5800 164th St SE

Silver Firs, WA 98296

$220,000B

4 bd · 2.0 ba · 1,782 sqft · Built 1988 · Manufactured · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,091/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$367
• HOA: −$0
• Vac / Maint / Mgmt: −$859
• Net cashflow: $1,711/mo
• Annual: $20,537/yr
• Cap rate: 15.63%
• Cash-on-cash: 33.34%
• DSCR: 2.48
• 1% rule: 1.86%
• Cash to close: $61,600

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $220k.
• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $220k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#139 in WA, #2,758 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Everett School District (urban): math 60% / reading 72% proficiency, ranked #26 of 291 in WA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 222 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 6y 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.
• Current owner paid $160k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.6% vs local median 2.1% in Silver Firs — 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 A-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.