105 E Patrick Ave #9

Kittitas, WA 98934

$55,000B+

2 bd · 1.0 ba · 840 sqft · Built 1994 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,312/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$168
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $580/mo
• Annual: $6,962/yr
• Cap rate: 21.62%
• Cash-on-cash: 54.73%
• DSCR: 3.44
• 1% rule: 2.39%
• Cash to close: $15,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $55k.
• At list price, monthly cash flow is $580 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 16 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($380 loan paydown + $2k appreciation (3.2% local appreciation)).
• Location reads 66/100 on livability (#321 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A-; Watch: health & safety C-, amenities F, commute F.
• Kittitas School District (rural): math 36% / reading 58% proficiency, ranked #162 of 291 in WA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kittitas Elementary School (270 students, 54% FRL); Parke Creek Treatment Ctr (9 students, 56% FRL) — zoned schools average 55% FRL vs 38% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $122/mo.
• Market conditions: 8 active listings in the ZIP; 433 units permitted in Kittitas County in 2024 (23 in 5+ unit buildings).
• Kittitas County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.6% vs local median 2.1% in Kittitas — 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's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.