4805 Cushman Rd NE #39 · Olympia, WA 98506

$125,000

2 bd · 2.0 ba · 1,104 sqft · Manufactured public records · 1 Days on market

Built 1976 Est $140k · 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 55+ Seashore Villa Park where some of the best views in Boston Harbor can be found of Budd Inlet, the Black Hills and even glimpses of the Olympic Mountains. This beautifully updated double-wide manufactured home is turnkey ready for its next owner! Recent updates include new interior finishes, brand-new carpet, and an efficient heat pump with A/C for year-round comfort. Inside, you'll find a spacious living room with peekaboo views of the Sound, a dining area with a built-in hutch, and a pass-thru galley kitchen with a breakfast bar. The laundry area is tucked off the side. The large primary suite easily accommodates a king-size bed and features an ensuite bath with a soaking tu

Key facts

• Outdoor pool
• Community pool
• Built 1976

Tags

• OVERSIZED COVERED FRONT PORCH
• BEAUTIFUL PRIVATE BEACH
• OUTDOOR POOL
• CLUBHOUSE AND A MOVIE THEATER
• GREAT LOCATION CLOSE TO TOWN

Property features AI

Finance

• Other: Manufactured home park approved for sale; Calculated living area: 1104 sq ft
• Financial info: Listing terms: Cash
• HOA & community: Senior community; Park name: Seashore Villa; Park amenities: Clubhouse, pool, recreational area, RV parking, community waterfront; Pets allowed: See remarks; Land lease: $950

Exterior

• Parking: Carport
• Utilities: Electric energy source; Community water; Electric water heater (located on outer wall); Power service by PSE
• Home design: Manufactured home (Double wide); One level; Has view; Entry
• Construction: Metal/vinyl construction; Composition roof; Tie-down foundation; Manufactured after 6/15/1976
• Exterior features: Metal/vinyl exterior; Community waterfront / private beach access; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 1 shower
• Heating & cooling: Forced air heating; Heat pump heating; Forced air cooling; Heat pump cooling
• Interior features: Water heater; Bath off primary; Double pane windows; Patio/porch/deck
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $712 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 13.1% 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.
• Market conditions: Rents rising (+3.7%/yr); 150 active listings in the ZIP; 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 $864 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 $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y 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 $5k; list at $125k implies a 2560% gain — meaningful room to come down on a strong offer.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.52% ✓
• Cap rate: 13.13%
• Cash-on-cash: 24.42%
• DSCR: 2.09
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $140,208
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4805 Cushman Rd NE #61	0.12mi	2/2.0	1,104 (0%)	0mo	$335,000	$303	94
4805 Cushman Rd NE #19	0.06mi	3/2.0 (+1)	1,080 (-2%)	14mo	$148,000	$137	76
4806 Cushman Rd NE #106	0.16mi	2/1.0	972 (-12%)	2mo	$99,000	$102	67
4806 Cushman Rd NE #139	0.15mi	3/2.0 (+1)	1,188 (+8%)	11mo	$70,000	$59	66
4805 Cushman Rd NE #63	0.12mi	2/2.0	1,232 (+12%)	12mo	$350,000	$284	64
4805 Cushman Rd NE #21	0.09mi	2/2.0	1,254 (+14%)	16mo	$159,000	$127	60
4806 Cushman Rd NE #120	0.16mi	3/2.0 (+1)	1,269 (+15%)	8mo	$76,000	$60	56
4806 Cushman Rd NE #125	0.16mi	2/2.0	1,248 (+13%)	18mo	$36,500	$29	56

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: 18.4%
• Equity multiple: 1.75×
• Total profit: $26,360
• Equity at exit: $18,638

10-year hold

• IRR: 27.3%
• Equity multiple: 3.47×
• Total profit: $86,584
• Equity at exit: $10,808

Cash invested: $35,000 (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: 150
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,902 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$83 /mo · $997/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $712

Break-even live

Break-even rent $1,001

Max offer price $125,000

Occupancy floor 58%

Sensitivity live

Price	-10% $783	-5% $748	+0% $712	+5% $677	+10% $641
Rent	-10% $562	-5% $637	+0% $712	+5% $787	+10% $862
Rate	-1.0pp $775	-0.5pp $744	base $712	+0.5pp $680	+1.0pp $647

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $125,000 Active 1 DOM

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $997 · $83/mo
• Projected year-2 tax: $1,225 · $102/mo
• Expected delta: +$228/yr (+$19/mo · 22.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $22,828
• − Mortgage interest: −$7,002
• − Property taxes: −$997
• − Insurance: −$625
• − Repairs & maintenance: −$1,826
• − Management: −$1,826
• − Depreciation: −$3,636
• Taxable income: $6,916
• Est. tax owed @ 24.0%: −$1,660
• After-tax cash flow: $6,887/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

+812.4% since first listed

5 events — show timeline

• 2026-06-17 Listed $125,000 NWMLS as Distributed by MLS Grid
• 2011-09-16 Sold (MLS) $4,700 NWMLS as Distributed by MLS Grid
• 2011-08-27 Pending — NWMLS as Distributed by MLS Grid
• 2011-08-24 Price Changed $4,700 NWMLS as Distributed by MLS Grid
• 2011-05-26 Listed $13,700 NWMLS as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2026): $997 · +5.5% YoY. Source: county tax records.