2725 E Fir St #112

Mount Vernon, WA 98273

$79,500C+

3 bd · 2.0 ba · 1,440 sqft · Built 1978 · Manufactured · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,833/mo
• Mortgage (P&I): −$417
• Tax + insurance: −$52
• HOA: −$0
• Vac / Maint / Mgmt: −$385
• Net cashflow: $979/mo
• Annual: $11,753/yr
• Cap rate: 21.08%
• Cash-on-cash: 52.80%
• DSCR: 3.35
• 1% rule: 2.31%
• Cash to close: $22,260

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $80k. Condition is rated fair.
• At list price, monthly cash flow is $979 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 102 days — a 9% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $550 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Madison Elementary (512 students, 63% FRL); Mount Baker Middle School (628 students, 73% FRL); Mount Vernon High School (1,977 students, 67% FRL).
• Market conditions: Rents rising (+2.3%/yr); 253 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $80k implies a 174% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.1% vs local median 2.2% 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.

Questions for listing agent

• It's been on market 102 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn but not damaged, could be refinished.
• Minor: Bathroom fixtures — Older style, could be replaced with modern fixtures.
• Minor: Landscaping — Some areas need trimming and mulching.