1120 S 25th St #1 · Mount Vernon, WA 98274

$135,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured · 67 Days on market

Built 1990 Fair condition $104/sqft · 39% below area Est $220k · 39% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

$20,000.00 Seller concession toward repairs; buyer's closing costs; and/or interest rate buy down. Home in desirable all-ages park; 3 bedrooms; 2 bathrooms (hall bath is under construction); 1296 square feet of living space with dining area under construction and lots of boxed materials ready to install, including cabinets and flooring. Heat pump with A/C. Fenced yard with adjacent greenspace. End-unit location for added privacy. Storage building for tools and extras. Close to schools and shopping. Transit options nearby. Space rent covers access to the clubhouse & park maintenance. RV storage available. New roof in 2017; fence and porch in 2018; heat pump 2021; new hot water tank 202

Key facts

• Close to schools
• Fenced yard
• Transit options

Tags

• FENCED YARD
• END-UNIT LOCATION
• STORAGE SHED
• CLOSE TO SCHOOLS
• TRANSIT OPTIONS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.5% vs local median 2.4% in Mount Vernon — 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.

Location & tenants

• Location reads 79/100 on livability (#106 in WA, #2,120 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: cost of living D+.
• Mount Vernon School District (urban): math 41% / reading 47% proficiency, ranked #189 of 291 in WA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 171 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• This rent runs 33% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Recommended offer $126,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.95% ✓
• Cap rate: 16.50%
• Cash-on-cash: 36.47%
• DSCR: 2.62
• GRM: 4.3

CMA / ARV

• ARV (median comp): $219,892
• List price: $135,000
• Delta: -38.61%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1120 S 25th St #27	0.01mi	3/2.0	1,296 (0%)	8mo	$167,999	$130	93
1120 S 25th St #39	0.01mi	3/2.0	1,401 (+8%)	4mo	$160,000	$114	83
1120 S 25th St #26	0.01mi	3/2.0	1,339 (+3%)	17mo	$159,000	$119	80
1120 S 25th St #15	0.01mi	3/2.0	1,401 (+8%)	17mo	$180,000	$128	72
1120 S 25th St #16	0.01mi	3/2.0	1,469 (+13%)	13mo	$240,000	$163	66
2610 E Section St #15	0.46mi	3/2.0	1,296 (0%)	15mo	$242,500	$187	66
2610 E Section St #97	0.46mi	2/2.0 (-1)	1,388 (+7%)	3mo	$232,000	$167	59
224 Widnor Dr	0.37mi	2/2.0 (-1)	1,162 (-10%)	9mo	$359,900	$310	53
2610 E Section St #46	0.47mi	2/1.5 (-1)	1,418 (+9%)	7mo	$300,000	$212	49
2610 E Section St #22	0.47mi	2/2.0 (-1)	1,428 (+10%)	11mo	$222,000	$155	47
2610 E Section St #8	0.46mi	3/2.0	1,476 (+14%)	13mo	$220,000	$149	44
2610 E Section St #120	0.47mi	3/2.0	1,484 (+14%)	12mo	$180,000	$121	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.3%
• Equity multiple: 2.36×
• Total profit: $51,331
• Equity at exit: $20,129

10-year hold

• IRR: 39.3%
• Equity multiple: 4.68×
• Total profit: $139,073
• Equity at exit: $11,672

Cash invested: $37,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98274

• Active inventory: 171
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,635 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $1,149

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 51%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 N 29th Pl Mount Vernon, WA	3.0	1.0	1098	$2,700	$2.46	43d	1	0.52mi
1511 Shirley Pl Mount Vernon, WA	2.0	1.0	936	$2,250	$2.40	43d	1	0.63mi
1002 S 12th St Mount Vernon, WA	2.0	1.0	1052	$2,575	$2.45	21d	1	0.79mi
1115 Nylin Ct Mount Vernon, WA	3.0	1.0	1032	$2,500	$2.42	43d	1	1.15mi
202 Dallas St Mount Vernon, WA	3.0	2.5	1582	$1,375	$0.87	21d	1	1.28mi
1521 N 26th St Mount Vernon, WA	1.0–3.0	1.0	807	$1,995	$2.47	21d	8	1.33mi
3316 E College Way Unit A Mount Vernon, WA	3.0	1.0	916	$2,000	$2.18	43d	1	1.50mi

Listing history 13 events

1. 2026-06-15
   days on market $135,000 Active 67 DOM
2. 2026-06-14
   days on market $135,000 Active 65 DOM
3. 2026-06-13
   days on market $135,000 Active 64 DOM
4. 2026-06-10
   days on market $135,000 Active 62 DOM
5. 2026-06-09
   days on market $135,000 Active 61 DOM
6. 2026-06-08
   days on market $135,000 Active 60 DOM
7. 2026-06-07
   pricedays on market $135,000 Active 59 DOM
8. 2026-06-03
   days on market $175,000 Active 55 DOM
9. 2026-06-02
   days on market $175,000 Active 54 DOM
10. 2026-06-01
    days on market $175,000 Active 53 DOM
11. 2026-05-31
    days on market $175,000 Active 52 DOM
12. 2026-05-30
    days on market $175,000 Active 51 DOM
13. 2026-04-09
    listed $175,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥81°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,621
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$2,530
• − Management: −$2,530
• − Depreciation: −$3,927
• Taxable income: $12,373
• Est. tax owed @ 24.0%: −$2,969
• After-tax cash flow: $10,816/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The home is in fair condition with some minor repairs and maintenance needed. Upgrading the living room carpet, painting the walls, and replacing the kitchen cabinets and countertops can significantly increase its resale and rental value.

Repairs flagged

• Minor Living room carpet — Worn and could be replaced for a fresh look.
• Minor Kitchen cabinets — Some wear and tear visible, could be refinished or replaced for a fresh look.
• Minor Living room walls — Yellow walls could be painted for a fresh look.
• Minor Kitchen countertops — Some wear and tear visible, could be refinished or replaced for a fresh look.

Value-add opportunities

• Resale Painting living room walls — Fresh paint can make a significant difference in the home's appearance and value.
• Resale Replacing living room carpet — Fresh carpet can make a significant difference in the home's appearance and value.
• Resale Refinishing or replacing kitchen cabinets — Fresh cabinets can make a significant difference in the home's appearance and value.
• Resale Refinishing or replacing kitchen countertops — Fresh countertops can make a significant difference in the home's appearance and value.
• Both Landscaping and curb appeal — A well-maintained yard and curb appeal can increase both resale and rental value.
• Both Upgrading HVAC system — A new or upgraded HVAC system can improve comfort and energy efficiency, increasing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Living room carpet · Worn and could be replaced for a fresh look.	Minor	$500–3,000
Kitchen cabinets · Some wear and tear visible, could be refinished or replaced for a fresh look.	Minor	$500–3,000
Living room walls · Yellow walls could be painted for a fresh look.	Minor	$500–3,000
Kitchen countertops · Some wear and tear visible, could be refinished or replaced for a fresh look.	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Resale Painting living room walls — Fresh paint can make a significant difference in the home's appearance and value. ↑
• Resale Replacing living room carpet — Fresh carpet can make a significant difference in the home's appearance and value. ↑
• Resale Refinishing or replacing kitchen cabinets — Fresh cabinets can make a significant difference in the home's appearance and value. ↑
• Resale Refinishing or replacing kitchen countertops — Fresh countertops can make a significant difference in the home's appearance and value. ↑
• Both Landscaping and curb appeal — A well-maintained yard and curb appeal can increase both resale and rental value. ↑
• Both Upgrading HVAC system — A new or upgraded HVAC system can improve comfort and energy efficiency, increasing both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mount Vernon School District
• NCES district ID: 5305400
• Math proficiency: 41% ▼ -1.00%
• Reading proficiency: 47% ▲ 1.00%
• Median HH income: $50,829
• Composite: 40.14/100
• National rank: #7848
• State rank: #189 of 291 in WA

Livability — Mount Vernon

• Score: 79/100
• State rank: #106
• US rank: #2120

Category grades

Amenities C+ Commute A+ Cost of living D+ Crime B Employment B- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, WA
• County: Skagit County · 118,108 people
• City population: 48,861
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 18,860
• Household income: $96,177
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 412.0

Population outlook (Skagit County) Hauer SSP2

• Today (2025): 131,498 people
• By 2030: 135,556 · +3.1%
• By 2040: 141,717 · +7.8%
• By 2050: 145,714 · +10.8%
• By 2075: 152,201 · +15.7%
• By 2100: 147,980 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 24% Two or more races 10% Asian 3% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Portuguese 7% Italian 5% Iranian 2%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 78% English-only · Spanish 16% Russian/Polish/Slavic 1% Tagalog/Filipino 1%

Political lean MEDSL · Skagit

• 2024 margin: Lean D (+8.9) · D 52.9% · R 44.0% · Other 3.0%
• 2008→2024 swing: -0.7pp no change · 2008: 9.6pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+7.5 2016: D+3.2 2012: D+5.8 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -587.88%
• Current HPI: 363.1257
• Rent YoY: —
• Metro: Mount Vernon-Anacortes, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

1 event — show timeline

• 2026-04-09 Listed $175,000 NWMLS as Distributed by MLS Grid