14694 State Route 821 Unit 10F-4

Kittitas, WA 98926

$99,000D+

2 bd · 1.5 ba · 821 sqft · Built 2008 · SingleFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,482/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$290
• HOA: −$510
• Vac / Maint / Mgmt: −$311
• Net cashflow: $-149/mo
• Annual: $-1,785/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.02%
• DSCR: 0.95
• 1% rule: 1.50%
• Cash to close: $27,720

Investor read

• This is a 2-bed/1.5-bath single-family listed at $99k. Condition is rated excellent.
• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $77k (21.7% below list).
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 102 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (21.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#321 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A-; Watch: schools C-, health & safety C-, amenities F.
• Ellensburg School District (town): math 47% / reading 55% proficiency, ranked #148 of 291 in WA (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $125/mo; HOA is 34% of rent.
• Market conditions: Rents flat; 302 active listings in the ZIP; 433 units permitted in Kittitas County in 2024 (23 in 5+ unit buildings).
• Kittitas County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 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.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.1% in Kittitas — 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 102 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.