11453 Bayview Edison Rd #16

Bay View, WA 98273

$182,500C+

2 bd · 2.0 ba · 1,344 sqft · Built 2015 · Manufactured · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,006/mo
• Mortgage (P&I): −$957
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$421
• Net cashflow: $324/mo
• Annual: $3,882/yr
• Cap rate: 8.42%
• Cash-on-cash: 7.60%
• DSCR: 1.34
• 1% rule: 1.10%
• Cash to close: $51,100

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $182k.
• At list price, monthly cash flow is $324 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $182k).
• It's been on market 32 days — a 3% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#281 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, amenities F, cost of living F.
• Burlington-Edison School District (suburban): math 32% / reading 42% proficiency, ranked #229 of 291 in WA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bay View Elementary (409 students, 47% FRL); Burlington Edison High School (1,139 students, 58% FRL).
• Market conditions: Rents rising (+2.3%/yr); 203 active listings in the ZIP; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 31% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.