400 14th St #22

Benton City, WA 98930

$64,000B-

2 bd · 2.0 ba · 924 sqft · Built 1981 · Manufactured · Active · 240 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$336
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $743/mo
• Annual: $8,913/yr
• Cap rate: 20.22%
• Cash-on-cash: 49.74%
• DSCR: 3.21
• 1% rule: 2.34%
• Cash to close: $17,920

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $64k.
• At list price, monthly cash flow is $743 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• It's been on market 240 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#258 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, amenities F.
• Kiona-Benton City School District (town): math 25% / reading 35% proficiency, ranked #263 of 291 in WA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 193 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 20.2% vs local median 2.8% in Benton City — 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 240 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.