176 Maple St

Camano, WA 98282

$412,000D

3 bd · 1.0 ba · 1,008 sqft · Built 1931 · SingleFamily · Pending · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,742/mo
• Mortgage (P&I): −$2,161
• Tax + insurance: −$446
• HOA: −$0
• Vac / Maint / Mgmt: −$576
• Net cashflow: $-440/mo
• Annual: $-5,278/yr
• Cap rate: 5.01%
• Cash-on-cash: -4.58%
• DSCR: 0.80
• 1% rule: 0.67%
• Cash to close: $115,360

Investor read

• This is a 3-bed/1.0-bath single-family listed at $412k.
• At list price, monthly cash flow is $-440 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $274k (33.4% below list).
• It's been on market 56 days — a 3% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $274k (33.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.9%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#293 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Stanwood-Camano School District (town): math 57% / reading 72% proficiency, ranked #32 of 291 in WA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elger Bay Elementary (355 students, 38% FRL); Port Susan Middle School (516 students, 34% FRL); Stanwood High School (1,332 students, 30% FRL).
• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 233 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• Current owner paid $81k; list at $412k implies a 407% gain — meaningful room to come down on a strong offer.
• Cap rate 5.0% vs local median 1.8% in Camano — 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 runs 31% of the median local income ($105k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 56 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.