102 S 8th Ave

Ione, WA 99139

$180,000D

2 bd · 1.0 ba · 1,484 sqft · Built — · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,122/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $-228/mo
• Annual: $-2,733/yr
• Cap rate: 4.77%
• Cash-on-cash: -5.42%
• DSCR: 0.76
• 1% rule: 0.62%
• Cash to close: $50,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $-228 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (22.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (37.7% below list).
• It's been on market 51 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (37.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.2%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#354 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D, crime F, amenities F.
• Selkirk School District (rural): math 55% / reading 70% proficiency, ranked #51 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Selkirk Elementary School (124 students, 66% FRL); Selkirk Middle School (64 students, 66% FRL); Selkirk High School (75 students, 53% FRL) — zoned schools average 62% FRL vs 42% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 30 active listings in the ZIP; 62 units permitted in Pend Oreille County in 2024 (0 in 5+ unit buildings).
• Pend Oreille County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• Current owner paid $16k; list at $180k implies a 1025% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

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 51 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• 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?
• Crime grade is F 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?
• 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.