: $10,080

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $36k.
• At list price, monthly cash flow is $909 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• It's been on market 51 days — a 3% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $249 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#112 in WA, #2,258 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F.
• Richland School District (urban): math 52% / reading 64% proficiency, ranked #61 of 291 in WA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sacajawea Elementary (458 students, 52% FRL); Chief Joseph Middle School (697 students, 67% FRL); Hanford High School (1,788 students, 35% FRL) — zoned schools average 51% FRL vs 29% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 132 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,532 units permitted in Benton County in 2024 (389 in 5+ unit buildings).
• Benton County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $11k; list at $36k implies a 227% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 36.6% vs local median 2.8% in Richland — 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 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.