2015 6th Ave #14

Clarkston Heights-Vineland, WA 99403

$76,000B+

2 bd · 2.0 ba · 1,248 sqft · Built 1985 · Manufactured · Active · 274 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,283/mo
• Mortgage (P&I): −$399
• Tax + insurance: −$71
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $544/mo
• Annual: $6,527/yr
• Cap rate: 14.88%
• Cash-on-cash: 30.67%
• DSCR: 2.36
• 1% rule: 1.69%
• Cash to close: $21,280

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $76k.
• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $76k).
• It's been on market 274 days — a 12% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $67k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $525 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Clarkston School District (suburban): math 38% / reading 57% proficiency, ranked #172 of 291 in WA (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 249 active listings in the ZIP; 101 units permitted in Asotin County in 2024 (72 in 5+ unit buildings).
• Asotin County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $24k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.9% vs local median 1.4% in Clarkston Heights-Vineland — 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 274 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.