What's the catch with this deal? Why is it still available?

[Nick Pavlakis]

Hi BP members,

Although this is my first forum post, I've been listening to the podcast A LOT.

I live outside of the US, but I'm planning to move to Seattle (I am a software engineer) in a few months. I want to get involved in real estate, so I am analyzing all kinds of properties to get familiar with the process and the different markets and niches.

I recently ran into this: https://www.zillow.com/homes/for_sale/house,condo,...

(I don't mind sharing it - I won't get it anyway - so if it is truly a deal and a BP member can get it, all the better)

Details (read the Zillow description - the listing details are wrong): 

• Address: 6610 52nd Avenue Ct W, Graham, WA 98338
• 4 mobile homes for $156,000
• Each home is a 4bd/2ba with laundry
• Current tenants pay $1700 average rent per home
  
• Space rent is $700 per lot
  

The numbers (per month for all 4 homes):

Total gross rent: 4*1700 = 6800

Total lot rent: 4*700 = 2800

PITI: 860 (this is for the full $156,000, i.e. all 4 homes)

Vacancy - 15%: 1020

Property management - 10%: 680

Maintenance - 10%: 680

CapEx - 5%: 340

W/S/G (this is a wild guess - I have no clue): 4*50 = 200

Total expenses: 6580

Total cashflow: 220

I feel like I've been quite pessimistic with the estimations (e.g., 15% vacancy), and it still produces a positive cashflow. Considering that a buyer could possibly also negotiate a better price and/or pay cash and avoid the mortgage expenses since the amount is quite low compared to other properties in Washington state, it could be much more lucrative. I know that the area is a very cold market, but still...

What am I missing?