1608 N Western Ave #25

Wenatchee, WA 98801

$59,000B+

2 bd · 2.0 ba · 924 sqft · Built 1998 · Manufactured · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,738/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$365
• Net cashflow: $965/mo
• Annual: $11,584/yr
• Cap rate: 25.93%
• Cash-on-cash: 70.12%
• DSCR: 4.12
• 1% rule: 2.95%
• Cash to close: $16,520

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $59k.
• At list price, monthly cash flow is $965 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $59k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#211 in WA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, amenities B; Watch: crime C-, commute F.
• Wenatchee School District (urban): math 38% / reading 54% proficiency, ranked #175 of 291 in WA (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Columbia Elementary School (335 students, 68% FRL); Wenatchee High School (2,076 students, 56% FRL).
• Market conditions: Rents flat; 326 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 762 units permitted in Chelan County in 2024 (377 in 5+ unit buildings).
• Chelan County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 12y 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 $26k; list at $59k implies a 127% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 25.9% vs local median 2.9% in Wenatchee — 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

• 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.