3925 E Farwell Rd #19

Mead, WA 99021

$74,900B+

2 bd · 2.0 ba · 1,000 sqft · Built 1975 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,656/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $790/mo
• Annual: $9,483/yr
• Cap rate: 18.95%
• Cash-on-cash: 45.22%
• DSCR: 3.01
• 1% rule: 2.21%
• Cash to close: $20,972

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $75k.
• At list price, monthly cash flow is $790 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• It's been on market 25 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#388 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment B; Watch: amenities F, commute F.
• Mead School District (suburban): math 63% / reading 72% proficiency, ranked #23 of 291 in WA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Creekside Elementary School (212 students, 59% FRL); Mountainside Middle School (795 students, 41% FRL); Mt Spokane High School (1,493 students, 33% FRL) — zoned schools average 44% FRL vs 24% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 19.0% vs local median 2.3% in Mead — 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

• Built in 1975 — 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?
• 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.