24502 V Ln · Ocean Park, WA 98640

$225,000

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 411 Days on market

Built 1999 7,405 sqft lot $287/sqft · at area comps Est $282k · 20% 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 +28.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* REDUCED * This home is updated with love! The sellers honey-do list was well executed with lots of special touches like a back storage area off the kitchen for extra goodies, a fully enclosed LARGE sunroom, perfect for entertaining and extra hang out space. Outside cabana for wet days or summer nights, and a large carport to protect your ride. Mostly fenced yard perfect for privacy and fur babies, and use of wood trim throughout elevates this property to a higher level, with a new shower. An Oversized lot is a nice bonus, too!

Key facts

• Outside cabana
• Large carport
• Oversized lot

Tags

• FULLY ENCLOSED SUNROOM
• OUTSIDE CABANA
• LARGE CARPORT
• MOSTLY FENCED YARD
• OVERSIZED LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $736 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.1% in Ocean Park — 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 72/100 on livability (#216 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: commute D+, employment D+, schools F.
• Ocean Beach School District (rural): math 34% / reading 50% proficiency, ranked #212 of 291 in WA (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 320 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 90 units permitted in Pacific County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Pacific County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 411 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $18k; list at $225k implies a 1186% gain — meaningful room to come down on a strong offer.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 411 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.29% ✓
• Cap rate: 10.22%
• Cash-on-cash: 14.02%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

• ARV (median comp): $282,426
• List price: $225,000
• Delta: -20.33%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24800 Ash Pl	0.31mi	2/1.0	728 (-7%)	3mo	$134,000	$184	71
25002 Dell Pl	0.46mi	2/1.0	784 (0%)	19mo	$115,000	$147	63
23804 Elm Ln	0.60mi	2/1.0	696 (-11%)	1mo	$150,000	$216	52
1507 250th Pl	0.44mi	2/1.0	672 (-14%)	23mo	$160,000	$238	36
23906 Elm Ln	0.59mi	1/0.5 (-1)	696 (-11%)	15mo	$150,000	$216	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.3%
• Equity multiple: 1.17×
• Total profit: $10,465
• Equity at exit: $33,548

10-year hold

• IRR: 13.8%
• Equity multiple: 2.11×
• Total profit: $69,657
• Equity at exit: $19,454

Cash invested: $63,000 (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 98640

• Home prices YoY: -26.7%
• Active inventory: 320
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,900 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $736

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 70%

Sensitivity live

Price	-10% $892	-5% $814	+0% $736	+5% $658	+10% $581
Rent	-10% $507	-5% $622	+0% $736	+5% $851	+10% $965
Rate	-1.0pp $849	-0.5pp $793	base $736	+0.5pp $678	+1.0pp $618

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24904 J Pl Ocean Park, WA	2.0	1.0	900	$2,900	$3.22	44d	1	0.62mi

Listing history 20 events

1. 2026-06-21
   days on market $225,000 Active 411 DOM
2. 2026-06-18
   days on market $225,000 Active 409 DOM
3. 2026-06-17
   days on market $225,000 Active 408 DOM
4. 2026-06-16
   days on market $225,000 Active 407 DOM
5. 2026-06-15
   days on market $225,000 Active 406 DOM
6. 2026-06-15
   days on market $225,000 Active 405 DOM
7. 2026-06-13
   days on market $225,000 Active 404 DOM
8. 2026-06-12
   days on market $225,000 Active 403 DOM
9. 2026-06-09
   days on market $225,000 Active 400 DOM
10. 2026-06-08
    days on market $225,000 Active 399 DOM
11. 2026-06-08
    days on market $225,000 Active 398 DOM
12. 2026-06-07
    days on market $225,000 Active 397 DOM
13. 2026-06-03
    days on market $225,000 Active 394 DOM
14. 2026-06-02
    days on market $225,000 Active 393 DOM
15. 2026-06-01
    days on market $225,000 Active 392 DOM
16. 2026-05-31
    days on market $225,000 Active 391 DOM
17. 2026-04-10
    price $225,000
18. 2025-08-04
    price $227,500
19. 2025-05-05
    listed $229,000 Active
20. 2004-09-24
    soldstatus $17,500

ⓘ 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 1/10 Low 7 d/yr ≥74°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,800
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,784
• − Management: −$2,784
• − Depreciation: −$6,545
• Taxable income: $5,583
• Est. tax owed @ 24.0%: −$1,340
• After-tax cash flow: $7,493/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: Ocean Beach School District
• NCES district ID: 5306060
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 50% ▲ 1.00%
• Median HH income: $38,549
• Composite: 37.37/100
• National rank: #8929
• State rank: #212 of 291 in WA

Livability — Ocean Park

• Score: 72/100
• State rank: #216
• US rank: #6161

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean Park, WA
• Population (ZIP): 5,107

Population outlook (Pacific County) Hauer SSP2

• Today (2025): 20,636 people
• By 2030: 20,137 · -2.4%
• By 2040: 19,041 · -7.7%
• By 2050: 18,504 · -10.3%
• By 2075: 17,403 · -15.7%
• By 2100: 16,241 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 5% Lithuanian 4% Slovak 4%
• Foreign-born: 7% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Pacific

• 2024 margin: Toss-up / Even · D 48.1% · R 49.4% · Other 2.4%
• 2008→2024 swing: -15.4pp toward R · 2008: 14.1pp · 2024: -1.3pp
• All cycles: 2024: R+1.3 2020: R+1.1 2016: R+6.9 2012: D+11.4 2008: D+14.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.15%
• Current HPI: 222.8758
• Rent YoY: —
• Metro: —
• 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

+1185.7% since first listed

4 events — show timeline

• 2026-04-10 Price Changed $225,000 NWMLS as Distributed by MLS Grid
• 2025-08-04 Price Changed $227,500 NWMLS as Distributed by MLS Grid
• 2025-05-05 Listed $229,000 NWMLS as Distributed by MLS Grid
• 2004-09-24 Sold (Public Records) $17,500 Public Records

Property tax history

-12.5%/yr

Latest (2026): $180 · -1.3% YoY. Source: county tax records.