6811 NE 124th Ave #52

Orchards, WA 98682

$130,000B+

2 bd · 2.0 ba · 1,430 sqft · Built 1980 · Manufactured · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,094/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$440
• Net cashflow: $869/mo
• Annual: $10,425/yr
• Cap rate: 14.31%
• Cash-on-cash: 28.64%
• DSCR: 2.27
• 1% rule: 1.61%
• Cash to close: $36,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $869 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 43 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#168 in WA, #4,101 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A-; Watch: crime D+, amenities F, cost of living F.
• Evergreen School District (Clark) (urban): math 41% / reading 51% proficiency, ranked #164 of 291 in WA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sifton Elementary School (465 students, 61% FRL); Covington Middle School (868 students, 73% FRL); Heritage High School (1,625 students, 68% FRL) — zoned schools average 67% FRL vs 39% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 461 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.3% vs local median 2.8% in Orchards — 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 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?
• 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.