204 S Crosby St

Tekoa, WA 99033

$159,900C+

3 bd · 2.0 ba · 3,136 sqft · Built 1920 · SingleFamily · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,447/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$304
• Net cashflow: $161/mo
• Annual: $1,933/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.32%
• DSCR: 1.19
• 1% rule: 0.91%
• Cash to close: $44,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (9.5% below list).
• It's been on market 60 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (9.5% below list) — sets the bar for 1% rule.
• In year one you build about $1k of equity ($1k loan paydown + $370 appreciation (0.2% local appreciation)).
• Location reads 68/100 on livability (#270 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Tekoa School District (rural): math 45% / reading 65% proficiency, ranked #107 of 291 in WA (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 49 units permitted in Whitman County in 2024 (0 in 5+ unit buildings).
• Whitman County population projected at +57% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.