26801 NE 9th St #46

Fern Prairie, WA 98607

$106,868B-

3 bd · 2.0 ba · 924 sqft · Built 1983 · Manufactured · Active · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,319/mo
• Mortgage (P&I): −$560
• Tax + insurance: −$178
• HOA: −$0
• Vac / Maint / Mgmt: −$487
• Net cashflow: $1,093/mo
• Annual: $13,120/yr
• Cap rate: 18.57%
• Cash-on-cash: 43.85%
• DSCR: 2.95
• 1% rule: 2.17%
• Cash to close: $29,923

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $107k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• It's been on market 148 days — a 12% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $739 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#433 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools F, amenities F, commute F.
• Camas School District (suburban): math 73% / reading 80% proficiency, ranked #8 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.5%/yr); 547 active listings in the ZIP; high-income renter base; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $30k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 148 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.
• 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.