6201 203rd Ave SW #14

Grand Mound, WA 98531

$95,000B

2 bd · 1.0 ba · 952 sqft · Built 1979 · Manufactured · Active · 231 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,513/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$318
• Net cashflow: $639/mo
• Annual: $7,669/yr
• Cap rate: 14.37%
• Cash-on-cash: 28.83%
• DSCR: 2.28
• 1% rule: 1.59%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $639 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 231 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#446 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B+; Watch: health & safety C-, employment D, amenities F.
• Rochester School District (rural): math 53% / reading 57% proficiency, ranked #97 of 291 in WA (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Grand Mound Elementary (499 students, 66% FRL); Rochester High School (600 students, 51% FRL).
• Market conditions: Rents rising (+3.0%/yr); 258 active listings in the ZIP; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.4% vs local median 2.6% in Grand Mound — 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

• It's been on market 231 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.