415 Lakeview Unit B1

Martha Lake, WA 98087

$184,950B-

2 bd · 2.0 ba · 1,056 sqft · Built 1987 · Manufactured · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,264/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$475
• Net cashflow: $643/mo
• Annual: $7,712/yr
• Cap rate: 10.46%
• Cash-on-cash: 14.89%
• DSCR: 1.66
• 1% rule: 1.22%
• Cash to close: $51,786

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $185k.
• At list price, monthly cash flow is $643 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 29 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (1.5% 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 $6k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#44 in WA, #775 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: schools D, cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.2%/yr); 234 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $19k; list at $185k implies a 873% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $52k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 10.5% vs local median 2.0% in Martha Lake — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.