6062 Hwy 20 #62

Port Hadlock-Irondale, WA 98368

$99,500C+

1 bd · 1.0 ba · 728 sqft · Built 1984 · Manufactured · Pending · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,753/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$368
• Net cashflow: $698/mo
• Annual: $8,371/yr
• Cap rate: 14.71%
• Cash-on-cash: 30.05%
• DSCR: 2.34
• 1% rule: 1.76%
• Cash to close: $27,860

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $100k. Condition is rated good.
• At list price, monthly cash flow is $698 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 155 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Port Townsend School District (town): math 47% / reading 64% proficiency, ranked #101 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 204 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.
• 2 sale attempts; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.7% vs local median 1.8% in Port Hadlock-Irondale — 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 30% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.