301 W Main St

Almira, WA 99103

$109,000C-

1 bd · 1.5 ba · 4,125 sqft · Built 1900 · SingleFamily · Active · 259 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,032/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $62/mo
• Annual: $745/yr
• Cap rate: 6.98%
• Cash-on-cash: 2.44%
• DSCR: 1.11
• 1% rule: 0.95%
• Cash to close: $30,520

Investor read

• This is a 1-bed/1.5-bath single-family listed at $109k. Condition is rated poor.
• At list price, monthly cash flow is $62 ($745/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (5.3% below list).
• It's been on market 259 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($754 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 66/100 on livability (#323 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: health & safety C-, crime F, amenities F.
• Almira School District (rural): math 65% / reading 70% proficiency, ranked #29 of 291 in WA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 49 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Severe peeling paint and damage to the cabinets.
• Major: Kitchen appliances — Severe wear and tear, with visible damage.
• Major: Bathroom fixtures — Severe wear and tear, with visible damage.
• Major: Bathroom flooring — Severe wear and tear, with visible damage.
• Major: Exterior paint — Severe peeling and damage to the exterior paint.
• Major: Windows — Severe wear and tear, with visible damage.