33 2 Wilderness Way

Maple Falls, WA 98244

$99,900B

1 bd · 1.0 ba · 400 sqft · Built 2015 · Manufactured · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,550/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$180
• Vac / Maint / Mgmt: −$325
• Net cashflow: $354/mo
• Annual: $4,248/yr
• Cap rate: 10.55%
• Cash-on-cash: 15.19%
• DSCR: 1.68
• 1% rule: 1.55%
• Cash to close: $27,972

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $100k. Condition is rated good.
• At list price, monthly cash flow is $354 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 91 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#544 in WA) — a working-class tenant base; expect higher turnover. Watch: health & safety D, amenities F, commute F.
• Mount Baker School District (rural): math 40% / reading 53% proficiency, ranked #165 of 291 in WA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 143 active listings in the ZIP; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: staircase carpet — worn but still functional
• Minor: kitchen backsplash — slight discoloration