101 Pleasant Harbor Marina Unit C-21

Brinnon, WA 98320

$35,000B+

1 bd · 1.0 ba · 400 sqft · Built 2008 · Moorage · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $799/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$168
• Net cashflow: $390/mo
• Annual: $4,676/yr
• Cap rate: 19.65%
• Cash-on-cash: 47.71%
• DSCR: 3.12
• 1% rule: 2.28%
• Cash to close: $9,800

Investor read

• This is a 1-bed/1.0-bath moorage listed at $35k.
• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($799 rent vs $35k).
• It's been on market 62 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($242 loan paydown + $822 appreciation (2.4% local appreciation)).
• Location reads 59/100 on livability (#488 in WA) — a working-class tenant base; expect higher turnover. Strengths: employment B; Watch: crime C-, cost of living C-, health & safety C-.
• Brinnon School District (rural): math 30% / reading 60% proficiency, ranked #192 of 291 in WA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 82 active listings in the ZIP; 147 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 19.7% vs local median 0.9% in Brinnon — 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 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.