46308 Baker Loop Rd

Concrete, WA 98237

$219,900D

2 bd · 1.0 ba · 1,008 sqft · Built 1972 · SingleFamily · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$379
• HOA: −$6
• Vac / Maint / Mgmt: −$273
• Net cashflow: $-511/mo
• Annual: $-6,135/yr
• Cap rate: 3.50%
• Cash-on-cash: -9.96%
• DSCR: 0.56
• 1% rule: 0.59%
• Cash to close: $61,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $-511 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (41.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (40.9% below list).
• It's been on market 87 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (41.1% below list) — sets the bar for cash-flow.
• In year one you build about $24k of equity ($2k loan paydown + $22k 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.
• Market conditions: 96 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 21y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $122k; list at $220k implies a 80% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.5% vs local median 2.6% in Concrete — 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

• 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?
• It's been on market 87 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?