1247 Orangewood St #20

Enumclaw, WA 98022

$290,000D+

2 bd · 2.0 ba · 1,342 sqft · Built 2025 · Manufactured · Active · 365 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,858/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$483
• HOA: −$0
• Vac / Maint / Mgmt: −$390
• Net cashflow: $-536/mo
• Annual: $-6,436/yr
• Cap rate: 4.07%
• Cash-on-cash: -7.93%
• DSCR: 0.65
• 1% rule: 0.64%
• Cash to close: $81,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $290k. Condition is rated good.
• At list price, monthly cash flow is $-536 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (35.9% below list).
• It's been on market 365 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (35.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#12 in WA, #222 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+; Watch: cost of living D-.
• Enumclaw School District (suburban): math 54% / reading 68% proficiency, ranked #46 of 291 in WA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Byron Kibler Elementary School (434 students, 41% FRL); Enumclaw Middle School (509 students, 38% FRL); Enumclaw Sr High School (1,339 students, 28% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 323 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 38d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 4.1% vs local median 2.3% in Enumclaw — 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 do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 365 days. Have you received any prior offers? Is the seller open to a 36% 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.