2930 Taylor Rd #10

Oak Harbor, WA 98277

$159,900C-

2 bd · 2.0 ba · 1,836 sqft · Built 2000 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,544/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$324
• Net cashflow: $217/mo
• Annual: $2,600/yr
• Cap rate: 7.92%
• Cash-on-cash: 5.81%
• DSCR: 1.26
• 1% rule: 0.97%
• Cash to close: $44,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (3.4% below list).
• It's been on market 24 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (3.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#149 in WA, #3,120 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing A; Watch: amenities D+, cost of living D+.
• Oak Harbor School District (town): math 49% / reading 61% proficiency, ranked #98 of 291 in WA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Crescent Harbor Elem (481 students, 62% FRL); North Whidbey Middle School (721 students, 43% FRL); Oak Harbor High School (1,566 students, 38% FRL) — zoned schools average 48% FRL vs 28% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 290 active listings in the ZIP; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 7.9% vs local median 2.6% in Oak Harbor — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.