305 NE Fairground Ave

Battle Ground, WA 98604

$64,500B-

2 bd · 2.0 ba · 937 sqft · Built 1992 · Land · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,640/mo
• Mortgage (P&I): −$338
• Tax + insurance: −$108
• HOA: −$750
• Vac / Maint / Mgmt: −$344
• Net cashflow: $100/mo
• Annual: $1,196/yr
• Cap rate: 8.15%
• Cash-on-cash: 6.62%
• DSCR: 1.29
• 1% rule: 2.54%
• Cash to close: $18,060

Investor read

• This is a 2-bed/2.0-bath land listed at $64k.
• At list price, monthly cash flow is $100 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• It's been on market 44 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $446 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 90/100 on livability (#3 in WA, #93 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: cost of living D-.
• Battle Ground School District (suburban): math 48% / reading 60% proficiency, ranked #92 of 291 in WA (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tukes Valley Primary (515 students, 38% FRL); Tukes Valley Middle School (455 students, 36% FRL); Open Doors Battle Ground (15 students, 33% FRL).
• Watch-outs: HOA is 46% of rent.
• Market conditions: Rents rising fast (+4.0%/yr); 467 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 29y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $64k implies a 139% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $18k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.1% vs local median 2.8% in Battle Ground — 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.
• This rent is only 17% of the median local income ($112k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.