118 Bush St · Walla Walla, WA 99362

$198,000

3 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 172 Days on market

Built 2005 0.28 ac lot $159/sqft · 260% above area ↓ 29% since listing

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Why this score? — see what drove the D 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 +12.4/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• DSCR +3.7/10.0
• 1% rule +3.4/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Price reduction on this double wide manuf home in beautiful Walla Walla, Washington! 2005 double-wide manufactured home offering 3 bedrooms and 2 bathrooms with a functional floor plan. Improvements include an attached double carport (800 sf) and a detached pole building (440 sf) providing ample parking, storage, or workshop space; covered patio, partially fenced. Property requires TLC and cosmetic updates making this an excellent opportunity for a buyer looking to add value. This home has solid bones with lots of upside.

Key facts

• Partially fenced
• Double carport
• Covered patio

Tags

• DOUBLE CARPORT
• DETACHED POLE BUILDING
• COVERED PATIO
• PARTIALLY FENCED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $198k.

Deal economics

• At list price, monthly cash flow is $-33 ($-396/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (16.3% below list).
• Recommended offer: $166k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.3% in Walla Walla — 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 79/100 on livability (#105 in WA, #2,015 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-.
• Walla Walla Public Schools (urban): math 41% / reading 50% proficiency, ranked #179 of 291 in WA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.4%/yr); 427 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 206 units permitted in Walla Walla County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Walla Walla County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 172 days — a 12% lower offer ($174k) is reasonable based on typical stale-listing flexibility.

Recommended offer $165,647 (16.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 172 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.71%
• DSCR: 0.97
• GRM: 10.0

CMA / ARV

• ARV (median comp): $55,000
• List price: $198,000
• Delta: 260.00%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 Merrill Rd	0.43mi	3/2.0	1,352 (+8%)	21mo	$365,000	$270	48
415 S Wilbur Ave	0.50mi	3/2.0	1,404 (+12%)	14mo	$395,000	$281	44

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 · 2.4% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.37×
• Total profit: $-35,170
• Equity at exit: $29,522

10-year hold

• IRR: -11.6%
• Equity multiple: 0.33×
• Total profit: $-37,326
• Equity at exit: $17,119

Cash invested: $55,440 (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 99362

• Rents YoY: 2.4%
• Active inventory: 427
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,656 high
• Mortgage (P&I): −$1,038
• Tax from tax record: −$221 /mo · $2,649/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-33

Break-even live

Break-even rent $1,698

Max offer price $192,174

Occupancy floor 97%

Sensitivity live

Price	-10% $79	-5% $23	+0% $-33	+5% $-89	+10% $-145
Rent	-10% $-164	-5% $-98	+0% $-33	+5% $32	+10% $98
Rate	-1.0pp $67	-0.5pp $17	base $-33	+0.5pp $-84	+1.0pp $-136

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2222 Isaacs Ave Walla Walla, WA	2.0	1.0	1011	$1,672	$1.65	14d	6	0.35mi
2210 E Isaacs Ave Walla Walla, WA	1.0–3.0	1.0–2.0	1033	$1,955	$1.89	14d	1	0.40mi
1800 Evergreen St Walla Walla, WA	2.0	1.0	797	$1,000	$1.25	22d	3	0.58mi
212 N Roosevelt St Walla Walla, WA	1.0–2.0	1.0	750	$1,250	$1.67	22d	3	0.74mi
625 Wellington Ave Walla Walla, WA	1.0–2.0	1.0	854	$1,695	$1.98	22d	11	0.88mi
608 N Roosevelt St Unit 608NROO Walla Walla, WA	2.0	2.0	894	$1,425	$1.59	45d	1	0.91mi
1910 J St #202 Walla Walla, WA	2.0	1.0	780	$1,250	$1.60	45d	1	0.95mi
40 S Clinton St Walla Walla, WA	1.0–2.0	1.0	670	$950	$1.42	45d	2	1.29mi
115 Merriam St Walla Walla, WA	1.0–2.0	1.0	800	$1,650	$2.06	45d	9	1.41mi

Listing history 21 events

1. 2026-06-21
   days on market $198,000 Active 172 DOM
2. 2026-06-19
   days on market $198,000 Active 170 DOM
3. 2026-06-18
   days on market $198,000 Active 169 DOM
4. 2026-06-17
   days on market $198,000 Active 168 DOM
5. 2026-06-16
   days on market $198,000 Active 167 DOM
6. 2026-06-15
   days on market $198,000 Active 166 DOM
7. 2026-06-14
   days on market $198,000 Active 164 DOM
8. 2026-06-12
   days on market $198,000 Active 163 DOM
9. 2026-06-09
   days on market $198,000 Active 160 DOM
10. 2026-06-08
    days on market $198,000 Active 159 DOM
11. 2026-06-07
    pricedays on market $198,000 Active 158 DOM
12. 2026-06-02
    days on market $209,000 Active 153 DOM
13. 2026-06-01
    days on market $209,000 Active 152 DOM
14. 2026-05-31
    days on market $209,000 Active 151 DOM
15. 2026-05-30
    days on market $209,000 Active 150 DOM
16. 2026-05-02
    price $209,000
17. 2026-04-16
    price $220,000
18. 2026-03-23
    price $251,600
19. 2026-03-13
    price $266,400
20. 2026-02-05
    price $281,200
21. 2025-12-31
    listed $296,000 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: $2,649 · $221/mo
• Projected year-2 tax: $2,649 · $221/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 3/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 9 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,878
• − Mortgage interest: −$11,091
• − Property taxes: −$2,649
• − Insurance: −$990
• − Repairs & maintenance: −$1,590
• − Management: −$1,590
• − Depreciation: −$5,760
• Taxable loss: −$3,793
• Est. tax savings @ 24.0%: +$910
• After-tax cash flow: $515/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: Walla Walla Public Schools
• NCES district ID: 5309450
• Math proficiency: 41% ▲ 3.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $46,207
• Composite: 40.88/100
• National rank: #7531
• State rank: #179 of 291 in WA

Livability — Walla Walla

• Score: 79/100
• State rank: #105
• US rank: #2015

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walla Walla, WA
• County: Walla Walla County · 52,990 people
• City population: 42,853
• Metro: Walla Walla, WA
• Population (ZIP): 42,853
• Household income: $72,474
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 1238.0

Population outlook (Walla Walla County) Hauer SSP2

• Today (2025): 63,088 people
• By 2030: 64,417 · +2.1%
• By 2040: 66,563 · +5.5%
• By 2050: 68,337 · +8.3%
• By 2075: 73,235 · +16.1%
• By 2100: 74,878 · +18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 22% Two or more races 9% Black 2% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 3% Portuguese 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 83% English-only · Spanish 15% Chinese 1%

Political lean MEDSL · Walla Walla

• 2024 margin: Lean R (+8.1) · D 44.6% · R 52.7% · Other 2.7%
• 2008→2024 swing: +8.5pp toward D · 2008: -16.6pp · 2024: -8.1pp
• All cycles: 2024: R+8.1 2020: R+8.7 2016: R+16.4 2012: R+22.3 2008: R+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -488.03%
• Current HPI: 321.6891
• Rent YoY: ▲ 2.40%
• Metro: Walla Walla, 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

-29.4% since first listed

6 events — show timeline

• 2026-05-02 Price Changed $209,000 NWMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $220,000 NWMLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $251,600 NWMLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $266,400 NWMLS as Distributed by MLS Grid
• 2026-02-05 Price Changed $281,200 NWMLS as Distributed by MLS Grid
• 2025-12-31 Listed $296,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.9%/yr

Latest (2026): $2,649 · +5.4% YoY. Source: county tax records.