701 S Main St #1 · Coupeville, WA 98239

$67,000

2 bd · 2.0 ba · 940 sqft · Manufactured public records · 343 Days on market

Built 1969 $71/sqft · 56% below area

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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
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Low-maintenance living meets comfort in this delightful 2-bed, 1.75-bath home in a 55+ park. The private primary suite and open layout provide ease and privacy. Entertain or unwind in the fully-fenced yard w/ shady patio. Enjoy the covered porch area and extra storage in 2 sheds. Raised garden beds ready for whatever you want to grow. Off-street parking and a prime location near parks and shopping. It's ready for you to add your personal touches.

Key facts

• Extra storage
• Fully-fenced yard
• Covered porch area

Tags

• PRIVATE PRIMARY SUITE
• FULLY-FENCED YARD
• SHADY PATIO
• COVERED PORCH AREA
• EXTRA STORAGE
• RAISED GARDEN BEDS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $67k.

Deal economics

• At list price, monthly cash flow is $987 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $67k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.0% vs local median 1.8% in Coupeville — 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 (#107 in WA, #2,126 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, schools A; Watch: commute F, cost of living D-.
• Coupeville School District (rural): math 54% / reading 73% proficiency, ranked #40 of 291 in WA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 138 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d 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; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $463 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 343 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y ago; this cycle's ask has dropped $13k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $11k; list at $67k implies a 509% gain — meaningful room to come down on a strong offer.

Recommended offer $58,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 343 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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. Schools are A-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?
6. 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.
7. 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.
8. 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: 2.63% ✓
• Cap rate: 23.98%
• Cash-on-cash: 63.16%
• DSCR: 3.81
• GRM: 3.2

CMA / ARV

• ARV (median comp): $150,611
• List price: $67,000
• Delta: -55.51%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 62.2%
• Equity multiple: 3.77×
• Total profit: $52,023
• Equity at exit: $9,990

10-year hold

• IRR: 66.7%
• Equity multiple: 7.73×
• Total profit: $126,243
• Equity at exit: $5,793

Cash invested: $18,760 (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 98239

• Active inventory: 138
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,762 medium
• Mortgage (P&I): −$351
• Tax from tax record: −$25 /mo · $301/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $987

Break-even live

Break-even rent $512

Max offer price $67,000

Occupancy floor 39%

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: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 S Main St Coupeville, WA	2.0	1.0	775	$1,615	$2.08	3d	1	0.44mi
304 N Main St Apt 09 Coupeville, WA	2.0	1.0	850	$1,550	$1.82	43d	1	0.74mi
304 N Main St Apt 21 Coupeville, WA	1.0	1.0	650	$1,440	$2.22	43d	1	0.74mi
304 N Main St Apt 02 Coupeville, WA	1.0	1.0	650	$1,465	$2.25	23d	1	0.76mi

Listing history 37 events

1. 2026-06-19
   days on market $67,000 Active 343 DOM
2. 2026-06-18
   days on market $67,000 Active 342 DOM
3. 2026-06-17
   days on market $67,000 Active 341 DOM
4. 2026-06-16
   days on market $67,000 Active 340 DOM
5. 2026-06-15
   days on market $67,000 Active 339 DOM
6. 2026-06-14
   days on market $67,000 Active 337 DOM
7. 2026-06-13
   pricedays on market $67,000 Active 336 DOM
8. 2026-06-10
   days on market $69,800 Active 334 DOM
9. 2026-06-09
   days on market $69,800 Active 333 DOM
10. 2026-06-08
    days on market $69,800 Active 332 DOM
11. 2026-06-07
    days on market $69,800 Active 331 DOM
12. 2026-06-05
    days on market $69,800 Active 328 DOM
13. 2026-06-03
    days on market $69,800 Active 327 DOM
14. 2026-06-02
    days on market $69,800 Active 326 DOM
15. 2026-06-01
    days on market $69,800 Active 325 DOM
16. 2026-05-31
    days on market $69,800 Active 324 DOM
17. 2026-05-30
    days on market $69,800 Active 323 DOM
18. 2026-04-28
    status Active
19. 2026-03-17
    status Active
20. 2026-03-16
    status Pending - Backup Offer Requested
21. 2026-03-05
    status Pending
22. 2026-02-21
    price $69,800
23. 2025-12-08
    price $75,000
24. 2025-06-26
    listed $80,000 Active
25. 2014-10-29
    historical
26. 2014-10-20
    soldstatus $11,000 Sold
27. 2014-09-30
    status Pending
28. 2014-08-14
    price $16,800
29. 2014-07-14
    status Active
30. 2014-07-09
    status Pending
31. 2014-06-20
    status Active
32. 2014-06-11
    status Pending Inspection
33. 2014-05-16
    listed $18,000 Active
34. 2002-10-11
    soldstatus $22,000
35. 2002-05-02
    listed $23,900
36. 1996-02-01
    soldstatus $12,500
37. 1996-02-01
    soldstatus $12,500

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $301 · $25/mo
• Projected year-2 tax: $657 · $55/mo
• Expected delta: +$356/yr (+$30/mo · 118.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥80°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,141
• − Mortgage interest: −$3,753
• − Property taxes: −$301
• − Insurance: −$335
• − Repairs & maintenance: −$1,691
• − Management: −$1,691
• − Depreciation: −$1,949
• Taxable income: $11,420
• Est. tax owed @ 24.0%: −$2,741
• After-tax cash flow: $9,108/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.

Schools (NCES district)

• District: Coupeville School District
• NCES district ID: 5301800
• Math proficiency: 54% ▲ 4.00%
• Reading proficiency: 73% ▲ 1.00%
• Median HH income: $57,404
• Composite: 56.12/100
• National rank: #2536
• State rank: #40 of 291 in WA

Livability — Coupeville

• Score: 79/100
• State rank: #107
• US rank: #2126

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coupeville, WA
• County: Island County · 71,196 people
• City population: 7,656
• Metro: Oak Harbor, WA
• Population (ZIP): 7,656
• Household income: $92,125
• Rent vs Own: 14.2% rent · 85.8% own
• Severe rent burden: 140.0

Population outlook (Island County) Hauer SSP2

• Today (2025): 82,019 people
• By 2030: 81,329 · -0.8%
• By 2040: 78,552 · -4.2%
• By 2050: 77,042 · -6.1%
• By 2075: 80,799 · -1.5%
• By 2100: 84,451 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 5% Portuguese 3% Slovak 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Chinese 0%

Political lean MEDSL · Island

• 2024 margin: D (+16.6) · D 56.8% · R 40.3% · Other 2.9%
• 2008→2024 swing: +10.3pp toward D · 2008: 6.2pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+12.0 2016: D+5.9 2012: D+4.4 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -274.50%
• Current HPI: 193.7597
• Rent YoY: —
• Metro: Oak Harbor, 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

+458.4% since first listed

20 events — show timeline

• 2026-04-28 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-17 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-16 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-05 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-21 Price Changed $69,800 NWMLS as Distributed by MLS Grid
• 2025-12-08 Price Changed $75,000 NWMLS as Distributed by MLS Grid
• 2025-06-26 Listed $80,000 NWMLS as Distributed by MLS Grid
• 2014-10-29 Delisted — NWMLS as Distributed by MLS Grid
• 2014-10-20 Sold (MLS) $11,000 NWMLS as Distributed by MLS Grid
• 2014-09-30 Pending — NWMLS as Distributed by MLS Grid
• 2014-08-14 Price Changed $16,800 NWMLS as Distributed by MLS Grid
• 2014-07-14 Relisted — NWMLS as Distributed by MLS Grid
• 2014-07-09 Pending — NWMLS as Distributed by MLS Grid
• 2014-06-20 Relisted — NWMLS as Distributed by MLS Grid
• 2014-06-11 Pending — NWMLS as Distributed by MLS Grid
• 2014-05-16 Listed $18,000 NWMLS as Distributed by MLS Grid
• 2002-10-11 Sold (MLS) $22,000 NWMLS as Distributed by MLS Grid
• 2002-05-02 Listed $23,900 NWMLS as Distributed by MLS Grid
• 1996-02-01 Sold (Public Records) $12,500 Public Records
• 1996-02-01 Sold (Public Records) $12,500 Public Records

Property tax history

+8.8%/yr

Latest (2021): $301 · +19.3% YoY. Source: county tax records.