4806 Cushman Rd NE #104 · Olympia, WA 98506

$110,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 83 Days on market

Built 1979 Good condition $95/sqft · 31% below area Est $159k · 31% 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 +6.2/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy Northwest living in the highly desirable 55+ community of Seashore Villa, nestled in the Boston Harbor area of Olympia. This beautifully maintained double-wide manufactured home is in fantastic condition and offers 2 bedrooms and 1.75 bathrooms, including a spacious senior-accessible walk-in soaking tub for comfort and convenience. Enjoy a host of thoughtful upgrades throughout, including remodeled bathrooms, durable laminate hardwood flooring, and a cozy wood stove—perfect for relaxing year-round. The home is also wired for a generator, providing added peace of mind. Outside, you’ll find two covered parking spaces, a secure storage shed, and a fenced pet area. T

Key facts

• Secure storage shed
• Cozy wood stove
• Fenced pet area

Tags

• REMODELED BATHROOMS
• COZY WOOD STOVE
• WIRED FOR A GENERATOR
• COVERED PARKING SPACES
• SECURE STORAGE SHED
• FENCED PET AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $760 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 2.4% in Olympia — 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 83/100 on livability (#58 in WA, #1,036 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living D-.
• Olympia School District (urban): math 66% / reading 75% proficiency, ranked #17 of 291 in WA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising (+3.7%/yr); 150 active listings in the ZIP; solid renter incomes; 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 $761 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 + 3.7% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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 $20k; list at $110k implies a 453% gain — meaningful room to come down on a strong offer.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.75% ✓
• Cap rate: 14.58%
• Cash-on-cash: 29.60%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (median comp): $159,471
• List price: $110,000
• Delta: -31.02%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4805 Cushman Rd NE #61	0.27mi	2/2.0	1,104 (-4%)	0mo	$335,000	$303	80
4806 Cushman Rd NE #139	0.04mi	3/2.0 (+1)	1,188 (+3%)	11mo	$70,000	$59	79
4806 Cushman Rd NE #120	0.04mi	3/2.0 (+1)	1,269 (+10%)	8mo	$76,000	$60	70
4806 Cushman Rd NE #125	0.04mi	2/2.0	1,248 (+8%)	18mo	$36,500	$29	69
4805 Cushman Rd NE #63	0.27mi	2/2.0	1,232 (+7%)	12mo	$350,000	$284	66
4805 Cushman Rd NE #19	0.19mi	3/2.0 (+1)	1,080 (-6%)	14mo	$148,000	$137	64
4805 Cushman Rd NE #21	0.23mi	2/2.0	1,254 (+9%)	16mo	$159,000	$127	61

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 · 3.66% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.04×
• Total profit: $31,885
• Equity at exit: $16,401

10-year hold

• IRR: 33.1%
• Equity multiple: 4.10×
• Total profit: $95,548
• Equity at exit: $9,511

Cash invested: $30,800 (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 98506

• Rents YoY: 3.7%
• Active inventory: 150
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,924 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $760

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 56%

Sensitivity live

Price	-10% $836	-5% $798	+0% $760	+5% $722	+10% $684
Rent	-10% $608	-5% $684	+0% $760	+5% $836	+10% $912
Rate	-1.0pp $815	-0.5pp $788	base $760	+0.5pp $731	+1.0pp $702

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $110,000 Active 83 DOM
2. 2026-06-17
   days on market $110,000 Active 82 DOM
3. 2026-06-16
   days on market $110,000 Active 81 DOM
4. 2026-06-15
   days on market $110,000 Active 80 DOM
5. 2026-06-14
   days on market $110,000 Active 78 DOM
6. 2026-06-13
   days on market $110,000 Active 77 DOM
7. 2026-06-10
   days on market $110,000 Active 75 DOM
8. 2026-06-09
   days on market $110,000 Active 74 DOM
9. 2026-06-08
   days on market $110,000 Active 73 DOM
10. 2026-06-07
    days on market $110,000 Active 72 DOM
11. 2026-06-05
    days on market $110,000 Active 69 DOM
12. 2026-06-02
    days on market $110,000 Active 67 DOM
13. 2026-06-01
    days on market $110,000 Active 66 DOM
14. 2026-05-31
    days on market $110,000 Active 65 DOM
15. 2026-05-30
    days on market $110,000 Active 64 DOM
16. 2026-05-12
    price $110,000
17. 2026-03-27
    listed $115,000 Active
18. 2007-02-28
    soldstatus $19,900
19. 2007-01-11
    listed $19,900

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,089
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − Depreciation: −$3,200
• Taxable income: $7,833
• Est. tax owed @ 24.0%: −$1,880
• After-tax cash flow: $7,238/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained double-wide manufactured home in a desirable community offers a good investment opportunity with minimal repairs needed.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value
• Both Replace the front door — Improves security and aesthetics
• Both Install new windows — Better insulation and increased natural light

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Enhances curb appeal and value ↑
• Both Replace the front door — Improves security and aesthetics ↑
• Both Install new windows — Better insulation and increased natural light ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Olympia School District
• NCES district ID: 5306180
• Math proficiency: 66% ▼ -2.00%
• Reading proficiency: 75% ▼ -2.00%
• Median HH income: $63,852
• Composite: 62.27/100
• National rank: #1438
• State rank: #17 of 291 in WA

Livability — Olympia

• Score: 83/100
• State rank: #58
• US rank: #1036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Thurston County · 269,345 people
• City population: 98,428
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 18,497
• Household income: $91,596
• Rent vs Own: 33.7% rent · 66.3% own
• Severe rent burden: 924.0

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: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 9% Hispanic / Latino 5% Asian 5% Black 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 4% Romanian 4%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 2% German/W. Germanic 1% Vietnamese 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: ▼ -437.08%
• Current HPI: 363.2295
• Rent YoY: ▲ 3.66%
• 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

+452.8% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2026-03-27 Listed $115,000 NWMLS as Distributed by MLS Grid
• 2007-02-28 Sold (MLS) $19,900 NWMLS as Distributed by MLS Grid
• 2007-01-11 Listed $19,900 NWMLS as Distributed by MLS Grid