5705 Litterock Rd SW #10 · Tumwater, WA 98512

$87,500

2 bd · 2.0 ba · 720 sqft · Manufactured public records · 59 Days on market

Built 1981 $122/sqft · 15% above area Est $121k · 28% under

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Why this score? — see what drove the A- 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.6/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This is a restored and remodeled beautiful large double wide.   It has a separate laundry room and a very large living room/dining room.   These floor plans are non-existent in todays world.   It is located in the desirable Allimor Estates which is perhaps the most convenient location for a Manufactured Home Community around. Walk to restaurants, shopping, and more.   So if you want a quiet all age and pet oriented park and a wonderful home which will grow in value look no further.

Key facts

• 2 parking spots
• Built 1981
• Listed 59 days

Tags

• SEPARATE LAUNDRY ROOM
• LARGE LIVING ROOM DINING ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $88k.

Deal economics

• At list price, monthly cash flow is $822 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $85k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.6% vs local median 2.7% in Tumwater — 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 84/100 on livability (#39 in WA, #700 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D, cost of living D-.
• Tumwater School District (urban): math 57% / reading 69% proficiency, ranked #37 of 291 in WA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $605 of loan paydown is wiped out by about $3k 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 + 2.3% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Recommended offer $84,875 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.06% ✓
• Cap rate: 17.57%
• Cash-on-cash: 40.27%
• DSCR: 2.79
• GRM: 4.0

CMA / ARV

• ARV (median comp): $121,493
• List price: $87,500
• Delta: -27.98%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5705 Littlerock Rd SW #15	0.00mi	2/1.0	728 (+1%)	10mo	$55,000	$76	86
5705 Litterock Rd SW #45	0.00mi	2/1.0	700 (-3%)	11mo	$57,500	$82	82
1841 Trosper Rd SW #24	0.34mi	2/1.0	768 (+7%)	8mo	$84,500	$110	62
930 Trosper Rd SW #127	0.26mi	2/1.0	672 (-7%)	14mo	$62,500	$93	61

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 · 2.26% rent growth · sell at horizon

5-year hold

• IRR: 35.8%
• Equity multiple: 2.51×
• Total profit: $36,882
• Equity at exit: $13,047

10-year hold

• IRR: 42.2%
• Equity multiple: 4.85×
• Total profit: $94,263
• Equity at exit: $7,565

Cash invested: $24,500 (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 98512

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,806 high
• Mortgage (P&I): −$459
• Tax est. 1.5%: −$109 /mo · $1,312/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $822

Break-even live

Break-even rent $765

Max offer price $87,500

Occupancy floor 49%

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Lee St SW Tumwater, WA	1.0	1.0	650	$1,385	$2.13	44d	1	0.38mi
301 T St SW Tumwater, WA	2.0	1.0	589	$1,635	$2.78	13d	5	0.44mi
215 Pinehurst Dr SW Tumwater, WA	2.0	1.0–2.5	759	$1,950	$2.57	13d	4	0.48mi
1517 Bishop Rd SW Tumwater, WA	2.0	1.0–2.0	669	$1,930	$2.88	13d	1	0.62mi
6705 Linderson Way SW Tumwater, WA	1.0–3.0	1.0–2.0	900	$2,038	$2.26	13d	6	0.67mi
1704 Barnes Blvd SW Tumwater, WA	1.0–3.0	1.0–2.5	920	$2,004	$2.18	13d	35	1.30mi

Listing history 16 events

1. 2026-06-18
   days on market $87,500 Active 59 DOM
2. 2026-06-17
   days on market $87,500 Active 58 DOM
3. 2026-06-16
   days on market $87,500 Active 57 DOM
4. 2026-06-15
   days on market $87,500 Active 56 DOM
5. 2026-06-14
   days on market $87,500 Active 54 DOM
6. 2026-06-13
   days on market $87,500 Active 53 DOM
7. 2026-06-10
   days on market $87,500 Active 51 DOM
8. 2026-06-09
   days on market $87,500 Active 50 DOM
9. 2026-06-08
   days on market $87,500 Active 49 DOM
10. 2026-06-07
    days on market $87,500 Active 48 DOM
11. 2026-06-05
    days on market $87,500 Active 45 DOM
12. 2026-06-02
    days on market $87,500 Active 43 DOM
13. 2026-06-01
    days on market $87,500 Active 42 DOM
14. 2026-05-31
    days on market $87,500 Active 41 DOM
15. 2026-05-30
    days on market $87,500 Active 40 DOM
16. 2026-04-20
    listed $92,500 Active

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 14 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: $21,675
• − Mortgage interest: −$4,901
• − Property taxes: −$1,312
• − Insurance: −$438
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − Depreciation: −$2,545
• Taxable income: $9,010
• Est. tax owed @ 24.0%: −$2,162
• After-tax cash flow: $7,704/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: Tumwater School District
• NCES district ID: 5309100
• Math proficiency: 57% ▬ 0.00%
• Reading proficiency: 69% ▼ -1.00%
• Median HH income: $64,209
• Composite: 56.38/100
• National rank: #2477
• State rank: #37 of 291 in WA

Livability — Tumwater

• Score: 84/100
• State rank: #39
• US rank: #700

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tumwater, WA
• County: Thurston County · 269,345 people
• City population: 46,937
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 31,864
• Household income: $101,530
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 784.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 13% Hispanic / Latino 9% Asian 4% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 4% Italian 4% Slovak 4%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 92% English-only · Spanish 3% Vietnamese 1% German/W. Germanic 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: ▼ -348.18%
• Current HPI: 347.121
• Rent YoY: ▲ 2.26%
• 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

• 2026-04-20 Listed $92,500 NWMLS as Distributed by MLS Grid

Property tax history

-4.1%/yr

Latest (2026): $26 · +24.1% YoY. Source: county tax records.