10029 Whitecap Dr NE

Olympia, WA 98502

$359,900D

2 bd · 2.0 ba · 1,248 sqft · Built 1979 · Manufactured · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,217/mo
• Mortgage (P&I): −$1,887
• Tax + insurance: −$354
• HOA: −$122
• Vac / Maint / Mgmt: −$466
• Net cashflow: $-613/mo
• Annual: $-7,351/yr
• Cap rate: 4.25%
• Cash-on-cash: -7.29%
• DSCR: 0.68
• 1% rule: 0.62%
• Cash to close: $100,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $360k.
• At list price, monthly cash flow is $-613 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (30.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (38.4% below list).
• It's been on market 53 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (38.4% below list) — sets the bar for 1% rule.
• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• 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-.
• Griffin School District (suburban): math 59% / reading 68% proficiency, ranked #28 of 291 in WA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Griffin School (577 students, 23% FRL).
• Market conditions: Rents rising (+3.2%/yr); 306 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $265k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.3% 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.

Questions for listing agent

• 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?
• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?