4061 FS RD 4832

Snoqualmie Pass, WA 98068

$99,900B

1 bd · 1.0 ba · 1,056 sqft · Built 1944 · SingleFamily · Active · 696 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,792/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$376
• Net cashflow: $725/mo
• Annual: $8,706/yr
• Cap rate: 15.01%
• Cash-on-cash: 31.12%
• DSCR: 2.38
• 1% rule: 1.79%
• Cash to close: $27,972

Investor read

• This is a 1-bed/1.0-bath single-family listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $725 ($9k/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 696 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($691 loan paydown + $2k appreciation (2.2% local appreciation)).
• Location reads 58/100 on livability (#509 in WA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+, crime A; Watch: schools C-, amenities F, cost of living F.
• Easton School District (rural): math 25% / reading 50% proficiency, ranked #226 of 291 in WA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 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 (2.2% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 15.0% vs local median 0.4% in Snoqualmie Pass — 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 696 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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)

• Major: kitchen cabinets — dated and worn
• Major: bathroom fixtures — outdated and worn
• Major: paint — peeling and worn
• Major: windows — old and single-pane