6062 State Route 20 #14

Port Hadlock-Irondale, WA 98368

$92,900B

1 bd · 1.0 ba · 403 sqft · Built 2021 · Manufactured · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,555/mo
• Mortgage (P&I): −$487
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $634/mo
• Annual: $7,603/yr
• Cap rate: 14.48%
• Cash-on-cash: 29.23%
• DSCR: 2.30
• 1% rule: 1.67%
• Cash to close: $26,012

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $93k.
• At list price, monthly cash flow is $634 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $93k).
• It's been on market 56 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $642 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Port Townsend School District (town): math 47% / reading 64% proficiency, ranked #101 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 204 active listings in the ZIP; 147 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.5% vs local median 1.8% in Port Hadlock-Irondale — 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 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.