302 N Iler St

Moxee, WA 98936

$319,000D

3 bd · 1.0 ba · 1,810 sqft · Built 1915 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,288/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$356
• HOA: −$0
• Vac / Maint / Mgmt: −$480
• Net cashflow: $-221/mo
• Annual: $-2,654/yr
• Cap rate: 5.46%
• Cash-on-cash: -2.97%
• DSCR: 0.87
• 1% rule: 0.72%
• Cash to close: $89,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $319k.
• At list price, monthly cash flow is $-221 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $280k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (28.3% below list).
• It's been on market 42 days — a 3% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (28.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#274 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• East Valley School District (Yakima) (suburban): math 54% / reading 61% proficiency, ranked #76 of 291 in WA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 468 units permitted in Yakima County in 2024 (23 in 5+ unit buildings).
• Yakima County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $23k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $139k; list at $319k implies a 129% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.