10900 Kuhlman Rd SE #29 · Nisqually Indian Community, WA 98513

$67,500

2 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 22 Days on market

Built 1978 Est $69k · 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 +8.2/15.0
• Schools +5.1/10.0
• Rent growth +3.4/5.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained 1978 double-wide manufactured home located in a welcoming all-ages community! This 2-bedroom, 1.75-bath home features a spacious living room, dedicated dining area, and convenient laundry room complete with washer and dryer. The kitchen includes an electric range, dishwasher, and garbage disposal. Enjoy the generously sized fenced lot with front and back gate access, a covered carport, storage garage, and a peaceful backyard fish pond. Pride of ownership shines throughout, offering a great opportunity for comfortable and affordable living. The community features a recently updated clubhouse complete with an exercise room. Conveniently located near I-5, Nisqually Wildlife Ref

Key facts

• Electric range
• Storage garage
• Covered carport

Tags

• DOUBLE-WIDE MANUFACTURED HOME
• DEDICATED DINING AREA
• CONVENIENT LAUNDRY ROOM
• ELECTRIC RANGE
• COVERED CARPORT
• STORAGE GARAGE

Property features AI

Finance

• Other: Buyer to verify schools
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Land lease: $708/month; Park approved for sale; About 100 homes in the park; Park name: Claudia's Mobile Park Estates

Exterior

• Parking: Carport
• Utilities: Electric service (PSE); Community water (City of Olympia); Power: Electric
• Home design: Manufactured double-wide home; One story
• Construction: Composition roof; Manufactured after 6/15/1976
• Exterior features: Community has clubhouse, common area, exercise room, laundry and RV parking; Has view

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Forced air heating; Window air conditioning unit(s)
• Interior features: Fireplace (electric)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $68k.

Deal economics

• At list price, monthly cash flow is $695 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $66k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.2% vs local median 2.2% in Nisqually Indian Community — 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 57/100 on livability (#533 in WA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living B; Watch: health & safety C-, employment D, schools F.
• North Thurston Public Schools (suburban): math 51% / reading 62% proficiency, ranked #80 of 291 in WA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.4%/yr); 307 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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 + 3.4% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,487 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D 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?
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: 2.87% ✓
• Cap rate: 26.23%
• Cash-on-cash: 71.21%
• DSCR: 4.17
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $68,640
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10900 Kuhlman Rd SE #88	0.14mi	3/2.0 (+1)	1,016 (-4%)	6mo	$40,000	$39	77
10900 Kuhlman Rd SE #98	0.15mi	3/2.0 (+1)	980 (-7%)	4mo	$43,700	$45	73
10900 Kuhlman Rd SE #54	0.10mi	3/2.0 (+1)	950 (-10%)	3mo	$74,000	$78	71
10900 Kuhlman Rd SE #55	0.09mi	2/2.0	924 (-12%)	8mo	$57,000	$62	68
10900 Kuhlman Rd SE #89	0.15mi	2/2.0	924 (-12%)	9mo	$60,000	$65	65
10900 Kuhlman Rd SE #59	0.08mi	3/1.5 (+1)	924 (-12%)	6mo	$56,500	$61	63
10900 Kuhlman Rd SE #72	0.14mi	3/2.0 (+1)	1,188 (+12%)	16mo	$99,000	$83	55
612 Nisqually Park Dr SE	0.48mi	2/2.0	1,080 (+2%)	23mo	$319,700	$296	55
11403 Gardner Ct SE	0.51mi	3/2.0 (+1)	1,036 (-2%)	18mo	$310,000	$299	53

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 · 3.43% rent growth · sell at horizon

5-year hold

• IRR: 41.9%
• Equity multiple: 2.82×
• Total profit: $34,425
• Equity at exit: $10,064

10-year hold

• IRR: 48.4%
• Equity multiple: 5.84×
• Total profit: $91,502
• Equity at exit: $5,836

Cash invested: $18,900 (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 98513

• Rents YoY: 3.4%
• Active inventory: 307
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,938 medium
• Mortgage (P&I): −$354
• Tax from tax record: −$28 /mo · $331/yr
• Insurance: −$28
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $695

Break-even live

Break-even rent $1,059

Max offer price $67,500

Occupancy floor 59%

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: $16,875
• Closing costs: $2,025
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Old Pacific Hwy SE Olympia, WA	1.0–3.0	1.0–1.5	860	$1,833	$2.13	18d	1	0.55mi
509 Old Pacific Hwy SE Olympia, WA	1.0–3.0	1.0–1.5	860	$1,838	$2.14	13d	3	0.55mi
509 Old Pacific Hwy SE Unit A5 Olympia, WA	2.0	1.0	888	$1,737	$1.96	15d	1	0.55mi

Listing history 11 events

1. 2026-06-13
   status $67,500 Pending 22 DOM
2. 2026-06-10
   days on market $67,500 Active 22 DOM
3. 2026-06-09
   days on market $67,500 Active 21 DOM
4. 2026-06-08
   days on market $67,500 Active 20 DOM
5. 2026-06-07
   days on market $67,500 Active 19 DOM
6. 2026-06-03
   days on market $67,500 Active 15 DOM
7. 2026-06-02
   days on market $67,500 Active 14 DOM
8. 2026-06-01
   days on market $67,500 Active 13 DOM
9. 2026-05-31
   days on market $67,500 Active 12 DOM
10. 2026-05-30
    days on market $67,500 Active 11 DOM
11. 2026-05-19
    listed $67,500 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: $331 · $28/mo
• Projected year-2 tax: $662 · $55/mo
• Expected delta: +$330/yr (+$28/mo · 99.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 76% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,259
• − Mortgage interest: −$3,781
• − Property taxes: −$331
• − Insurance: −$5,456
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − Depreciation: −$1,964
• Taxable income: $8,006
• Est. tax owed @ 24.0%: −$1,921
• After-tax cash flow: $6,418/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: North Thurston Public Schools
• NCES district ID: 5305850
• Math proficiency: 51% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $62,338
• Composite: 51.09/100
• National rank: #3798
• State rank: #80 of 291 in WA

Livability — Nisqually Indian Community

• Score: 57/100
• State rank: #533
• US rank: #22170

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Thurston County · 269,345 people
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 38,017
• Household income: $113,053
• Rent vs Own: 20.5% rent · 79.5% own
• Severe rent burden: 566.0

Population outlook (Thurston County) Hauer SSP2

• Today (2025): 308,239 people
• By 2030: 326,483 · +5.9%
• By 2040: 359,890 · +16.8%
• By 2050: 391,800 · +27.1%
• By 2075: 468,024 · +51.8%
• By 2100: 519,890 · +68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 62% Two or more races 14% Hispanic / Latino 12% Asian 8% Black 5% Native American 2% Pacific Islander 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2%
• Common ancestry: Portuguese 4% Lithuanian 3% Italian 3%
• Foreign-born: 11% · Canada, Vietnam, South Korea
• Languages at home: 86% English-only · Spanish 5% Other Asian/Pacific 3% Vietnamese 2%

Political lean MEDSL · Thurston

• 2024 margin: Strong D (+20.4) · D 58.5% · R 38.1% · Other 3.5%
• 2008→2024 swing: -1.3pp toward R · 2008: 21.7pp · 2024: 20.4pp
• All cycles: 2024: D+20.4 2020: D+18.6 2016: D+15.4 2012: D+19.0 2008: D+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -377.44%
• Current HPI: 337.436
• Rent YoY: ▲ 3.43%
• Metro: Olympia-Lacey-Tumwater, 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

• 2026-05-19 Listed $67,500 NWMLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2026): $331 · -34.8% YoY. Source: county tax records.