1070 N 61st Ave

West Richland, WA 99353

$265,000F

2 bd · 2.0 ba · 1,128 sqft · Built 1979 · Manufactured · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,875/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$308
• HOA: −$0
• Vac / Maint / Mgmt: −$394
• Net cashflow: $-216/mo
• Annual: $-2,590/yr
• Cap rate: 5.32%
• Cash-on-cash: -3.49%
• DSCR: 0.84
• 1% rule: 0.71%
• Cash to close: $74,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $265k.
• At list price, monthly cash flow is $-216 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $227k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (29.2% below list).
• It's been on market 23 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (29.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#236 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute 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: Tapteal Elementary School (471 students, 65% FRL); Enterprise Middle School (694 students, 36% FRL); Hanford High School (1,788 students, 35% FRL) — zoned schools average 45% FRL vs 29% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 245 active listings in the ZIP; high-income renter base; 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.
• Current owner paid $67k; list at $265k implies a 293% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major 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 5.3% vs local median 3.1% in West 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

• 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?
• Built in 1979 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.