1320 N Oak Harbor St #1 · Oak Harbor, WA 98277

$175,000

4 bd · 2.0 ba · 1,506 sqft · Manufactured public records · 116 Days on market

Built 1995 $116/sqft · 134% above area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Easy living awaits in this fun-loving community on Whidbey Island. Just bring your furniture and personal belongings — this beautifully remodeled home is truly move-in ready. Thoughtful updates shine throughout, including new flooring, appliances, plumbing, electrical, and fresh paint, giving the home a clean, modern feel from the moment you step inside. Start your mornings with sunrise and breakfast on the oversized back deck, a perfect spot to relax and enjoy the peaceful surroundings. The easy-flow kitchen offers generous counter space and room for a dining nook or a convenient work-from-home setup. The open floor plan makes entertaining effortless, whether you're hosting friends o

Key facts

• Open floor plan
• Oversized back deck
• Double closets

Tags

• REMODELED QUALITY HOME
• OVERSIZED BACK DECK
• EASY-FLOW KITCHEN
• OPEN FLOOR PLAN
• PRIMARY SUITE
• DOUBLE CLOSETS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 2.7% in Oak Harbor — 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.

Location & tenants

• Location reads 77/100 on livability (#149 in WA, #3,120 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing A; Watch: amenities D+, cost of living D+.
• Oak Harbor School District (town): math 49% / reading 61% proficiency, ranked #98 of 291 in WA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.4%/yr); 278 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 89% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• This rent runs 39% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.

Recommended offer $159,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 13.93%
• Cash-on-cash: 27.27%
• DSCR: 2.21
• GRM: 5.4

CMA / ARV

• ARV (median comp): $75,000
• List price: $175,000
• Delta: 133.33%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1320 Oak Harbor St #190	0.00mi	3/2.0 (-1)	1,344 (-11%)	7mo	$40,000	$30	72
700 NW Crosby Ave #19	0.73mi	3/2.0 (-1)	1,404 (-7%)	1mo	$100,000	$71	49
225 NE Ernst St #99	0.64mi	3/2.0 (-1)	1,440 (-4%)	15mo	$80,000	$56	46
2890 N Oak Harbor Rd #7	0.33mi	3/2.0 (-1)	1,296 (-14%)	16mo	$110,000	$85	43
700 NW Crosby Ave #82	0.73mi	3/2.0 (-1)	1,433 (-5%)	15mo	$80,000	$56	40
225 NE Ernst St #70	0.61mi	3/2.0 (-1)	1,344 (-11%)	12mo	$85,000	$63	38
700 NW Crosby Ave #54	0.73mi	3/2.0 (-1)	1,296 (-14%)	3mo	$22,000	$17	35
225 NE Ernst St #94	0.64mi	3/2.0 (-1)	1,344 (-11%)	22mo	$59,900	$45	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.36% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.00×
• Total profit: $49,073
• Equity at exit: $26,093

10-year hold

• IRR: 32.9%
• Equity multiple: 4.31×
• Total profit: $162,078
• Equity at exit: $15,131

Cash invested: $49,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98277

• Rents YoY: 5.4%
• Active inventory: 278
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,705 high
• Mortgage (P&I): −$918
• Tax from tax record: −$32 /mo · $389/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$568
• Net cashflow: $1,114

Break-even live

Break-even rent $1,295

Max offer price $175,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,213	-5% $1,163	+0% $1,114	+5% $1,064	+10% $1,015
Rent	-10% $900	-5% $1,007	+0% $1,114	+5% $1,221	+10% $1,327
Rate	-1.0pp $1,202	-0.5pp $1,158	base $1,114	+0.5pp $1,068	+1.0pp $1,022

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 NE 10th Ave Unit I2 [[?]180] Oak Harbor, WA	3.0	2.5	1784	$2,800	$1.57	45d	1	0.25mi
120 NE 10th Ave Unit I1 [[?]180] Oak Harbor, WA	3.0	2.5	1784	$2,900	$1.63	45d	1	0.25mi
563 NE Kettle St Unit A2 Oak Harbor, WA	3.0	2.5	1241	$2,415	$1.95	45d	1	0.63mi
300 N Oak Harbor St Unit B102 Oak Harbor, WA	3.0	2.0	1284	$2,015	$1.57	45d	1	0.65mi
790 NW Dory Dr Oak Harbor, WA	3.0	2.0	1344	$2,415	$1.80	45d	1	0.70mi
1205 NW Crosby Ave Oak Harbor, WA	3.0	2.5	1766	$2,600	$1.47	45d	1	0.92mi
1518 NW 9th Pl Oak Harbor, WA	3.0	2.0	1167	$2,415	$2.07	22d	1	1.11mi
650 SW 4th Ave Oak Harbor, WA	3.0	2.0	1640	$2,415	$1.47	45d	1	1.14mi
1282 NW Lanyard Loop #2 Oak Harbor, WA	3.0	2.5	1330	$2,315	$1.74	45d	1	1.22mi

Listing history 4 events

1. 2026-05-06
   status Pending
2. 2026-03-23
   historical $865
3. 2026-03-21
   listed $865
4. 2026-02-25
   price $175,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $389 · $32/mo
• Projected year-2 tax: $1,715 · $143/mo
• Expected delta: +$1,326/yr (+$110/mo · 340.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥78°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,457
• − Mortgage interest: −$9,803
• − Property taxes: −$389
• − Insurance: −$875
• − Repairs & maintenance: −$2,597
• − Management: −$2,597
• − Depreciation: −$5,091
• Taxable income: $11,106
• Est. tax owed @ 24.0%: −$2,665
• After-tax cash flow: $10,699/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Oak Harbor School District
• NCES district ID: 5305940
• Math proficiency: 49% ▲ 1.00%
• Reading proficiency: 61% ▲ 1.00%
• Median HH income: $53,606
• Composite: 49.07/100
• National rank: #4427
• State rank: #98 of 291 in WA

Livability — Oak Harbor

• Score: 77/100
• State rank: #149
• US rank: #3120

Category grades

Amenities D+ Commute A- Cost of living D+ Crime A+ Employment C Housing A Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oak Harbor, WA
• County: Island County · 71,196 people
• City population: 40,917
• Metro: Oak Harbor, WA
• Population (ZIP): 40,917
• Household income: $83,253
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 1359.0

Population outlook (Island County) Hauer SSP2

• Today (2025): 82,019 people
• By 2030: 81,329 · -0.8%
• By 2040: 78,552 · -4.2%
• By 2050: 77,042 · -6.1%
• By 2075: 80,799 · -1.5%
• By 2100: 84,451 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Two or more races 14% Hispanic / Latino 12% Asian 8% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 4% Slovak 3% Iranian 3%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 5% Tagalog/Filipino 4% Other Asian/Pacific 1%

Political lean MEDSL · Island

• 2024 margin: D (+16.6) · D 56.8% · R 40.3% · Other 2.9%
• 2008→2024 swing: +10.3pp toward D · 2008: 6.2pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+12.0 2016: D+5.9 2012: D+4.4 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -608.47%
• Current HPI: 188.2874
• Rent YoY: ▲ 5.36%
• Metro: Oak Harbor, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

4 events — show timeline

• 2026-05-06 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-23 Rental Removed $865 APPFOLIO
• 2026-03-21 Listed for Rent $865 APPFOLIO
• 2026-02-25 Price Changed $175,000 NWMLS as Distributed by MLS Grid

Property tax history

+1.0%/yr

Latest (2026): $389 · +69.0% YoY. Source: county tax records.