1210 35th St

Ilwaco, WA 98644

$330,000C+

2 bd · 2.0 ba · 1,248 sqft · Built 1979 · Manufactured · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,975/mo
• Mortgage (P&I): −$1,731
• Tax + insurance: −$281
• HOA: −$0
• Vac / Maint / Mgmt: −$625
• Net cashflow: $338/mo
• Annual: $4,057/yr
• Cap rate: 7.52%
• Cash-on-cash: 4.39%
• DSCR: 1.20
• 1% rule: 0.90%
• Cash to close: $92,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $330k.
• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $297k (9.9% below list).
• It's been on market 32 days — a 3% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $297k (9.9% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($2k loan paydown + $15k appreciation (4.6% local appreciation)).
• Location reads 73/100 on livability (#205 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, commute B+; Watch: health & safety C-, amenities F.
• Ocean Beach School District (rural): math 34% / reading 50% proficiency, ranked #212 of 291 in WA (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 25 active listings in the ZIP; 90 units permitted in Pacific County in 2024 (0 in 5+ unit buildings).
• Pacific County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $52k; list at $330k implies a 529% gain — meaningful room to come down on a strong offer.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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.
• 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.