415 NE 194th St #17

Duluth, WA 98642

$185,000B-

4 bd · 2.0 ba · 1,512 sqft · Built 1994 · Manufactured · Active · 168 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,988/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$627
• Net cashflow: $1,213/mo
• Annual: $14,559/yr
• Cap rate: 14.16%
• Cash-on-cash: 28.11%
• DSCR: 2.25
• 1% rule: 1.61%
• Cash to close: $51,800

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $185k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• It's been on market 168 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#200 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, employment B; Watch: commute D, cost of living F.
• Ridgefield School District (rural): math 61% / reading 71% proficiency, ranked #22 of 291 in WA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Ridge Elementary (720 students, 27% FRL); View Ridge Middle School (591 students, 26% FRL); Ridgefield High School (1,133 students, 28% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: Rents rising (+3.1%/yr); 534 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $52k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 168 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.
• 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.