142 Wichman St S · Tenino, WA 98589

$319,000

2 bd · 1.0 ba · 1,044 sqft · SingleFamily public records · 86 Days on market

Built 1952 9,176 sqft lot $306/sqft · 11% below area Est $357k · 11% under

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Why this score? — see what drove the D 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).

• ARV discount +12.3/15.0
• Cash flow +11.0/30.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• DSCR +3.2/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2 bed, 1 bath 1950s rambler in the heart of Tenino! Step into a bright, open living room with a cozy wood stove and new heat pump for year-round comfort. Enjoy spacious closets in both bedrooms, a linen closet, and extra storage in the large bathroom. The partially fenced yard offers privacy, plus a wood shed and attached 1-car garage. Includes a security system. Conveniently located within walking distance to downtown, parks, and schools—this home is ready for you to make it your own. Zoned Commercial (Professional Office Overlay)/Residential.

Key facts

• New heat pump
• Security system
• Spacious closets

Tags

• NEW HEAT PUMP
• SPACIOUS CLOSETS
• FULLY FENCED YARD
• SECURITY SYSTEM
• WALKING DISTANCE TO DOWNTOWN
• ZONED COMMERCIAL RESIDENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $319k.

Deal economics

• At list price, monthly cash flow is $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $296k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $245k (23.2% below list).
• Recommended offer: $245k (23.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 2.4% in Tenino — 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 72/100 on livability (#218 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: employment C-, amenities D+, commute F.
• Tenino School District (rural): math 42% / reading 59% proficiency, ranked #135 of 291 in WA (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Parkside Elementary (296 students, 51% FRL); Tenino Middle School (334 students, 56% FRL); Tenino High School (375 students, 46% FRL).
• Market conditions: 62 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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 $225k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $245,000 (23.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.77% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.78%
• DSCR: 0.92
• GRM: 10.9

CMA / ARV

• ARV (median comp): $357,225
• List price: $319,000
• Delta: -10.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
158 Wichman St N	0.10mi	2/1.0	1,066 (+2%)	10mo	$330,000	$310	84
338 Wichman St S	0.21mi	3/1.0 (+1)	1,092 (+5%)	1mo	$340,000	$311	77
198 Olympia St N	0.31mi	2/1.0	1,020 (-2%)	8mo	$245,000	$240	75
179 McClellan St SE	0.10mi	3/2.0 (+1)	1,044 (0%)	21mo	$419,000	$401	69
389 Greene St S	0.35mi	2/2.0	1,024 (-2%)	14mo	$344,000	$336	65
162 McClellan St SE	0.07mi	3/1.0 (+1)	1,112 (+6%)	23mo	$340,000	$306	62
148 Ragless St S	0.59mi	2/1.0	1,052 (+1%)	12mo	$369,000	$351	61
498 Huston St S	0.42mi	3/2.0 (+1)	1,072 (+3%)	10mo	$387,000	$361	58
125 Lincoln Ave W	0.34mi	1/1.0 (-1)	1,052 (+1%)	23mo	$300,000	$285	58
159 McArthur St S	0.04mi	3/1.0 (+1)	1,180 (+13%)	22mo	$370,000	$314	53
648 Huston St S	0.58mi	3/1.0 (+1)	1,086 (+4%)	10mo	$370,000	$341	53
357 Sussex Ave E	0.49mi	2/1.0	1,200 (+15%)	6mo	$212,000	$177	47

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.33×
• Total profit: $-60,158
• Equity at exit: $47,564

10-year hold

• IRR: -11.9%
• Equity multiple: 0.29×
• Total profit: $-63,417
• Equity at exit: $27,581

Cash invested: $89,320 (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 98589

• Home prices YoY: -22.3%
• Active inventory: 62
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,450 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$262 /mo · $3,143/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $-132

Break-even live

Break-even rent $2,617

Max offer price $295,648

Occupancy floor —

Sensitivity live

Price	-10% $48	-5% $-42	+0% $-132	+5% $-222	+10% $-313
Rent	-10% $-326	-5% $-229	+0% $-132	+5% $-35	+10% $61
Rate	-1.0pp $28	-0.5pp $-51	base $-132	+0.5pp $-215	+1.0pp $-299

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
447 Sussex Ave W Tenino, WA	3.0	1.0	1402	$2,450	$1.75	15d	1	0.14mi

Listing history 33 events

1. 2026-06-21
   days on market $319,000 Active 86 DOM
2. 2026-06-18
   days on market $319,000 Active 83 DOM
3. 2026-06-17
   days on market $319,000 Active 82 DOM
4. 2026-06-16
   days on market $319,000 Active 81 DOM
5. 2026-06-15
   days on market $319,000 Active 80 DOM
6. 2026-06-14
   days on market $319,000 Active 78 DOM
7. 2026-06-13
   days on market $319,000 Active 77 DOM
8. 2026-06-10
   days on market $319,000 Active 75 DOM
9. 2026-06-09
   days on market $319,000 Active 74 DOM
10. 2026-06-08
    days on market $319,000 Active 73 DOM
11. 2026-06-07
    pricedays on market $319,000 Active 72 DOM
12. 2026-06-02
    days on market $328,000 Active 67 DOM
13. 2026-06-01
    days on market $328,000 Active 66 DOM
14. 2026-05-31
    days on market $328,000 Active 65 DOM
15. 2026-05-30
    days on market $328,000 Active 64 DOM
16. 2026-05-05
    price $328,000
17. 2026-04-14
    status Active
18. 2026-04-05
    status Pending - Backup Offer Requested
19. 2026-03-04
    status Pending
20. 2026-02-13
    listed $330,000 Active
21. 2019-07-19
    soldstatus $225,000 Sold
22. 2019-07-19
    soldstatus $225,000
23. 2019-06-19
    status Pending
24. 2019-06-13
    listed $213,000 Active
25. 2014-05-23
    soldstatus $120,000 Sold
26. 2014-05-23
    soldstatus $120,000
27. 2014-05-07
    status Pending
28. 2014-04-30
    status Pending Inspection
29. 2014-02-28
    price $125,000 Active
30. 2014-02-28
    status Active
31. 2014-01-01
    historical Expired
32. 2013-09-06
    price $129,900
33. 2013-07-23
    listed $134,900 Active

ⓘ 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: $3,143 · $262/mo
• Projected year-2 tax: $3,143 · $262/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,400
• − Mortgage interest: −$17,869
• − Property taxes: −$3,143
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,352
• − Management: −$2,352
• − Depreciation: −$9,280
• Taxable loss: −$7,191
• Est. tax savings @ 24.0%: +$1,726
• After-tax cash flow: $140/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: Tenino School District
• NCES district ID: 5308820
• Math proficiency: 42% ▲ 5.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $59,918
• Composite: 46.11/100
• National rank: #5471
• State rank: #135 of 291 in WA

Livability — Tenino

• Score: 72/100
• State rank: #218
• US rank: #6234

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tenino, WA
• Population (ZIP): 7,296

Population outlook (Thurston County) Hauer SSP2

• Today (2025): 308,239 people
• By 2030: 326,483 · +5.9%
• By 2040: 359,890 · +16.8%
• By 2050: 391,800 · +27.1%
• By 2075: 468,024 · +51.8%
• By 2100: 519,890 · +68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 9% Hispanic / Latino 5% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 4% Portuguese 4% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Thurston

• 2024 margin: Strong D (+20.4) · D 58.5% · R 38.1% · Other 3.5%
• 2008→2024 swing: -1.3pp toward R · 2008: 21.7pp · 2024: 20.4pp
• All cycles: 2024: D+20.4 2020: D+18.6 2016: D+15.4 2012: D+19.0 2008: D+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -104.48%
• Current HPI: 364.8084
• Rent YoY: —
• Metro: —
• 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

+143.1% since first listed

18 events — show timeline

• 2026-05-05 Price Changed $328,000 NWMLS as Distributed by MLS Grid
• 2026-04-14 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-05 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-04 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-13 Listed $330,000 NWMLS as Distributed by MLS Grid
• 2019-07-19 Sold (Public Records) $225,000 Public Records
• 2019-07-19 Sold (MLS) $225,000 NWMLS as Distributed by MLS Grid
• 2019-06-19 Pending — NWMLS as Distributed by MLS Grid
• 2019-06-13 Listed $213,000 NWMLS as Distributed by MLS Grid
• 2014-05-23 Sold (Public Records) $120,000 Public Records
• 2014-05-23 Sold (MLS) $120,000 NWMLS as Distributed by MLS Grid
• 2014-05-07 Pending — NWMLS as Distributed by MLS Grid
• 2014-04-30 Pending — NWMLS as Distributed by MLS Grid
• 2014-02-28 Relisted — NWMLS as Distributed by MLS Grid
• 2014-02-28 Price Changed $125,000 NWMLS as Distributed by MLS Grid
• 2014-01-01 Delisted — NWMLS as Distributed by MLS Grid
• 2013-09-06 Price Changed $129,900 NWMLS as Distributed by MLS Grid
• 2013-07-23 Listed $134,900 NWMLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2026): $3,143 · +25.5% YoY. Source: county tax records.