44813 Kla-Ha-Nei Trl Unit 2-A-1

Concrete, WA 98237

$94,999F

None bd · None ba · — sqft · Built — · Manufactured · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $0/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$225
• HOA: −$187
• Vac / Maint / Mgmt: −$0
• Net cashflow: $-910/mo
• Annual: $-10,920/yr
• Cap rate: -4.36%
• Cash-on-cash: -38.05%
• DSCR: -0.69
• 1% rule: 0.00%
• Cash to close: $26,600

Investor read

• This is a manufactured listed at $95k. Condition is rated fair.
• At list price, monthly cash flow is $-910 ($-11k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $10k of equity ($657 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#157 in WA, #3,709 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools D, crime F, amenities F.
• Concrete School District (rural): math 24% / reading 45% proficiency, ranked #255 of 291 in WA (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 96 active listings in the ZIP; 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.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate -4.4% vs local median 2.6% in Concrete — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage and potential leaks.
• Moderate: exterior siding — Visible wear and tear.
• Major: flooring — Severe wear and tear.
• Major: interior walls/paint — Severe wear and tear.
• Major: HVAC system — Visible rust and wear.
• Major: landscaping — Overgrown vegetation and lack of maintenance.