3037 Massey Rd

Everson, WA 98247

$434,900D

3 bd · 2.0 ba · 1,548 sqft · Built 1900 · SingleFamily · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,191/mo
• Mortgage (P&I): −$2,281
• Tax + insurance: −$812
• HOA: −$0
• Vac / Maint / Mgmt: −$460
• Net cashflow: $-1,361/mo
• Annual: $-16,336/yr
• Cap rate: 2.54%
• Cash-on-cash: -13.42%
• DSCR: 0.40
• 1% rule: 0.50%
• Cash to close: $121,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $435k.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (55.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (49.6% below list).
• It's been on market 113 days — a 9% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (55.3% below list) — sets the bar for cash-flow.
• In year one you build about $46k of equity ($3k loan paydown + $43k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#294 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A, housing A; Watch: schools C-, employment C-, cost of living C-.
• Nooksack Valley School District (rural): math 59% / reading 65% proficiency, ranked #50 of 291 in WA (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 62 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• By year 2, paydown + projected appreciation supports a ~$75k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 113 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.