2522 Old Hwy 99 Rd S #2 · Mount Vernon, WA 98273

$45,000

1 bd · 1.0 ba · 672 sqft · Manufactured · 228 Days on market

Built 1970 Fair condition 720 sqft lot $67/sqft · 275% above area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy living in the heart of Mount Vernon - ALL ages park! This charming 1BR, 1BA home, in the peaceful community of Mountain View, offers comfort, convenience, and unbeatable value. You’ll love the open-concept layout, well-kept features, and the privacy of your beautifully landscaped front yard. Enjoy being close to hospitals, shops, restaurants, and quick I-5 access with everything you need is just minutes away. With basic utilities included in the space rent, plus a covered carport and an updated mobile metal roof, this move-in-ready home makes living simple and stress-free.

Key facts

• Quick i-5 access
• Open-concept layout
• Built 1970

Tags

• OPEN-CONCEPT LAYOUT
• LANDSCAPED FRONT YARD
• QUICK I-5 ACCESS
• UPDATED MOBILE METAL ROOF

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $45k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $913 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.6% vs local median 2.4% in Mount Vernon — 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.

Location & tenants

• Location reads 79/100 on livability (#106 in WA, #2,120 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: cost of living D+.
• Mount Vernon School District (urban): math 41% / reading 47% proficiency, ranked #189 of 291 in WA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 199 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 228 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 228 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 3.44% ✓
• Cap rate: 30.63%
• Cash-on-cash: 86.92%
• DSCR: 4.87
• GRM: 2.4

CMA / ARV

• ARV (median comp): $12,000
• List price: $45,000
• Delta: 275.00%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2210 Old Highway 99 South Rd #20	0.23mi	2/1.0 (+1)	672 (0%)	15mo	$35,000	$52	72
2210 S Old Highway 99 #34	0.23mi	1/1.0	720 (+7%)	22mo	$53,000	$74	59

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 86.7%
• Equity multiple: 4.95×
• Total profit: $49,824
• Equity at exit: $6,710

10-year hold

• IRR: 89.7%
• Equity multiple: 10.06×
• Total profit: $114,133
• Equity at exit: $3,891

Cash invested: $12,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98273

• Rents YoY: 2.3%
• Active inventory: 199
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,549 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $913

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 36%

Sensitivity live

Price	-10% $944	-5% $928	+0% $913	+5% $897	+10% $882
Rent	-10% $790	-5% $852	+0% $913	+5% $974	+10% $1,035
Rate	-1.0pp $935	-0.5pp $924	base $913	+0.5pp $901	+1.0pp $889

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1215 Skagit St Unit B Mount Vernon, WA	—	1.0	350	$1,600	$4.57	22d	1	1.05mi
1011 S Laventure Rd Mount Vernon, WA	—	1.0	412	$1,545	$3.75	22d	1	1.37mi

Listing history 20 events

1. 2026-06-19
   days on market $45,000 Active 228 DOM
2. 2026-06-18
   days on market $45,000 Active 227 DOM
3. 2026-06-17
   days on market $45,000 Active 226 DOM
4. 2026-06-16
   days on market $45,000 Active 225 DOM
5. 2026-06-15
   days on market $45,000 Active 224 DOM
6. 2026-06-14
   days on market $45,000 Active 222 DOM
7. 2026-06-13
   days on market $45,000 Active 221 DOM
8. 2026-06-10
   days on market $45,000 Active 219 DOM
9. 2026-06-09
   days on market $45,000 Active 218 DOM
10. 2026-06-08
    days on market $45,000 Active 217 DOM
11. 2026-06-07
    days on market $45,000 Active 216 DOM
12. 2026-06-03
    days on market $45,000 Active 212 DOM
13. 2026-06-02
    days on market $45,000 Active 211 DOM
14. 2026-06-01
    days on market $45,000 Active 210 DOM
15. 2026-05-31
    days on market $45,000 Active 209 DOM
16. 2026-05-30
    days on market $45,000 Active 208 DOM
17. 2025-11-03
    listed $45,000 Active
18. 2022-02-28
    soldstatus $40,000 Closed
19. 2022-02-15
    status Pending
20. 2022-02-01
    listed $42,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥81°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,588
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,487
• − Management: −$1,487
• − Depreciation: −$1,309
• Taxable income: $10,884
• Est. tax owed @ 24.0%: −$2,612
• After-tax cash flow: $8,340/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Cosmetic rehab

This charming 1BR, 1BA home in Mount Vernon, WA, is move-in ready with basic utilities included. It offers a good condition with minor repairs needed and potential for significant value increase through cosmetic updates.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom cabinets — slight wear
• Minor exterior siding — slight wear

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace carpet — improves comfort and reduces allergens
• Both update kitchen cabinets — modernizes the space and increases value
• Both update bathroom cabinets — modernizes the space and increases value
• Both update exterior siding — enhances curb appeal and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom cabinets · slight wear	Minor	$500–3,000
exterior siding · slight wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace carpet — improves comfort and reduces allergens ↑
• Both update kitchen cabinets — modernizes the space and increases value ↑
• Both update bathroom cabinets — modernizes the space and increases value ↑
• Both update exterior siding — enhances curb appeal and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mount Vernon School District
• NCES district ID: 5305400
• Math proficiency: 41% ▼ -1.00%
• Reading proficiency: 47% ▲ 1.00%
• Median HH income: $50,829
• Composite: 40.14/100
• National rank: #7848
• State rank: #189 of 291 in WA

Livability — Mount Vernon

• Score: 79/100
• State rank: #106
• US rank: #2120

Category grades

Amenities C+ Commute A+ Cost of living D+ Crime B Employment B- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, WA
• County: Skagit County · 118,108 people
• City population: 48,861
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 30,001
• Household income: $76,717
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1045.0

Population outlook (Skagit County) Hauer SSP2

• Today (2025): 131,498 people
• By 2030: 135,556 · +3.1%
• By 2040: 141,717 · +7.8%
• By 2050: 145,714 · +10.8%
• By 2075: 152,201 · +15.7%
• By 2100: 147,980 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (60%)
• Race & ethnicity: White 60% Hispanic / Latino 32% Two or more races 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Portuguese 6% Slovak 3% Italian 2%
• Foreign-born: 14% · Canada
• Languages at home: 71% English-only · Spanish 25% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Skagit

• 2024 margin: Lean D (+8.9) · D 52.9% · R 44.0% · Other 3.0%
• 2008→2024 swing: -0.7pp no change · 2008: 9.6pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+7.5 2016: D+3.2 2012: D+5.8 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -525.00%
• Current HPI: 395.3742
• Rent YoY: ▲ 2.33%
• Metro: Mount Vernon-Anacortes, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+4.9% since first listed

4 events — show timeline

• 2025-11-03 Listed $45,000 NWMLS as Distributed by MLS Grid
• 2022-02-28 Sold (MLS) $40,000 NWMLS as Distributed by MLS Grid
• 2022-02-15 Pending — NWMLS as Distributed by MLS Grid
• 2022-02-01 Listed $42,900 NWMLS as Distributed by MLS Grid