5515 SE Yakima Ln

Lacey, WA 98503

$90,000A-

2 bd · 2.0 ba · 1,440 sqft · Built 1979 · Manufactured · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,321/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$487
• Net cashflow: $1,289/mo
• Annual: $15,464/yr
• Cap rate: 23.48%
• Cash-on-cash: 61.37%
• DSCR: 3.73
• 1% rule: 2.58%
• Cash to close: $25,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $90k.
• 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 $90k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 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: Chambers Prairie Elementary School (482 students, 62% FRL); Komachin Middle School (643 students, 50% FRL); Timberline High School (1,404 students, 36% FRL) — zoned schools average 49% FRL vs 31% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 192 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $30k; list at $90k implies a 200% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 23.5% 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.
• This rent runs 31% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.