113 Red Cedar Ln

Port Angeles East, WA 98362

$250,000F

3 bd · 2.0 ba · 1,904 sqft · Built 1977 · Manufactured · Active · 230 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,764/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$342
• HOA: −$0
• Vac / Maint / Mgmt: −$371
• Net cashflow: $-259/mo
• Annual: $-3,109/yr
• Cap rate: 5.05%
• Cash-on-cash: -4.44%
• DSCR: 0.80
• 1% rule: 0.71%
• Cash to close: $70,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $250k.
• At list price, monthly cash flow is $-259 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (18.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (29.4% below list).
• It's been on market 230 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (29.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#162 in WA, #3,899 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A-; Watch: employment D+, health & safety D, schools F.
• Port Angeles School District (town): math 55% / reading 65% proficiency, ranked #70 of 291 in WA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 273 active listings in the ZIP; 166 units permitted in Clallam County in 2024 (0 in 5+ unit buildings).
• Clallam County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts; this cycle's ask has dropped $49k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.0% vs local median 1.4% in Port Angeles East — 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 230 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.