3211 W Wapato Dr #56 · Moses Lake, WA 98837

$79,900

3 bd · 2.0 ba · 936 sqft · Manufactured public records · 60 Days on market

Built 1997 $85/sqft · at area comps Est $77k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.8/15.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

WHY PAY RENT WHEN YOU CAN BUY a hidden treasure and own property that features easy living in an affordable three bedrooms, two bathrooms double wide home that gives you independent living and all the benefits of a managed park, a covered carport for your car, fully automatic sprinkled lawn, wonderful garden area all set up for flowers and fresh produce with grapes. and a shop for your tools and extra storage. This is all in a completely fenced yard for you and pets with no age limit and special financing being offered

Key facts

• Covered carport
• Shop for tools
• Built 1997

Tags

• COVERED CARPORT
• FULLY AUTOMATIC SPRINKLED LAWN
• WONDERFUL GARDEN AREA
• SHOP FOR TOOLS
• COMPLETELY FENCED YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $779 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.0% vs local median 3.3% in Moses Lake — 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 75/100 on livability (#170 in WA, #4,228 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities A-; Watch: employment C-, schools D+, crime F.
• Moses Lake School District (town): math 38% / reading 48% proficiency, ranked #198 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.7%/yr); 585 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
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: 1.99% ✓
• Cap rate: 17.99%
• Cash-on-cash: 41.78%
• DSCR: 2.86
• GRM: 4.2

CMA / ARV

• ARV (median comp): $77,000
• List price: $79,900
• Delta: 3.77%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3211 W Wapato Dr #24	0.00mi	3/1.5	936 (0%)	8mo	$48,000	$51	91
140 3010 W Peninsula Drive #140	0.22mi	2/2.0 (-1)	938 (+0%)	1mo	$77,000	$82	83
3010 W Peninsula Dr #132	0.27mi	2/2.0 (-1)	924 (-1%)	8mo	$50,000	$54	74
3010 W Peninsula Dr #104	0.16mi	2/2.0 (-1)	938 (+0%)	17mo	$55,500	$59	73
3131 W Wapato Dr #17	0.13mi	3/2.0	1,056 (+13%)	16mo	$114,000	$108	60
3211 W Wapato Dr #66	0.03mi	3/2.0	1,056 (+13%)	22mo	$112,000	$106	59

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 35.1%
• Equity multiple: 2.43×
• Total profit: $31,988
• Equity at exit: $11,913

10-year hold

• IRR: 40.4%
• Equity multiple: 4.29×
• Total profit: $73,661
• Equity at exit: $6,908

Cash invested: $22,372 (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 98837

• Rents YoY: -1.7%
• Active inventory: 585
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,588 high
• Mortgage (P&I): −$419
• Tax from tax record: −$23 /mo · $276/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $779

Break-even live

Break-even rent $602

Max offer price $79,900

Occupancy floor 46%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
511 S Interlake Rd Moses Lake, WA	2.0–4.0	2.0	1095	$1,170	$1.07	43d	8	0.32mi
2900 W Marina Dr Moses Lake, WA	2.0	2.0	1036	$1,688	$1.63	43d	1	0.48mi
2722 W Peninsula Dr Moses Lake, WA	2.0	1.0	858	$1,350	$1.57	43d	1	0.50mi
2812 W Marina Dr Unit D Moses Lake, WA	2.0	2.0	1078	$1,695	$1.57	43d	1	0.54mi
1830 W Crouse St #1 Moses Lake, WA	2.0	1.0	946	$1,295	$1.37	43d	1	1.19mi
1701 W Crouse St Moses Lake, WA	1.0–3.0	1.0–2.0	1017	$1,650	$1.62	43d	6	1.32mi
Pheasant St Moses Lake, WA	2.0	1.0	850	$1,450	$1.71	43d	1	1.41mi

Listing history 18 events

1. 2026-06-19
   days on market $79,900 Active 60 DOM
2. 2026-06-18
   days on market $79,900 Active 59 DOM
3. 2026-06-17
   days on market $79,900 Active 58 DOM
4. 2026-06-16
   days on market $79,900 Active 57 DOM
5. 2026-06-15
   days on market $79,900 Active 56 DOM
6. 2026-06-14
   days on market $79,900 Active 54 DOM
7. 2026-06-13
   days on market $79,900 Active 53 DOM
8. 2026-06-10
   days on market $79,900 Active 51 DOM
9. 2026-06-09
   days on market $79,900 Active 50 DOM
10. 2026-06-08
    days on market $79,900 Active 49 DOM
11. 2026-06-07
    days on market $79,900 Active 48 DOM
12. 2026-06-05
    pricedays on market $79,900 Active 45 DOM
13. 2026-06-03
    days on market $89,900 Active 44 DOM
14. 2026-06-02
    days on market $89,900 Active 43 DOM
15. 2026-06-01
    days on market $89,900 Active 42 DOM
16. 2026-05-31
    days on market $89,900 Active 41 DOM
17. 2026-05-30
    days on market $89,900 Active 40 DOM
18. 2026-04-20
    listed $89,900 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: $276 · $23/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$507/yr (+$42/mo · 183.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,051
• − Mortgage interest: −$4,476
• − Property taxes: −$276
• − Insurance: −$400
• − Repairs & maintenance: −$1,524
• − Management: −$1,524
• − Depreciation: −$2,324
• Taxable income: $8,528
• Est. tax owed @ 24.0%: −$2,047
• After-tax cash flow: $7,301/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: Moses Lake School District
• NCES district ID: 5305220
• Math proficiency: 38% ▬ 0.00%
• Reading proficiency: 48% ▼ -1.00%
• Median HH income: $49,033
• Composite: 39.17/100
• National rank: #8232
• State rank: #198 of 291 in WA

Livability — Moses Lake

• Score: 75/100
• State rank: #170
• US rank: #4228

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Moses Lake, WA
• County: Grant County · 61,643 people
• City population: 49,455
• Metro: Moses Lake, WA
• Population (ZIP): 49,455
• Household income: $74,586
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1064.0

Population outlook (Grant County) Hauer SSP2

• Today (2025): 99,356 people
• By 2030: 102,107 · +2.8%
• By 2040: 108,318 · +9.0%
• By 2050: 114,712 · +15.5%
• By 2075: 131,376 · +32.2%
• By 2100: 146,163 · +47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Hispanic / Latino 33% Two or more races 15% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Portuguese 3% Subsaharan African 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 2%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.4% · Other 2.6%
• 2008→2024 swing: -9.9pp toward R · 2008: -27.5pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+34.4 2016: R+37.9 2012: R+32.6 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -384.29%
• Current HPI: 208.4574
• Rent YoY: ▼ -1.72%
• Metro: Moses Lake, 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

1 event — show timeline

• 2026-04-20 Listed $89,900 NWMLS as Distributed by MLS Grid

Property tax history

-3.0%/yr

Latest (2026): $276 · +0.0% YoY. Source: county tax records.