701 S Main St #1

Coupeville, WA 98239

$67,000B

2 bd · 2.0 ba · 940 sqft · Built 1969 · Manufactured · Active · 343 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,762/mo
• Mortgage (P&I): −$351
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$370
• Net cashflow: $987/mo
• Annual: $11,849/yr
• Cap rate: 23.98%
• Cash-on-cash: 63.16%
• DSCR: 3.81
• 1% rule: 2.63%
• Cash to close: $18,760

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $67k.
• 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).
• It's been on market 343 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.