1155 SE Professional Mall Blvd #306 Blvd

Pullman, WA 99163

$85,000F

2 bd · 2.0 ba · 924 sqft · Built 2020 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $859/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$111
• HOA: −$465
• Vac / Maint / Mgmt: −$180
• Net cashflow: $-343/mo
• Annual: $-4,115/yr
• Cap rate: 1.45%
• Cash-on-cash: -17.29%
• DSCR: 0.23
• 1% rule: 1.01%
• Cash to close: $23,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $-343 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $24k (71.3% below list).
• Meets the 1% rule at list price ($859 rent vs $85k).
• It's been on market 24 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (71.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#32 in WA, #542 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, employment F.
• Pullman School District (town): math 63% / reading 76% proficiency, ranked #30 of 291 in WA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Jefferson Elementary (315 students, 63% FRL); Lincoln Middle School (593 students, 38% FRL); Pullman High School (896 students, 31% FRL) — zoned schools average 44% FRL vs 24% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 54% of rent.
• Market conditions: Rents rising (+3.4%/yr); 195 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 49 units permitted in Whitman County in 2024 (0 in 5+ unit buildings).
• Whitman County population projected at +57% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 1.5% vs local median 2.2% in Pullman — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.