35118 311th Pl NE

Swede Heaven, WA 98223

$280,000D

2 bd · 1.0 ba · 1,402 sqft · Built 1924 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,225/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$205
• HOA: −$95
• Vac / Maint / Mgmt: −$467
• Net cashflow: $-11/mo
• Annual: $-130/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.17%
• DSCR: 0.99
• 1% rule: 0.79%
• Cash to close: $78,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $280k.
• At list price, monthly cash flow is $-11 ($-130/yr) — negative.
• To cash-flow at today's rent, offer at most $278k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (20.5% below list).
• It's been on market 42 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (20.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#483 in WA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, housing A+; Watch: health & safety C-, cost of living D+, amenities F.
• Darrington School District (rural): math 44% / reading 54% proficiency, ranked #155 of 291 in WA (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Darrington Elementary School (326 students, 64% FRL); Darrington High School (120 students, 48% FRL).
• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.8%/yr); 279 active listings in the ZIP; 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.
• 3 sale attempts since 21y 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 $175k; list at $280k implies a 60% gain — meaningful room to come down on a strong offer.

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 42 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.