3777 Addy St #56

Washougal, WA 98671

$119,000A-

3 bd · 2.0 ba · 1,397 sqft · Built 1992 · Manufactured · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,268/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$476
• Net cashflow: $1,085/mo
• Annual: $13,021/yr
• Cap rate: 17.23%
• Cash-on-cash: 39.08%
• DSCR: 2.74
• 1% rule: 1.91%
• Cash to close: $33,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $119k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#42 in WA, #742 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities D+, cost of living F.
• Washougal School District (suburban): math 53% / reading 64% proficiency, ranked #59 of 291 in WA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Columbia River Gorge Elementary School (339 students, 43% FRL); Jemtegaard Middle School (439 students, 48% FRL); Washougal High School (1,006 students, 38% FRL).
• Market conditions: Rents rising (+3.7%/yr); 275 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $50k; list at $119k implies a 140% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.2% vs local median 1.7% in Washougal — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.