130 Pinto Ln

Brinnon, WA 98320

$80,000B+

2 bd · 2.0 ba · 1,188 sqft · Built 1985 · Manufactured · Pending · 176 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,152/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$537
• HOA: −$3
• Vac / Maint / Mgmt: −$242
• Net cashflow: $-49/mo
• Annual: $-593/yr
• Cap rate: 11.95%
• Cash-on-cash: 20.20%
• DSCR: 1.90
• 1% rule: 1.44%
• Cash to close: $22,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $-49 ($-593/yr) — negative.
• To cash-flow at today's rent, offer at most $71k (10.9% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 176 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($553 loan paydown + $2k appreciation (2.4% local appreciation)).
• Location reads 59/100 on livability (#488 in WA) — a working-class tenant base; expect higher turnover. Strengths: employment B; Watch: crime C-, cost of living C-, health & safety C-.
• Brinnon School District (rural): math 30% / reading 60% proficiency, ranked #192 of 291 in WA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 82 active listings in the ZIP; 147 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 9 sale attempts since 29y ago; this cycle's ask has dropped $25k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.0% vs local median 0.9% in Brinnon — 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 176 days. Have you received any prior offers? Is the seller open to a 12% 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.
• Schools are D-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.