3100 Sea Eagle Ln

Freeland, WA 98253

$435,000C

3 bd · 2.0 ba · 1,303 sqft · Built 1995 · SingleFamily · Active · 205 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,665/mo
• Mortgage (P&I): −$2,281
• Tax + insurance: −$493
• HOA: −$0
• Vac / Maint / Mgmt: −$770
• Net cashflow: $121/mo
• Annual: $1,457/yr
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• 1% rule: 0.84%
• Cash to close: $121,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $435k.
• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $367k (15.7% below list).
• It's been on market 205 days — a 12% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $367k (15.7% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($3k loan paydown + $16k appreciation (3.6% local appreciation)).
• Location reads 64/100 on livability (#367 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: health & safety C-, schools F, amenities F.
• Coupeville School District (rural): math 54% / reading 73% proficiency, ranked #40 of 291 in WA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 36 active listings in the ZIP; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $64k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $126k; list at $435k implies a 245% gain — meaningful room to come down on a strong offer.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $122k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.6% vs local median 1.9% in Freeland — 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

• It's been on market 205 days. Have you received any prior offers? Is the seller open to a 16% 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.