113 S Lutcher Ave

Lind, WA 99341

$60,900B+

2 bd · 1.0 ba · 944 sqft · Built 1947 · SingleFamily · Active · 208 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $890/mo
• Mortgage (P&I): −$319
• Tax + insurance: −$66
• HOA: −$0
• Vac / Maint / Mgmt: −$187
• Net cashflow: $317/mo
• Annual: $3,807/yr
• Cap rate: 12.54%
• Cash-on-cash: 22.33%
• DSCR: 1.99
• 1% rule: 1.46%
• Cash to close: $17,052

Investor read

• This is a 2-bed/1.0-bath single-family listed at $61k.
• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($890 rent vs $61k).
• It's been on market 208 days — a 12% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($421 loan paydown + $4k appreciation (6.3% local appreciation)).
• Location reads 61/100 on livability (#450 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: health & safety C-, crime F, amenities F.
• Lind School District (rural): math 30% / reading 60% proficiency, ranked #184 of 291 in WA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 49 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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.
• 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.
• 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.