174 Northwoods

Cougar, WA 98616

$115,000A-

4 bd · 1.0 ba · 1,340 sqft · Built 1979 · SingleFamily · Active · 295 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,900/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$233
• Vac / Maint / Mgmt: −$399
• Net cashflow: $473/mo
• Annual: $5,680/yr
• Cap rate: 11.23%
• Cash-on-cash: 17.64%
• DSCR: 1.78
• 1% rule: 1.65%
• Cash to close: $32,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 295 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($795 loan paydown + $4k appreciation (3.5% local appreciation)).
• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• Stevenson-Carson School District (rural): math 32% / reading 51% proficiency, ranked #209 of 291 in WA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 43 active listings in the ZIP; 34 units permitted in Skamania County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 10y ago; this cycle's ask has dropped $70k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $115k implies a 360% gain — meaningful room to come down on a strong offer.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.2% vs local median 2.6% in Cougar — 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 295 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.