3927 S Sanna Wind Way

Langley, WA 98260

$430,000D-

2 bd · 1.0 ba · 1,680 sqft · Built 1996 · SingleFamily · Active · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,286/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$438
• HOA: −$0
• Vac / Maint / Mgmt: −$480
• Net cashflow: $-887/mo
• Annual: $-10,647/yr
• Cap rate: 3.82%
• Cash-on-cash: -8.84%
• DSCR: 0.61
• 1% rule: 0.53%
• Cash to close: $120,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $430k.
• At list price, monthly cash flow is $-887 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $273k (36.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (46.8% below list).
• It's been on market 114 days — a 9% lower offer ($391k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (46.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#88 in WA, #1,696 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• South Whidbey School District (rural): math 47% / reading 64% proficiency, ranked #87 of 291 in WA (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Whidbey Elementary (571 students, 35% FRL); South Whidbey Middle (204 students, 41% FRL); South Whidbey High School (384 students, 30% FRL).
• Market conditions: 96 active listings in the ZIP; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 6y 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.
• Cap rate 3.8% vs local median 1.3% in Langley — 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 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 114 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are B-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?
• 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.
• 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.