5400 Meeker Dr #93 · Kalama, WA 98625

$109,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 113 Days on market

Built 1985 $84/sqft · 17% below area Est $131k · 17% under ↓ 8% since listing

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Why this score? — see what drove the B+ 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 +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained one-level manufactured home in a desirable park, offering 3 bedrooms and 2 full baths with a bright, spacious feel throughout. High vaulted ceilings and skylights in the main living areas fill the home with natural light and enhance the open, airy layout.The open-concept living, dining, and kitchen areas create excellent flow for everyday living and entertaining. The living and dining rooms feature wall-to-wall carpet and ceiling fans for added comfort. The generously sized kitchen offers abundant storage, laminate flooring, and convenient access to the nearby laundry area.All bedrooms are spacious, including the primary suite with a private ensuite bath featuring a walk-in shower.Outside, enjoy a beautifully maintained, fully fenced yard with mature trees and a handy tool shed—perfect for gardening, relaxing, or extra storage. A wonderful opportunity for comfortable, low-maintenance living in a welcoming community.

Key facts

• Skylights
• Open-concept living
• Abundant storage

Tags

• HIGH VAULTED CEILINGS
• SKYLIGHTS
• OPEN-CONCEPT LIVING
• ABUNDANT STORAGE
• FULLY FENCED YARD
• MATURE TREES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $109k.

Deal economics

• At list price, monthly cash flow is $982 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $99k (9.0% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 1.9% in Kalama — 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 (#217 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, cost of living D+, amenities F.
• Kalama School District (rural): math 46% / reading 56% proficiency, ranked #124 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 150 active listings in the ZIP; 348 units permitted in Cowlitz County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Cowlitz County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% 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 113 days — a 9% lower offer ($99k) is reasonable based on typical stale-listing flexibility.

Recommended offer $99,190 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 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. 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.
5. 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.
6. 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: 1.91% ✓
• Cap rate: 17.10%
• Cash-on-cash: 38.60%
• DSCR: 2.72
• GRM: 4.4

CMA / ARV

• ARV (median comp): $130,630
• List price: $109,000
• Delta: -16.56%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5400 Meeker Dr #104	0.09mi	3/2.0	1,404 (+8%)	1mo	$125,000	$89	81
5400 Meeker Dr #64	0.06mi	2/2.0 (-1)	1,344 (+4%)	10mo	$130,100	$97	77
5452 Meeker Dr	0.22mi	3/2.0	1,423 (+10%)	3mo	$350,000	$246	71
5400 Meeker Dr #91	0.03mi	3/2.0	1,440 (+11%)	14mo	$166,450	$116	68
5400 Meeker Dr #28	0.02mi	2/2.0 (-1)	1,388 (+7%)	24mo	$142,500	$103	62
5400 Meeker Dr #40	0.11mi	2/2.0 (-1)	1,109 (-14%)	9mo	$110,000	$99	59
5400 Meeker #99	0.07mi	2/2.0 (-1)	1,168 (-10%)	22mo	$107,500	$92	57
5400 Meeker Dr #85	0.02mi	2/2.0 (-1)	1,460 (+13%)	20mo	$205,450	$141	56
5400 Meeker Dr	0.08mi	2/2.0 (-1)	1,450 (+12%)	20mo	$205,450	$142	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.7%
• Equity multiple: 2.47×
• Total profit: $44,832
• Equity at exit: $16,252

10-year hold

• IRR: 41.5%
• Equity multiple: 4.91×
• Total profit: $119,444
• Equity at exit: $9,424

Cash invested: $30,520 (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 98625

• Home prices YoY: -26.0%
• Active inventory: 150
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,082 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$46 /mo · $549/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $982

Break-even live

Break-even rent $839

Max offer price $109,000

Occupancy floor 48%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $109,000 Active 113 DOM
2. 2026-06-18
   days on market $109,000 Active 112 DOM
3. 2026-06-17
   days on market $109,000 Active 111 DOM
4. 2026-06-16
   days on market $109,000 Active 110 DOM
5. 2026-06-15
   days on market $109,000 Active 109 DOM
6. 2026-06-14
   days on market $109,000 Active 107 DOM
7. 2026-06-13
   days on market $109,000 Active 106 DOM
8. 2026-06-10
   days on market $109,000 Active 104 DOM
9. 2026-06-09
   days on market $109,000 Active 103 DOM
10. 2026-06-08
    days on market $109,000 Active 102 DOM
11. 2026-06-07
    days on market $109,000 Active 101 DOM
12. 2026-06-05
    days on market $109,000 Active 98 DOM
13. 2026-06-03
    days on market $109,000 Active 97 DOM
14. 2026-06-02
    days on market $109,000 Active 96 DOM
15. 2026-06-01
    days on market $109,000 Active 95 DOM
16. 2026-05-31
    days on market $109,000 Active 94 DOM
17. 2026-05-30
    days on market $109,000 Active 93 DOM
18. 2026-04-23
    price $109,000 951-char remark

    Show marketing remark (951 chars)

    Well-maintained one-level manufactured home in a desirable park, offering 3 bedrooms and 2 full baths with a bright, spacious feel throughout. High vaulted ceilings and skylights in the main living areas fill the home with natural light and enhance the open, airy layout.The open-concept living, dining, and kitchen areas create excellent flow for everyday living and entertaining. The living and dining rooms feature wall-to-wall carpet and ceiling fans for added comfort. The generously sized kitchen offers abundant storage, laminate flooring, and convenient access to the nearby laundry area.All bedrooms are spacious, including the primary suite with a private ensuite bath featuring a walk-in shower.Outside, enjoy a beautifully maintained, fully fenced yard with mature trees and a handy tool shed—perfect for gardening, relaxing, or extra storage. A wonderful opportunity for comfortable, low-maintenance living in a welcoming community.

19. 2026-02-26
    listed $119,000 Active 951-char remark

    Show marketing remark (951 chars)

    Well-maintained one-level manufactured home in a desirable park, offering 3 bedrooms and 2 full baths with a bright, spacious feel throughout. High vaulted ceilings and skylights in the main living areas fill the home with natural light and enhance the open, airy layout.The open-concept living, dining, and kitchen areas create excellent flow for everyday living and entertaining. The living and dining rooms feature wall-to-wall carpet and ceiling fans for added comfort. The generously sized kitchen offers abundant storage, laminate flooring, and convenient access to the nearby laundry area.All bedrooms are spacious, including the primary suite with a private ensuite bath featuring a walk-in shower.Outside, enjoy a beautifully maintained, fully fenced yard with mature trees and a handy tool shed—perfect for gardening, relaxing, or extra storage. A wonderful opportunity for comfortable, low-maintenance living in a welcoming community.

ⓘ 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: $549 · $46/mo
• Projected year-2 tax: $1,068 · $89/mo
• Expected delta: +$519/yr (+$43/mo · 94.6%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,978
• − Mortgage interest: −$6,106
• − Property taxes: −$549
• − Insurance: −$545
• − Repairs & maintenance: −$1,998
• − Management: −$1,998
• − Depreciation: −$3,171
• Taxable income: $10,611
• Est. tax owed @ 24.0%: −$2,547
• After-tax cash flow: $9,233/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: Kalama School District
• NCES district ID: 5303810
• Math proficiency: 46% ▲ 3.00%
• Reading proficiency: 56% ▼ -2.00%
• Median HH income: $62,351
• Composite: 46.75/100
• National rank: #5238
• State rank: #124 of 291 in WA

Livability — Kalama

• Score: 72/100
• State rank: #217
• US rank: #6179

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kalama, WA
• Population (ZIP): 7,020

Population outlook (Cowlitz County) Hauer SSP2

• Today (2025): 104,780 people
• By 2030: 103,980 · -0.8%
• By 2040: 100,769 · -3.8%
• By 2050: 96,685 · -7.7%
• By 2075: 86,454 · -17.5%
• By 2100: 74,052 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 9% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 7% Iranian 5% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5% Russian/Polish/Slavic 1%

Political lean MEDSL · Cowlitz

• 2024 margin: R (+19.9) · D 38.7% · R 58.6% · Other 2.7%
• 2008→2024 swing: -31.1pp toward R · 2008: 11.2pp · 2024: -19.9pp
• All cycles: 2024: R+19.9 2020: R+17.4 2016: R+13.7 2012: D+4.4 2008: D+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.34%
• Current HPI: 253.7882
• 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

-8.4% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $109,000 RMLS
• 2026-02-26 Listed $119,000 RMLS

Property tax history

+54.8%/yr

Latest (2024): $549 · -3.0% YoY. Source: county tax records.