11622 Silver Lake Rd #55

Everett, WA 98208

$100,000C+

2 bd · 2.0 ba · 1,152 sqft · Built 1974 · Manufactured · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,622/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$341
• Net cashflow: $642/mo
• Annual: $7,707/yr
• Cap rate: 14.00%
• Cash-on-cash: 27.52%
• DSCR: 2.22
• 1% rule: 1.62%
• Cash to close: $28,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $100k. Condition is rated average.
• At list price, monthly cash flow is $642 ($8k/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 44 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% 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 73/100 on livability (#199 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A, health & safety A; Watch: crime D+, amenities F, cost of living F.
• Mukilteo School District (suburban): math 47% / reading 59% proficiency, ranked #111 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Olivia Park Elementary (597 students, 73% FRL); Voyager Middle School (947 students, 70% FRL); Mariner High School (2,090 students, 67% FRL) — zoned schools average 70% FRL vs 40% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-3.2%/yr); 364 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 5y 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.0% vs local median 2.5% in Everett — 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

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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: Exterior siding — Weathered appearance suggests minor damage or wear.
• Minor: Paint — Paint appears faded and may need touch-up or repainting.
• Minor: Landscaping — Overgrown plants and debris suggest maintenance is needed.