206 208 March St

Moses Lake North, WA 98837

$290,000C+

6 bd · 4.0 ba · 2,432 sqft · Built 1961 · MultiFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,389/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$483
• HOA: −$0
• Vac / Maint / Mgmt: −$712
• Net cashflow: $673/mo
• Annual: $8,078/yr
• Cap rate: 9.08%
• Cash-on-cash: 9.95%
• DSCR: 1.44
• 1% rule: 1.17%
• Cash to close: $81,200

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $290k. Condition is rated fair.
• At list price, monthly cash flow is $673 ($8k/yr) — positive. Per door: $337/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Only 9 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 $9k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#351 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Moses Lake School District (town): math 38% / reading 48% proficiency, ranked #198 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Larson Heights Elementary (337 students, 87% FRL); Endeavor Middle School (267 students, 96% FRL); Moses Lake High School (1,984 students, 64% FRL) — zoned schools average 82% FRL vs 53% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.7%/yr); 589 active listings in the ZIP; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 9.1% vs local median 1.8% in Moses Lake North — 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.
• At $3,389/mo this rent would consume 55% of the median local household income ($75k/yr) (locally 1064% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: roof — No visible damage, but condition is unknown
• Major: landscaping — Overgrown and unkempt