Cabin 188 Northwoods

Cougar, WA 98616

$145,000C-

3 bd · 1.0 ba · 856 sqft · Built 1978 · SingleFamily · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,473/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$246
• Vac / Maint / Mgmt: −$309
• Net cashflow: $-84/mo
• Annual: $-1,013/yr
• Cap rate: 5.59%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• 1% rule: 1.02%
• Cash to close: $40,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $145k. Condition is rated fair.
• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (8.4% below list).
• Meets the 1% rule at list price ($1k rent vs $145k).
• It's been on market 106 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (9.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.5% local appreciation)).
• Location reads: area grade C — 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).
• 4 sale attempts since 20y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.6% 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% 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 1978 — 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.

Repairs flagged (vision-AI assessment)

• Minor: wooden deck — slight wear
• Minor: wooden cabinets — slight wear
• Minor: wood-burning stove — slight wear