43010 SE North Bend Way #65

North Bend, WA 95045

$134,500B-

2 bd · 1.0 ba · 784 sqft · Built 2026 · Manufactured · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,428/mo
• Mortgage (P&I): −$705
• Tax + insurance: −$291
• HOA: −$0
• Vac / Maint / Mgmt: −$510
• Net cashflow: $922/mo
• Annual: $11,068/yr
• Cap rate: 15.12%
• Cash-on-cash: 31.51%
• DSCR: 2.40
• 1% rule: 1.81%
• Cash to close: $37,660

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $134k. Condition is rated good.
• At list price, monthly cash flow is $922 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• It's been on market 30 days — a 2% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $930 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#187 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities C-, commute F, cost of living F.
• Snoqualmie Valley School District (town): math 73% / reading 80% proficiency, ranked #5 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Mount Si High School (2,081 students, 13% FRL) — zoned schools at 13% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 1 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.1% vs local median 1.5% in North Bend — 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's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.