900 N Grape #22 · Moses Lake, WA 98837

$55,000

2 bd · 2.0 ba · 960 sqft · Manufactured · 277 Days on market

Built 1979 Good condition $57/sqft · 72% below area ↓ 28% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-Maintained 2 Bedroom, 2 Bath Home in Central Moses Lake. This clean and move-in ready manufactured home offers 2 bedrooms and 2 bathrooms in a convenient central location. The home features a spacious living and dining area, kitchen with refreshed cabinets and countertops, and new flooring throughout. The primary suite includes a large tub and separate shower. The guest bath offers dual entrances, an updated vanity, and an integrated utility area. Situated in a quiet, well-kept park just minutes from downtown, shopping, schools, and parks. Ideal as a first home or for downsizing. Owner financing is available.

Key facts

• Large tub
• New flooring
• Separate shower

Tags

• NEW FLOORING
• LARGE TUB
• SEPARATE SHOWER
• UPDATED VANITY
• INTEGRATED UTILITY AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $55k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $819 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.2% vs local median 3.3% in Moses Lake — 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 75/100 on livability (#170 in WA, #4,228 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities A-; Watch: employment C-, schools D+, crime F.
• Moses Lake School District (town): math 38% / reading 48% proficiency, ranked #198 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.7%/yr); 585 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 277 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 277 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 2.76% ✓
• Cap rate: 24.17%
• Cash-on-cash: 63.84%
• DSCR: 3.84
• GRM: 3.0

CMA / ARV

• ARV (median comp): $195,000
• List price: $55,000
• Delta: -71.79%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
900 N Grape Dr #36	0.00mi	3/2.0 (+1)	924 (-4%)	15mo	$48,500	$52	76

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 59.5%
• Equity multiple: 3.52×
• Total profit: $38,838
• Equity at exit: $8,201

10-year hold

• IRR: 63.2%
• Equity multiple: 6.45×
• Total profit: $83,905
• Equity at exit: $4,755

Cash invested: $15,400 (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 98837

• Rents YoY: -1.7%
• Active inventory: 585
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,518 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $819

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 41%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1133 N Grape Dr Moses Lake, WA	1.0–2.0	1.0–2.0	859	$1,825	$2.12	43d	12	0.14mi
523 W Crest Dr Unit 52303 Moses Lake, WA	1.0	1.0	630	$895	$1.42	43d	1	0.47mi
9396 Beacon Rd NE Moses Lake, WA	1.0	1.0	600	$995	$1.66	43d	1	0.64mi
4727 Owens Rd NE #24 Moses Lake, WA	2.0	1.0	900	$1,200	$1.33	43d	1	1.09mi
5025 Owens Rd NE Unit A301 Moses Lake, WA	1.0	1.0	596	$1,250	$2.10	43d	1	1.29mi
615 S Alder St #02 Moses Lake, WA	2.0	1.0	742	$1,200	$1.62	43d	1	1.45mi

Listing history 24 events

1. 2026-06-19
   days on market $55,000 Active 277 DOM
2. 2026-06-18
   days on market $55,000 Active 276 DOM
3. 2026-06-17
   days on market $55,000 Active 275 DOM
4. 2026-06-16
   days on market $55,000 Active 274 DOM
5. 2026-06-15
   days on market $55,000 Active 273 DOM
6. 2026-06-14
   days on market $55,000 Active 271 DOM
7. 2026-06-13
   days on market $55,000 Active 270 DOM
8. 2026-06-10
   days on market $55,000 Active 268 DOM
9. 2026-06-09
   days on market $55,000 Active 267 DOM
10. 2026-06-08
    days on market $55,000 Active 266 DOM
11. 2026-06-07
    days on market $55,000 Active 265 DOM
12. 2026-06-05
    days on market $55,000 Active 262 DOM
13. 2026-06-03
    days on market $55,000 Active 261 DOM
14. 2026-06-03
    price $55,000 Active 260 DOM
15. 2026-06-02
    days on market $64,999 Active 260 DOM
16. 2026-06-01
    days on market $64,999 Active 259 DOM
17. 2026-05-31
    days on market $64,999 Active 258 DOM
18. 2026-05-30
    days on market $64,999 Active 257 DOM
19. 2026-04-01
    status Active
20. 2026-04-01
    historical
21. 2026-03-25
    price $64,999
22. 2026-01-15
    price $74,999
23. 2025-09-27
    price $84,500
24. 2025-09-15
    listed $89,900 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,217
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,457
• − Management: −$1,457
• − Depreciation: −$1,600
• Taxable income: $9,522
• Est. tax owed @ 24.0%: −$2,285
• After-tax cash flow: $7,545/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained and move-in ready manufactured home in Moses Lake offers a good condition with new updates and fresh paint, making it an ideal first home or downsizing option.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both painting — fresh paint improves curb appeal and interior aesthetics
• Both landscaping — enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — fresh paint improves curb appeal and interior aesthetics ↑
• Both landscaping — enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Moses Lake School District
• NCES district ID: 5305220
• Math proficiency: 38% ▬ 0.00%
• Reading proficiency: 48% ▼ -1.00%
• Median HH income: $49,033
• Composite: 39.17/100
• National rank: #8232
• State rank: #198 of 291 in WA

Livability — Moses Lake

• Score: 75/100
• State rank: #170
• US rank: #4228

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Moses Lake, WA
• County: Grant County · 61,643 people
• City population: 49,455
• Metro: Moses Lake, WA
• Population (ZIP): 49,455
• Household income: $74,586
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1064.0

Population outlook (Grant County) Hauer SSP2

• Today (2025): 99,356 people
• By 2030: 102,107 · +2.8%
• By 2040: 108,318 · +9.0%
• By 2050: 114,712 · +15.5%
• By 2075: 131,376 · +32.2%
• By 2100: 146,163 · +47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Hispanic / Latino 33% Two or more races 15% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Portuguese 3% Subsaharan African 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 2%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.4% · Other 2.6%
• 2008→2024 swing: -9.9pp toward R · 2008: -27.5pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+34.4 2016: R+37.9 2012: R+32.6 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -384.29%
• Current HPI: 208.4574
• Rent YoY: ▼ -1.72%
• Metro: Moses Lake, 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

-27.7% since first listed

6 events — show timeline

• 2026-04-01 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-01 Delisted — NWMLS as Distributed by MLS Grid
• 2026-03-25 Price Changed $64,999 NWMLS as Distributed by MLS Grid
• 2026-01-15 Price Changed $74,999 NWMLS as Distributed by MLS Grid
• 2025-09-27 Price Changed $84,500 NWMLS as Distributed by MLS Grid
• 2025-09-15 Listed $89,900 NWMLS as Distributed by MLS Grid