16333 Hwy 12 Ave #24

Tieton, WA 98937

$45,000B

1 bd · 1.0 ba · 441 sqft · Built 1984 · Manufactured · Active · 134 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $828/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$174
• Net cashflow: $343/mo
• Annual: $4,120/yr
• Cap rate: 15.45%
• Cash-on-cash: 32.70%
• DSCR: 2.46
• 1% rule: 1.84%
• Cash to close: $12,600

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $45k. Condition is rated fair.
• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($828 rent vs $45k).
• It's been on market 134 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#352 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools F, amenities F.
• Naches Valley School District (rural): math 48% / reading 59% proficiency, ranked #112 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 59 active listings in the ZIP; 468 units permitted in Yakima County in 2024 (23 in 5+ unit buildings).
• Yakima County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.4% vs local median 1.8% in Tieton — 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 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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)

• Moderate: Kitchen cabinets — Worn and outdated
• Major: Bathroom fixtures — Small and outdated
• Major: Exterior siding — Weathered and exposed
• Major: Flooring — Worn carpet
• Major: Interior walls/paint — Worn paint and exposed wood