4806 Cushman Rd NE #116 · Olympia, WA 98506

$147,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 124 Days on market

Built 1989 $88/sqft · 11% below area Est $165k · 11% under

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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
• ARV discount +12.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to spacious and comfortable 55+ living in Seashore Villa, a sought-after community near Boston Harbor. This beautifully maintained 3-bedroom, 1.75-bath home with 1,680 SF sits on a desirable corner lot and offers an ideal blend of space, functionality, and lifestyle amenities. The expansive living room provides ample room to relax or entertain, while the light-filled eat-in kitchen features a skylight, generous counter and cabinet space, a large pantry, built-in desk, and all stainless steel appliances included. The kitchen flows seamlessly into a cozy den with a wood-burning fireplace—perfect for reading, hobbies, or gatherings. The spacious primary suite includes a large clo

Key facts

• Private bath
• Soaking tub
• Walk-in shower

Tags

• CORNER LOT
• LIGHT-FILLED EAT-IN KITCHEN
• WOOD-BURNING FIREPLACE
• PRIVATE BATH
• SOAKING TUB
• WALK-IN SHOWER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $147k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $147k).
• Recommended offer: $129k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 2.4% in Olympia — 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 83/100 on livability (#58 in WA, #1,036 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living D-.
• Olympia School District (urban): math 66% / reading 75% proficiency, ranked #17 of 291 in WA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Boston Harbor Elementary (177 students, 19% FRL); Reeves Middle School (392 students, 39% FRL); Olympia High School (1,838 students, 21% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents rising (+3.7%/yr); 149 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• This rent runs 34% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 + 3.7% rent growth), your $41k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $22k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $147k implies a 126% gain — meaningful room to come down on a strong offer.

Recommended offer $129,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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?
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: 1.75% ✓
• Cap rate: 14.57%
• Cash-on-cash: 29.57%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (median comp): $164,957
• List price: $147,000
• Delta: -10.89%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4806 NE Cushman Rd #101	0.10mi	3/2.0	1,792 (+7%)	1mo	$41,500	$23	83
4806 Cushman Rd NE #162	0.10mi	4/2.0 (+1)	1,792 (+7%)	2mo	$215,000	$120	78
4806 Cushman Rd NE #157	0.10mi	3/2.0	1,848 (+10%)	3mo	$39,360	$21	76
4805 Cushman Rd NE #32	0.04mi	3/2.0	1,512 (-10%)	13mo	$305,000	$202	70
4806 Cushman Rd NE #103	0.14mi	3/2.0	1,536 (-9%)	12mo	$82,000	$53	69
4805 Cushman Rd NE #30	0.02mi	2/2.0 (-1)	1,872 (+11%)	10mo	$165,000	$88	67
4743 Bellwood Dr NE	0.52mi	3/2.0	1,512 (-10%)	0mo	$274,500	$182	59
4806 Cushman Rd NE #118	0.10mi	2/2.0 (-1)	1,440 (-14%)	16mo	$145,000	$101	53
4724 Bellwood Dr NE	0.55mi	3/2.0	1,440 (-14%)	7mo	$387,200	$269	45
4826 Bellwood Dr NE	0.56mi	3/2.0	1,440 (-14%)	23mo	$300,000	$208	31

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 · 3.66% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 2.03×
• Total profit: $42,541
• Equity at exit: $21,918

10-year hold

• IRR: 33.0%
• Equity multiple: 4.10×
• Total profit: $127,534
• Equity at exit: $12,710

Cash invested: $41,160 (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 98506

• Rents YoY: 3.7%
• Active inventory: 149
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,570 medium
• Mortgage (P&I): −$771
• Tax est. 1.5%: −$184 /mo · $2,205/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $1,014

Break-even live

Break-even rent $1,286

Max offer price $147,000

Occupancy floor 56%

Sensitivity live

Price	-10% $1,116	-5% $1,065	+0% $1,014	+5% $964	+10% $913
Rent	-10% $811	-5% $913	+0% $1,014	+5% $1,116	+10% $1,217
Rate	-1.0pp $1,088	-0.5pp $1,052	base $1,014	+0.5pp $976	+1.0pp $938

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: $36,750
• Closing costs: $4,410
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5110 Boston Harbor Rd NE Olympia, WA	3.0	2.0	1828	$3,395	$1.86	15d	1	0.50mi

Listing history 23 events

1. 2026-06-18
   days on market $147,000 Active 124 DOM
2. 2026-06-17
   days on market $147,000 Active 123 DOM
3. 2026-06-16
   days on market $147,000 Active 122 DOM
4. 2026-06-15
   days on market $147,000 Active 121 DOM
5. 2026-06-14
   days on market $147,000 Active 119 DOM
6. 2026-06-13
   days on market $147,000 Active 118 DOM
7. 2026-06-10
   days on market $147,000 Active 116 DOM
8. 2026-06-09
   days on market $147,000 Active 115 DOM
9. 2026-06-08
   days on market $147,000 Active 114 DOM
10. 2026-06-07
    days on market $147,000 Active 113 DOM
11. 2026-06-05
    days on market $147,000 Active 110 DOM
12. 2026-06-02
    days on market $147,000 Active 108 DOM
13. 2026-06-01
    days on market $147,000 Active 107 DOM
14. 2026-05-31
    days on market $147,000 Active 106 DOM
15. 2026-05-30
    days on market $147,000 Active 105 DOM
16. 2026-05-08
    status Active
17. 2026-05-03
    status Pending
18. 2026-04-29
    price $147,000
19. 2026-03-14
    price $159,000
20. 2026-02-10
    listed $169,000 Active
21. 2008-05-16
    soldstatus $65,000
22. 2008-05-12
    historical
23. 2008-01-12
    listed $69,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,839
• − Mortgage interest: −$8,234
• − Property taxes: −$2,205
• − Insurance: −$735
• − Repairs & maintenance: −$2,467
• − Management: −$2,467
• − Depreciation: −$4,276
• Taxable income: $10,454
• Est. tax owed @ 24.0%: −$2,509
• After-tax cash flow: $9,663/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: Olympia School District
• NCES district ID: 5306180
• Math proficiency: 66% ▼ -2.00%
• Reading proficiency: 75% ▼ -2.00%
• Median HH income: $63,852
• Composite: 62.27/100
• National rank: #1438
• State rank: #17 of 291 in WA

Livability — Olympia

• Score: 83/100
• State rank: #58
• US rank: #1036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Thurston County · 269,345 people
• City population: 98,428
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 18,497
• Household income: $91,596
• Rent vs Own: 33.7% rent · 66.3% own
• Severe rent burden: 924.0

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: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 9% Hispanic / Latino 5% Asian 5% Black 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 4% Romanian 4%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 2% German/W. Germanic 1% Vietnamese 1%

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: ▼ -437.08%
• Current HPI: 363.2295
• Rent YoY: ▲ 3.66%
• 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

+111.5% since first listed

8 events — show timeline

• 2026-05-08 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-03 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $147,000 NWMLS as Distributed by MLS Grid
• 2026-03-14 Price Changed $159,000 NWMLS as Distributed by MLS Grid
• 2026-02-10 Listed $169,000 NWMLS as Distributed by MLS Grid
• 2008-05-16 Sold (MLS) $65,000 NWMLS as Distributed by MLS Grid
• 2008-05-12 Delisted — NWMLS as Distributed by MLS Grid
• 2008-01-12 Listed $69,500 NWMLS as Distributed by MLS Grid