405 NW Dellah Ave

Wilbur, WA 99185

$170,000D

2 bd · 1.5 ba · 1,458 sqft · Built 1915 · SingleFamily · Active · 270 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $996/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$191
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $-295/mo
• Annual: $-3,544/yr
• Cap rate: 4.21%
• Cash-on-cash: -7.45%
• DSCR: 0.67
• 1% rule: 0.59%
• Cash to close: $47,600

Investor read

• This is a 2-bed/1.5-bath single-family listed at $170k.
• At list price, monthly cash flow is $-295 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (30.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (41.4% below list).
• It's been on market 270 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (41.4% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (5.6% local appreciation)).
• Location reads 65/100 on livability (#338 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety C-, crime F, amenities F.
• Wilbur School District (rural): math 40% / reading 65% proficiency, ranked #137 of 291 in WA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wilbur Elementary School (91 students, 53% FRL); Wilbur Secondary School (126 students, 44% FRL) — zoned schools average 49% FRL vs 31% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 49 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $70k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 270 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• Built in 1915 — 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.
• 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.