2361 Basin St NW #203

Ephrata, WA 98823

$106,000B

3 bd · 2.0 ba · 1,232 sqft · Built 1999 · Manufactured · Pending · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,114/mo
• Mortgage (P&I): −$556
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$444
• Net cashflow: $938/mo
• Annual: $11,253/yr
• Cap rate: 16.91%
• Cash-on-cash: 37.91%
• DSCR: 2.69
• 1% rule: 1.99%
• Cash to close: $29,680

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $106k. Condition is rated good.
• At list price, monthly cash flow is $938 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $106k).
• It's been on market 46 days — a 3% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $733 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#83 in WA, #1,613 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Ephrata School District (town): math 56% / reading 62% proficiency, ranked #72 of 291 in WA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 232 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.9% vs local median 3.4% in Ephrata — 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.
• This rent runs 35% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 46 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — can be replaced with modern ones
• Minor: bathroom fixtures — can be replaced with modern ones