114 S 3rd St

Coulee City, WA 99115

$125,000C-

3 bd · 1.0 ba · 1,078 sqft · Built 1928 · SingleFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,225/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $104/mo
• Annual: $1,251/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.58%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $35,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $125k. Condition is rated fair.
• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (2.0% below list).
• It's been on market 31 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($864 loan paydown + $2k appreciation (1.7% local appreciation)).
• Location reads 59/100 on livability (#481 in WA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, employment D, crime F.
• Coulee-Hartline School District (rural): math 50% / reading 70% proficiency, ranked #65 of 291 in WA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Coulee City Elementary (76 students, 54% FRL); Almira Coulee Hartline High School (88 students, 43% FRL).
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Built in 1928 — 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 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — Severe wear and tear
• Major: kitchen countertops — Severe wear and tear
• Major: bathroom fixtures — Severe wear and tear
• Moderate: exterior siding — Visible wear
• Moderate: interior walls — Paint peeling