24222 54th Ave W #57

Mountlake Terrace, WA 98043

$99,950C+

2 bd · 1.0 ba · 672 sqft · Built 1968 · Manufactured · Pending · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,081/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$437
• Net cashflow: $953/mo
• Annual: $11,441/yr
• Cap rate: 17.74%
• Cash-on-cash: 40.88%
• DSCR: 2.82
• 1% rule: 2.08%
• Cash to close: $27,986

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $953 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 54 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $692 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#28 in WA, #500 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mountlake Terrace Elementary (395 students, 60% FRL); Brier Terrace Middle School (682 students, 36% FRL); Mountlake Terrace High School (1,467 students, 34% FRL) — zoned schools average 44% FRL vs 28% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.5%/yr); 84 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 10y ago 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 $15k; list at $100k implies a 566% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 17.7% vs local median 2.1% in Mountlake Terrace — 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

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.