2207 Alonda Ln NE

Lacey, WA 98516

$95,900B+

2 bd · 2.0 ba · 1,536 sqft · Built 1978 · Manufactured · Pending · 289 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,307/mo
• Mortgage (P&I): −$503
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$484
• Net cashflow: $1,214/mo
• Annual: $14,563/yr
• Cap rate: 21.48%
• Cash-on-cash: 54.23%
• DSCR: 3.41
• 1% rule: 2.41%
• Cash to close: $26,852

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $96k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $96k).
• It's been on market 289 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 $663 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#33 in WA, #581 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D+.
• 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.
• Zoned schools: South Bay Elementary (588 students, 40% FRL); North Thurston High School (1,440 students, 47% FRL).
• Market conditions: Rents rising (+3.8%/yr); 218 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 8 sale attempts since 26y ago; this cycle's ask has dropped $24k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $96k implies a 255% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.5% vs local median 3.0% in Lacey — 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 289 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.