716 SE Dennis St #90 · Tumwater, WA 98501

$160,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 219 Days on market

Built 1986 ↓ 6% since listing

---

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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +5.6/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

New Flooring being installed and ceilings painted! We heard your feedback & are making the changes. 1344 sq ft Split Bedroom Layout- Primary suite to the left of the entry & main living space. Second bedroom to the right along with BONUS- double door entry Den/office. Plantation Blinds, Vaulted Ceilings, Cosmetically updated kitchen with a large walk-in pantry- comfortable living spaces. Range, Microwave & Fridge included. Covered back porch for relaxing outdoors with quaint garden spaces. 2 CAR DETACHED GARAGE with covered entries. Quiet community- close to shopping, medical, Old Towne Senior Center. Clubhouse, sidewalks, lots to do if you choose. Great Tumwater Location!

Key facts

• Plantation blinds
• Split bedroom layout
• Bonus den

Tags

• SPLIT BEDROOM LAYOUT
• BONUS DEN
• PLANTATION BLINDS
• VAULTED CEILINGS
• WALK-IN PANTRY
• COVERED BACK PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (+3.9%/yr); 301 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 3.9% rent growth), your $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 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. 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.
6. 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.
7. 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: 1.23% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.09%
• DSCR: 1.54
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.89% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.10×
• Total profit: $4,641
• Equity at exit: $23,857

10-year hold

• IRR: 13.1%
• Equity multiple: 2.09×
• Total profit: $48,632
• Equity at exit: $13,834

Cash invested: $44,800 (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 98501

• Rents YoY: 3.9%
• Active inventory: 301
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,971 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $452

Break-even live

Break-even rent $1,400

Max offer price $160,000

Occupancy floor 72%

Sensitivity live

Price	-10% $562	-5% $507	+0% $452	+5% $396	+10% $341
Rent	-10% $296	-5% $374	+0% $452	+5% $529	+10% $607
Rate	-1.0pp $532	-0.5pp $492	base $452	+0.5pp $410	+1.0pp $368

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6705 Linderson Way SW Tumwater, WA	1.0–3.0	1.0–2.0	900	$2,038	$2.26	14d	6	0.21mi
220 Israel Rd SW Unit G8 Tumwater, WA	2.0	1.5	968	$1,975	$2.04	44d	1	0.26mi
214 65th Way SW Tumwater, WA	2.0	1.0	1000	$1,850	$1.85	21d	1	0.28mi
801 Israel Rd SW Tumwater, WA	2.0	1.5	965	$1,860	$1.93	14d	2	0.33mi
6504 Capitol Blvd SE Tumwater, WA	1.0	1.0	974	$2,125	$2.18	14d	1	0.38mi
215 Pinehurst Dr SW Tumwater, WA	2.0	1.0–2.5	759	$1,950	$2.57	14d	4	0.52mi
6805 Littlerock Rd SW Tumwater, WA	2.0	1.0	1000	$1,495	$1.50	44d	1	0.76mi
1619 Trosper Rd SW Tumwater, WA	3.0	2.5	1295	$2,495	$1.93	21d	1	0.79mi
1500 Lake Park Dr SW #29 Tumwater, WA	2.0	1.5	1428	$1,850	$1.30	21d	1	0.88mi
1978 Trosper Rd SW Tumwater, WA	1.0–3.0	1.0–2.0	1050	$2,428	$2.31	44d	3	0.95mi
1978 Trosper Rd SW Tumwater, WA	1.0–3.0	1.0–2.0	1106	$2,246	$2.03	14d	4	0.95mi
4822 Rural Rd SW Tumwater, WA	2.0	2.0	1025	$1,995	$1.95	21d	1	1.21mi
811 S 3rd Ave SW Unit B Tumwater, WA	3.0	2.0	1336	$2,300	$1.72	44d	1	1.41mi
7345 Henderson Blvd SE Unit 11C Tumwater, WA	2.0	1.0	900	$1,495	$1.66	44d	1	1.44mi

Listing history 5 events

1. 2026-04-22
   status Pending
2. 2026-02-27
   price $160,000
3. 2025-12-09
   price $167,500
4. 2025-10-04
   price $165,000
5. 2025-09-15
   listed $169,500 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: $23,654
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$1,892
• − Management: −$1,892
• − Depreciation: −$4,655
• Taxable income: $3,053
• Est. tax owed @ 24.0%: −$733
• After-tax cash flow: $4,686/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): 48,067
• Household income: $97,198
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 1653.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 11% Hispanic / Latino 9% Asian 5% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 90% English-only · Spanish 3% Other Asian/Pacific 2% Korean 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: ▼ -413.86%
• Current HPI: 340.9379
• Rent YoY: ▲ 3.89%
• 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

-5.6% since first listed

5 events — show timeline

• 2026-04-22 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-27 Price Changed $160,000 NWMLS as Distributed by MLS Grid
• 2025-12-09 Price Changed $167,500 NWMLS as Distributed by MLS Grid
• 2025-10-04 Price Changed $165,000 NWMLS as Distributed by MLS Grid
• 2025-09-15 Listed $169,500 NWMLS as Distributed by MLS Grid