1632 Henkle St

Raymond, WA 98577

$249,900C-

5 bd · 3.0 ba · 3,096 sqft · Built 1910 · SingleFamily · Active · 156 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,078/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$312
• HOA: −$0
• Vac / Maint / Mgmt: −$436
• Net cashflow: $19/mo
• Annual: $231/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• 1% rule: 0.83%
• Cash to close: $69,972

Investor read

• This is a 5-bed/3.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $19 ($231/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 $208k (16.9% below list).
• It's been on market 156 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $208k (16.9% 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 $7k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#212 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, commute F.
• Raymond School District (rural): math 30% / reading 48% proficiency, ranked #231 of 291 in WA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 91 active listings in the ZIP; 90 units permitted in Pacific County in 2024 (0 in 5+ unit buildings).
• Pacific County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 4.0% in Raymond — 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

• It's been on market 156 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.