4291 Junco Rd

Freeland, WA 98253

$325,000A-

3 bd · 2.0 ba · 1,520 sqft · Built 1982 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,012/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$484
• HOA: −$0
• Vac / Maint / Mgmt: −$842
• Net cashflow: $981/mo
• Annual: $11,776/yr
• Cap rate: 9.92%
• Cash-on-cash: 12.94%
• DSCR: 1.58
• 1% rule: 1.23%
• Cash to close: $91,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $325k.
• At list price, monthly cash flow is $981 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $14k of equity ($2k loan paydown + $12k appreciation (3.6% local appreciation)).
• Location reads 64/100 on livability (#367 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: health & safety C-, amenities F, commute F.
• Coupeville School District (rural): math 54% / reading 73% proficiency, ranked #40 of 291 in WA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Coupeville Elementary School (491 students, 47% FRL); Coupeville Middle School (216 students, 38% FRL); Coupeville High School (289 students, 36% FRL).
• Market conditions: 37 active listings in the ZIP; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.9% vs local median 1.9% in Freeland — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.