611 Cedar Ave #6

Port Hadlock-Irondale, WA 98339

$139,000C-

2 bd · 1.0 ba · 924 sqft · Built 2012 · Manufactured · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,356/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $229/mo
• Annual: $2,743/yr
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• 1% rule: 0.98%
• Cash to close: $38,920

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $139k.
• At list price, monthly cash flow is $229 ($3k/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 $136k (2.4% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $136k (2.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Chimacum School District (rural): math 41% / reading 55% proficiency, ranked #157 of 291 in WA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chimacum Creek Primary School (191 students, 64% FRL); Chimacum Junior/Senior High School (258 students, 55% FRL) — zoned schools average 59% FRL vs 40% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 37 active listings in the ZIP; 147 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 3y 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 $115k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.3% vs local median 1.8% in Port Hadlock-Irondale — 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

• 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.