2725 E Fir St #50

Mount Vernon, WA 98273

$40,000D

2 bd · 2.0 ba · 1,344 sqft · Built 1976 · Manufactured · Active

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,778/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $1,126/mo
• Annual: $13,514/yr
• Cap rate: 40.08%
• Cash-on-cash: 120.66%
• DSCR: 6.37
• 1% rule: 4.44%
• Cash to close: $11,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k 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); 366 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 162d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $35k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $40k implies a 111% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 40.1% vs local median 2.6% 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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)

• Major: Exterior siding — The exterior siding is weathered and faded, indicating significant wear and tear.
• Major: Landscaping — The landscaping is overgrown and sparse, indicating a lack of maintenance.