9500 315th Ave SE #15

Snoqualmie, WA 98027

$214,950C+

2 bd · 2.0 ba · 1,020 sqft · Built 1977 · Manufactured · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,427/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$425
• HOA: −$0
• Vac / Maint / Mgmt: −$510
• Net cashflow: $366/mo
• Annual: $4,388/yr
• Cap rate: 8.71%
• Cash-on-cash: 8.62%
• DSCR: 1.38
• 1% rule: 1.13%
• Cash to close: $60,186

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• It's been on market 35 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#9 in WA, #156 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: cost of living F.
• Issaquah School District (suburban): math 77% / reading 81% proficiency, ranked #4 of 291 in WA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Issaquah Valley Elementary (602 students, 23% FRL); Issaquah High School (2,412 students, 14% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+1.4%/yr); 227 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.7% vs local median 1.4% in Snoqualmie — 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 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.