2725 E Fir St #101 · Mount Vernon, WA 98273

$110,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 78 Days on market

Built 1978 Good condition $76/sqft · 19% above area Est $92k · 19% over

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.1/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this thoughtfully updated, move-in-ready home offering comfort, durability, and peace of mind. Extensive improvements make this property an excellent purchase. Major upgrades include a new roof installed in 2023 w/ straightened roof & ceiling trusses and added structural supports for long-term stability. Inside, the home features a new drywall ceiling and fresh interior paint. Electrical updates include new plugs and switches and LED lighting throughout. Other improvements are a new dishwasher, all new flooring, new hot water heater, new vapor barrier in crawl and new vanity faucets in both baths. The exterior has been completely repainted! A shop with new roof & fre

Key facts

• New flooring
• New hot water heater
• New drywall ceiling

Tags

• NEW ROOF
• NEW DRYWALL CEILING
• NEW FLOORING
• NEW HOT WATER HEATER
• NEW VAPOR BARRIER
• NEW VANITY FAUCETS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $972 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.9% vs local median 2.4% in Mount Vernon — 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.

Location & tenants

• Location reads 79/100 on livability (#106 in WA, #2,120 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: cost of living D+.
• Mount Vernon School District (urban): math 41% / reading 47% proficiency, ranked #189 of 291 in WA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 199 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• This rent runs 34% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.99% ✓
• Cap rate: 16.89%
• Cash-on-cash: 37.86%
• DSCR: 2.68
• GRM: 4.2

CMA / ARV

• ARV (median comp): $92,375
• List price: $110,000
• Delta: 19.08%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2725 E Fir St #106	0.00mi	2/2.0	1,440 (0%)	4mo	$52,000	$36	97
2725 E Fir St #85	0.03mi	2/2.0	1,428 (-1%)	13mo	$115,000	$81	86
2725 E Fir #99	0.03mi	2/2.0	1,524 (+6%)	9mo	$82,000	$54	81
2725 E Fir St	0.03mi	2/2.0	1,334 (-7%)	11mo	$92,000	$69	77
2725 E Fir St #13	0.03mi	2/2.0	1,344 (-7%)	13mo	$97,500	$73	76
2725 E Fir St #41	0.04mi	2/2.0	1,248 (-13%)	1mo	$85,000	$68	75
2725 E Fir #98	0.04mi	3/2.0 (+1)	1,578 (+10%)	7mo	$78,500	$50	72
2725 E Fir St #84	0.04mi	2/2.0	1,280 (-11%)	10mo	$122,000	$95	72
2725 Fir St #22	0.03mi	2/2.0	1,272 (-12%)	10mo	$75,500	$59	71
2725 E Fir St #2	0.03mi	3/2.0 (+1)	1,344 (-7%)	14mo	$60,000	$45	71
1915 N 33rd Pl	0.68mi	2/2.0	1,274 (-12%)	4mo	$399,000	$313	46
1905 N 33rd	0.65mi	3/2.0 (+1)	1,274 (-12%)	9mo	$480,000	$377	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 33.1%
• Equity multiple: 2.38×
• Total profit: $42,625
• Equity at exit: $16,401

10-year hold

• IRR: 39.7%
• Equity multiple: 4.60×
• Total profit: $110,994
• Equity at exit: $9,511

Cash invested: $30,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98273

• Rents YoY: 2.3%
• Active inventory: 199
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,192 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $972

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,048	-5% $1,010	+0% $972	+5% $934	+10% $896
Rent	-10% $798	-5% $885	+0% $972	+5% $1,058	+10% $1,145
Rate	-1.0pp $1,027	-0.5pp $1,000	base $972	+0.5pp $943	+1.0pp $914

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 N 26th St Mount Vernon, WA	1.0–3.0	1.0	807	$1,755	$2.17	21d	8	0.30mi
1115 Nylin Ct Mount Vernon, WA	3.0	1.0	1032	$2,500	$2.42	44d	1	0.46mi
3316 E College Way Unit A Mount Vernon, WA	3.0	1.0	916	$2,000	$2.18	44d	1	0.56mi
119 N 29th Pl Mount Vernon, WA	3.0	1.0	1098	$2,700	$2.46	44d	1	0.63mi
1508 N Waugh Rd Apt B Mount Vernon, WA	2.0	1.0	1021	$2,300	$2.25	21d	1	0.79mi
3129 Arbor St Mount Vernon, WA	3.0	2.0	1244	$2,600	$2.09	21d	1	1.18mi
2430 W Meadow Blvd Mount Vernon, WA	3.0	2.5	1400	$3,000	$2.14	44d	1	1.29mi
1002 S 12th St Mount Vernon, WA	2.0	1.0	1052	$2,575	$2.45	21d	1	1.33mi
1511 Shirley Pl Mount Vernon, WA	2.0	1.0	936	$2,250	$2.40	44d	1	1.36mi
202 Dallas St Mount Vernon, WA	3.0	2.5	1582	$1,375	$0.87	21d	1	1.36mi

Listing history 17 events

1. 2026-06-19
   days on market $110,000 Active 78 DOM
2. 2026-06-18
   days on market $110,000 Active 77 DOM
3. 2026-06-17
   days on market $110,000 Active 76 DOM
4. 2026-06-16
   days on market $110,000 Active 75 DOM
5. 2026-06-15
   days on market $110,000 Active 74 DOM
6. 2026-06-14
   days on market $110,000 Active 72 DOM
7. 2026-06-13
   days on market $110,000 Active 71 DOM
8. 2026-06-10
   days on market $110,000 Active 69 DOM
9. 2026-06-09
   days on market $110,000 Active 68 DOM
10. 2026-06-08
    days on market $110,000 Active 67 DOM
11. 2026-06-07
    days on market $110,000 Active 66 DOM
12. 2026-06-03
    days on market $110,000 Active 62 DOM
13. 2026-06-02
    days on market $110,000 Active 61 DOM
14. 2026-06-01
    days on market $110,000 Active 60 DOM
15. 2026-05-31
    days on market $110,000 Active 59 DOM
16. 2026-05-30
    days on market $110,000 Active 58 DOM
17. 2026-04-02
    listed $117,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥81°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,306
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,105
• − Management: −$2,105
• − Depreciation: −$3,200
• Taxable income: $10,536
• Est. tax owed @ 24.0%: −$2,529
• After-tax cash flow: $9,131/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in-ready manufactured home has been thoughtfully updated with new roof, drywall, and paint, making it an excellent purchase for both resale and rental.

Value-add opportunities

• Resale update kitchen appliances — modernizing the kitchen
• Rental install new carpet — improving comfort and appearance

Renovation cost estimate screening

Value-add ROI direction

• Resale update kitchen appliances — modernizing the kitchen ↑
• Rental install new carpet — improving comfort and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mount Vernon School District
• NCES district ID: 5305400
• Math proficiency: 41% ▼ -1.00%
• Reading proficiency: 47% ▲ 1.00%
• Median HH income: $50,829
• Composite: 40.14/100
• National rank: #7848
• State rank: #189 of 291 in WA

Livability — Mount Vernon

• Score: 79/100
• State rank: #106
• US rank: #2120

Category grades

Amenities C+ Commute A+ Cost of living D+ Crime B Employment B- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, WA
• County: Skagit County · 118,108 people
• City population: 48,861
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 30,001
• Household income: $76,717
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1045.0

Population outlook (Skagit County) Hauer SSP2

• Today (2025): 131,498 people
• By 2030: 135,556 · +3.1%
• By 2040: 141,717 · +7.8%
• By 2050: 145,714 · +10.8%
• By 2075: 152,201 · +15.7%
• By 2100: 147,980 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (60%)
• Race & ethnicity: White 60% Hispanic / Latino 32% Two or more races 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Portuguese 6% Slovak 3% Italian 2%
• Foreign-born: 14% · Canada
• Languages at home: 71% English-only · Spanish 25% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Skagit

• 2024 margin: Lean D (+8.9) · D 52.9% · R 44.0% · Other 3.0%
• 2008→2024 swing: -0.7pp no change · 2008: 9.6pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+7.5 2016: D+3.2 2012: D+5.8 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -525.00%
• Current HPI: 395.3742
• Rent YoY: ▲ 2.33%
• Metro: Mount Vernon-Anacortes, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

1 event — show timeline

• 2026-04-02 Listed $117,900 NWMLS as Distributed by MLS Grid