2522 Old Highway 99 Rd S #23 · Mount Vernon, WA 98273

$25,000

1 bd · 1.0 ba · 728 sqft · Manufactured · 501 Days on market

Built 1977 $34/sqft · 25% above area Est $20k · 24% over ↓ 40% since listing

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Why this score? — see what drove the D- 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 +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Remarkable manufactured home is the highly sought after Mountain View Estates 55 and over park. Open, large living area that is open to the kitchen with cozy eating nook. The home has undergone extensive renovations including new flooring and support in multiple rooms, installation of new wall panels and moldings, and updates to the water heater with a pan and straps. Additional improvements include a new bathroom cabinet, countertop, and backsplash tile, a cleaned and serviced furnace, new electrical outlet for heat tape, pressure washing of the exterior, a new kitchen sink and faucet, updated plumbing, and new mini blinds throughout the home, featuring a custom floor-to-ceiling blind in t

Key facts

• Covered porch
• Vinyl flooring
• Updated windows

Tags

• MOUNTAIN VIEW ESTATES
• NEWLY RENOVATED BATHROOM
• UPDATED WINDOWS
• VINYL FLOORING
• COVERED PORCH
• CARPORT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 56.7% 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 $173 of loan paydown is wiped out by about $750 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 501 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $22,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 501 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 6.20% ✓
• Cap rate: 56.74%
• Cash-on-cash: 180.16%
• DSCR: 9.02
• GRM: 1.3

CMA / ARV

• ARV (median comp): $20,081
• List price: $25,000
• Delta: 24.49%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2210 S Old Highway 99 #34	0.24mi	1/1.0	720 (-1%)	22mo	$53,000	$74	68
2210 Old Highway 99 South Rd #20	0.24mi	2/1.0 (+1)	672 (-8%)	15mo	$35,000	$52	58
1009 Parkside Ter	0.44mi	2/1.0 (+1)	800 (+10%)	24mo	$61,000	$76	38

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: —
• Equity multiple: 9.84×
• Total profit: $61,868
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 20.42×
• Total profit: $135,956
• Equity at exit: $2,162

Cash invested: $7,000 (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: 1.3×

Monthly cashflow live

• Estimated rent: $1,549 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $1,051

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 27%

Sensitivity live

Price	-10% $1,068	-5% $1,060	+0% $1,051	+5% $1,042	+10% $1,034
Rent	-10% $929	-5% $990	+0% $1,051	+5% $1,112	+10% $1,173
Rate	-1.0pp $1,063	-0.5pp $1,057	base $1,051	+0.5pp $1,044	+1.0pp $1,038

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: $6,250
• Closing costs: $750
• 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	21d	1	1.05mi
1011 S Laventure Rd Mount Vernon, WA	—	1.0	412	$1,545	$3.75	21d	1	1.37mi

Listing history 27 events

1. 2026-06-19
   days on market $25,000 Active 501 DOM
2. 2026-06-18
   days on market $25,000 Active 500 DOM
3. 2026-06-17
   days on market $25,000 Active 499 DOM
4. 2026-06-16
   days on market $25,000 Active 498 DOM
5. 2026-06-15
   days on market $25,000 Active 497 DOM
6. 2026-06-14
   days on market $25,000 Active 495 DOM
7. 2026-06-13
   days on market $25,000 Active 494 DOM
8. 2026-06-10
   days on market $25,000 Active 492 DOM
9. 2026-06-09
   days on market $25,000 Active 491 DOM
10. 2026-06-08
    days on market $25,000 Active 490 DOM
11. 2026-06-07
    days on market $25,000 Active 489 DOM
12. 2026-06-03
    days on market $25,000 Active 485 DOM
13. 2026-06-02
    pricedays on market $25,000 Active 484 DOM
14. 2026-06-01
    days on market $29,955 Active 483 DOM
15. 2026-05-31
    days on market $29,955 Active 482 DOM
16. 2026-05-30
    days on market $29,955 Active 481 DOM
17. 2025-12-16
    status Active
18. 2025-12-13
    status Pending
19. 2025-12-02
    price $29,955
20. 2025-09-30
    price $31,955
21. 2025-09-08
    price $34,955
22. 2025-04-09
    price $37,500
23. 2025-03-26
    price $39,999
24. 2025-03-10
    price $42,500
25. 2025-02-26
    price $44,999
26. 2025-02-12
    price $47,999
27. 2025-02-01
    listed $50,000 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: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,487
• − Management: −$1,487
• − Depreciation: −$727
• Taxable income: $12,986
• Est. tax owed @ 24.0%: −$3,117
• After-tax cash flow: $9,494/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.

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

-40.1% since first listed

11 events — show timeline

• 2025-12-16 Relisted — NWMLS as Distributed by MLS Grid
• 2025-12-13 Pending — NWMLS as Distributed by MLS Grid
• 2025-12-02 Price Changed $29,955 NWMLS as Distributed by MLS Grid
• 2025-09-30 Price Changed $31,955 NWMLS as Distributed by MLS Grid
• 2025-09-08 Price Changed $34,955 NWMLS as Distributed by MLS Grid
• 2025-04-09 Price Changed $37,500 NWMLS as Distributed by MLS Grid
• 2025-03-26 Price Changed $39,999 NWMLS as Distributed by MLS Grid
• 2025-03-10 Price Changed $42,500 NWMLS as Distributed by MLS Grid
• 2025-02-26 Price Changed $44,999 NWMLS as Distributed by MLS Grid
• 2025-02-12 Price Changed $47,999 NWMLS as Distributed by MLS Grid
• 2025-02-01 Listed $50,000 NWMLS as Distributed by MLS Grid