5250 College St SE #19 · Lacey, WA 98503

$89,900

3 bd · 2.0 ba · 1,540 sqft · Manufactured public records · 96 Days on market

Built 1990 $58/sqft · 28% below area Est $124k · 28% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable living in desirable Emerald Park 55+ community. Larger 3-bed floor plan on private lot located at back of neighborhood, offers secluded backyard. Living area has an open layout with vaulted ceiling, great natural light from abundance of windows, a generous sized kitchen and plenty of cabinet storage throughout. Primary master suite w/ oversized soaking tub. Newer exterior paint. Tandem covered carport w/ storage shed & entry through laundry/utility room. Heat pump for heating/cooling. One of the lowest park rents in town at $682/mo. Being sold as-is by the estate - Freshen up and gain equity with recent park sales between $140-$155k!

Key facts

• Private lot
• Vaulted ceiling
• Natural light

Tags

• PRIVATE LOT
• SECLUDED BACKYARD
• OPEN LAYOUT
• VAULTED CEILING
• NATURAL LIGHT
• GENEROUS SIZED KITCHEN

🏷️ Possibly a rental listed for sale. The $89,900 price doesn't fit this home's estimated sale value (~$124,200) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.2% vs local median 3.0% in Lacey — 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 85/100 on livability (#33 in WA, #581 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D+.
• North Thurston Public Schools (suburban): math 51% / reading 62% proficiency, ranked #80 of 291 in WA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.6%/yr); 192 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• This rent runs 36% of the median local income ($89k/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 $622 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $90k implies a 196% gain — meaningful room to come down on a strong offer.

Recommended offer $81,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 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: 2.98% ✓
• Cap rate: 26.17%
• Cash-on-cash: 70.98%
• DSCR: 4.16
• GRM: 2.8

CMA / ARV

• ARV (median comp): $124,200
• List price: $89,900
• Delta: -27.62%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5250 College St SE #18	0.02mi	3/2.0	1,680 (+9%)	6mo	$140,000	$83	79
5231 Mountain Greens Ln SE #292	0.19mi	3/2.0	1,456 (-6%)	5mo	$129,950	$89	78
5250 College St SE #29	0.09mi	3/2.0	1,722 (+12%)	6mo	$75,000	$44	71
5305 Yakima Ln SE	0.31mi	3/2.0	1,440 (-6%)	8mo	$75,000	$52	68
5250 College St SE #26	0.07mi	2/2.0 (-1)	1,325 (-14%)	4mo	$123,400	$93	66
5212 Yakima Ln SE #104	0.33mi	2/2.0 (-1)	1,434 (-7%)	6mo	$100,000	$70	63
5514 Asotin Ln SE	0.28mi	3/2.0	1,344 (-13%)	4mo	$125,000	$93	63
5506 Yakima Ln SE	0.35mi	3/2.0	1,568 (+2%)	23mo	$135,000	$86	61
5516 SE Mt Green Ln	0.31mi	3/2.0	1,440 (-6%)	23mo	$118,000	$82	55

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 · 3.56% rent growth · sell at horizon

5-year hold

• IRR: 71.2%
• Equity multiple: 4.25×
• Total profit: $81,821
• Equity at exit: $13,404

10-year hold

• IRR: 75.3%
• Equity multiple: 8.94×
• Total profit: $199,835
• Equity at exit: $7,773

Cash invested: $25,172 (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 98503

• Rents YoY: 3.6%
• Active inventory: 192
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $2,680 high
• Mortgage (P&I): −$471
• Tax from tax record: −$119 /mo · $1,432/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $1,489

Break-even live

Break-even rent $795

Max offer price $89,900

Occupancy floor 39%

Sensitivity live

Price	-10% $1,540	-5% $1,514	+0% $1,489	+5% $1,463	+10% $1,438
Rent	-10% $1,277	-5% $1,383	+0% $1,489	+5% $1,595	+10% $1,701
Rate	-1.0pp $1,534	-0.5pp $1,512	base $1,489	+0.5pp $1,466	+1.0pp $1,442

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5241 52nd Way SE Lacey, WA	4.0	2.5	2204	$3,100	$1.41	22d	1	0.11mi
4625 45th Ave SE Lacey, WA	1.0–3.0	1.0–3.0	975	$2,485	$2.55	15d	21	0.39mi
4533 Stonegate St SE Lacey, WA	3.0	2.5	1868	$2,695	$1.44	45d	1	0.50mi
4566 Beckonridge Loop SE Lacey, WA	3.0	2.5	1648	$2,595	$1.57	45d	1	0.57mi
4820 41st Ln SE Lacey, WA	3.0	2.5	1716	$2,395	$1.40	15d	1	0.60mi
5208 43rd Ct SE Lacey, WA	4.0	2.5	2036	$2,700	$1.33	45d	1	0.61mi
5649 46th Ln SE Lacey, WA	3.0	3.0	1100	$2,300	$2.09	22d	1	0.62mi
5301 Ivy Hill Ln SE Lacey, WA	2.0	2.0	1361	$2,495	$1.83	45d	1	0.63mi
5216 Ivy Hill Ln SE Lacey, WA	2.0	2.0	1361	$2,595	$1.91	15d	1	0.65mi
5207 65th Ave SE Olympia, WA	3.0	2.0	1546	$2,695	$1.74	15d	1	0.84mi
6029 54th Ct SE Lacey, WA	3.0	2.0	1558	$2,395	$1.54	15d	1	0.85mi
6031 Thornbury Pl SE Lacey, WA	3.0	2.5	1720	$2,749	$1.60	15d	1	0.91mi
6736 Bailey St SE Lacey, WA	4.0	2.5	2148	$3,050	$1.42	22d	1	0.98mi
5916 Illinois Ln SE Lacey, WA	3.0	3.0	1580	$2,600	$1.65	45d	1	1.00mi
3725 Wildspitz Ln SE Lacey, WA	3.0–4.0	3.0	1774	$2,695	$1.52	45d	4	1.02mi
5407 Komachin Loop SE Lacey, WA	3.0	2.0	1590	$2,500	$1.57	22d	1	1.08mi
6949 Stone St SE Olympia, WA	3.0	2.0	1712	$2,795	$1.63	22d	1	1.08mi
7053 Radius Loop SE Lacey, WA	4.0	2.5	2194	$2,995	$1.37	22d	1	1.15mi
3622 57th Ln SE Olympia, WA	2.0	2.0	1156	$1,999	$1.73	15d	1	1.16mi
3539 Landview Dr SE Olympia, WA	1.0–3.0	1.0–2.0	1314	$2,895	$2.20	15d	19	1.19mi
3425 Polo Club Ln SE Olympia, WA	1.0–3.0	1.0–2.0	934	$2,329	$2.49	15d	9	1.29mi
7181 Radius Loop SE Lacey, WA	4.0	2.5	2130	$2,900	$1.36	15d	1	1.30mi
6720 Alder Glen Dr SE Olympia, WA	4.0	2.0	1548	$3,600	$2.33	45d	1	1.30mi
5905 Cherokee Loop SE Lacey, WA	3.0	2.5	1570	$2,500	$1.59	45d	1	1.30mi

Listing history 29 events

1. 2026-06-21
   days on market $89,900 Active 96 DOM
2. 2026-06-18
   days on market $89,900 Active 93 DOM
3. 2026-06-17
   days on market $89,900 Active 92 DOM
4. 2026-06-16
   days on market $89,900 Active 91 DOM
5. 2026-06-15
   days on market $89,900 Active 90 DOM
6. 2026-06-14
   days on market $89,900 Active 88 DOM
7. 2026-06-13
   days on market $89,900 Active 87 DOM
8. 2026-06-10
   days on market $89,900 Active 85 DOM
9. 2026-06-09
   days on market $89,900 Active 84 DOM
10. 2026-06-08
    days on market $89,900 Active 83 DOM
11. 2026-06-07
    days on market $89,900 Active 82 DOM
12. 2026-06-03
    days on market $89,900 Active 78 DOM
13. 2026-06-02
    pricedays on market $89,900 Active 77 DOM
14. 2026-06-01
    days on market $99,900 Active 76 DOM
15. 2026-05-31
    days on market $99,900 Active 75 DOM
16. 2026-05-30
    days on market $99,900 Active 74 DOM
17. 2026-04-01
    price $99,900
18. 2026-03-17
    listed $110,000 Active
19. 2010-10-15
    soldstatus $30,400 Sold
20. 2010-09-29
    status Pending Inspection
21. 2010-09-12
    price $37,900
22. 2010-07-30
    price $39,900 Active
23. 2010-07-30
    status Active
24. 2010-07-23
    price $45,000
25. 2010-05-26
    historical Contingent
26. 2010-05-11
    price $55,900
27. 2010-04-17
    listed $58,900 Active
28. 2004-01-09
    soldstatus $45,000
29. 2003-11-07
    listed $45,000

ⓘ 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: $1,432 · $119/mo
• Projected year-2 tax: $1,432 · $119/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 ≥88°F today · 14 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: $32,158
• − Mortgage interest: −$5,036
• − Property taxes: −$1,432
• − Insurance: −$450
• − Repairs & maintenance: −$2,573
• − Management: −$2,573
• − Depreciation: −$2,615
• Taxable income: $17,480
• Est. tax owed @ 24.0%: −$4,195
• After-tax cash flow: $13,671/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: North Thurston Public Schools
• NCES district ID: 5305850
• Math proficiency: 51% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $62,338
• Composite: 51.09/100
• National rank: #3798
• State rank: #80 of 291 in WA

Livability — Lacey

• Score: 85/100
• State rank: #33
• US rank: #581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lacey, WA
• County: Thurston County · 269,345 people
• City population: 108,850
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 41,656
• Household income: $89,002
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 2195.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 65% Two or more races 12% Hispanic / Latino 12% Asian 7% Black 5% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Portuguese 4% Slovak 3% Lithuanian 3%
• Foreign-born: 10% · Canada, Vietnam, South Korea
• Languages at home: 82% English-only · Spanish 6% German/W. Germanic 3% Other Asian/Pacific 2%

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: ▼ -385.93%
• Current HPI: 361.0974
• Rent YoY: ▲ 3.56%
• Metro: Olympia-Lacey-Tumwater, 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

+122.0% since first listed

13 events — show timeline

• 2026-04-01 Price Changed $99,900 NWMLS as Distributed by MLS Grid
• 2026-03-17 Listed $110,000 NWMLS as Distributed by MLS Grid
• 2010-10-15 Sold (MLS) $30,400 NWMLS as Distributed by MLS Grid
• 2010-09-29 Pending — NWMLS as Distributed by MLS Grid
• 2010-09-12 Price Changed $37,900 NWMLS as Distributed by MLS Grid
• 2010-07-30 Relisted — NWMLS as Distributed by MLS Grid
• 2010-07-30 Price Changed $39,900 NWMLS as Distributed by MLS Grid
• 2010-07-23 Price Changed $45,000 NWMLS as Distributed by MLS Grid
• 2010-05-26 Contingent — NWMLS as Distributed by MLS Grid
• 2010-05-11 Price Changed $55,900 NWMLS as Distributed by MLS Grid
• 2010-04-17 Listed $58,900 NWMLS as Distributed by MLS Grid
• 2004-01-09 Sold (MLS) $45,000 NWMLS as Distributed by MLS Grid
• 2003-11-07 Listed $45,000 NWMLS as Distributed by MLS Grid

Property tax history

+7.3%/yr

Latest (2026): $1,432 · +9.2% YoY. Source: county tax records.