16310 Lake Wenatchee Hwy

Leavenworth, WA 98826

$195,000C+

4 bd · 1.0 ba · 3,000 sqft · Built 1990 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,788/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$840
• HOA: −$0
• Vac / Maint / Mgmt: −$585
• Net cashflow: $340/mo
• Annual: $4,075/yr
• Cap rate: 8.38%
• Cash-on-cash: 7.46%
• DSCR: 1.33
• 1% rule: 1.43%
• Cash to close: $54,600

Investor read

• This is a 4-bed/1.0-bath single-family listed at $195k.
• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#68 in WA, #1,224 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: cost of living F.
• Cascade School District (town): math 59% / reading 69% proficiency, ranked #43 of 291 in WA (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Alpine Lakes Elementary (253 students, 44% FRL); Icicle River Middle School (266 students, 47% FRL); Cascade High School (397 students, 44% FRL).
• Watch-outs: property tax is 4.7% of price.
• Market conditions: Rents soft (-1.5%/yr); 259 active listings in the ZIP; solid renter incomes; 762 units permitted in Chelan County in 2024 (377 in 5+ unit buildings).
• Chelan County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.4% vs local median 1.2% in Leavenworth — 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.
• This rent runs 38% of the median local income ($88k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.