11100 92nd St SE #2

Snohomish, WA 98290

$163,000B

3 bd · 2.0 ba · 1,344 sqft · Built 1983 · Manufactured · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,330/mo
• Mortgage (P&I): −$855
• Tax + insurance: −$99
• HOA: −$0
• Vac / Maint / Mgmt: −$489
• Net cashflow: $887/mo
• Annual: $10,645/yr
• Cap rate: 12.82%
• Cash-on-cash: 23.32%
• DSCR: 2.04
• 1% rule: 1.43%
• Cash to close: $45,640

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $163k.
• At list price, monthly cash flow is $887 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $163k).
• It's been on market 34 days — a 3% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (3.0% 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 $5k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#120 in WA, #2,426 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, commute A-; Watch: amenities F, cost of living F.
• Snohomish School District (suburban): math 58% / reading 69% proficiency, ranked #25 of 291 in WA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Dutch Hill Elementary (653 students, 18% FRL); Centennial Middle School (720 students, 28% FRL); Snohomish High School (1,565 students, 26% FRL).
• Market conditions: Rents rising fast (+8.8%/yr); 245 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 12.8% vs local median 2.3% in Snohomish — 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 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.