881 N Iris Ave · Sequim, WA 98382

$289,000

3 bd · 2.0 ba · 1,350 sqft · Manufactured public records · 307 Days on market

Manufactured home 55+ age-restricted Built 2025 Good condition 4,740 sqft lot $214/sqft · 6% below area Est $309k · 6% under ↓ 10% since listing

---

Why this score? — see what drove the D 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 +10.9/30.0
• ARV discount +10.4/15.0
• Schools +5.3/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• DSCR +3.0/10.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -3.6

Listing remarks MLS

Experience quality living in Lavender Meadows, a private, pet friendly, 55+ community located in beautiful downtown Sequim. Residents enjoy miles of level interior sidewalks, pickle ball courts, horseshoe pits, bocce ball, pocket parks, dog parks, and a clubhouse. Beautifully landscaped with irrigation and an oversized 1-car detached garage. Garage can be finished & electricity can be added. Floor plan: The Cottage-cozy new 2 bdrm + den home, tons of natural light, covered entry, nicely landscaped, kitchen island, wood cabinets, large primary bdrm w/ walk-in closet. Up to 30% seller financing available with an interest rate of 3%.

Key facts

• Pickle ball courts
• Pocket parks
• Bocce ball

Tags

• PRIVATE COMMUNITY
• PET FRIENDLY
• PICKLE BALL COURTS
• HORSESHOE PITS
• BOCCE BALL
• POCKET PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $289k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-449 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (22.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (32.2% below list).
• Recommended offer: $196k (32.2% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 2.5% in Sequim — 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 70/100 on livability (#245 in WA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B, cost of living B; Watch: employment D, amenities D-, commute F.
• Sequim School District (town): math 55% / reading 66% proficiency, ranked #64 of 291 in WA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Helen Haller Elementary School (541 students, 70% FRL); Sequim Middle School (568 students, 52% FRL); Sequim Senior High (794 students, 50% FRL) — zoned schools average 57% FRL vs 38% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 773 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 166 units permitted in Clallam County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Clallam County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 307 days — a 12% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $31k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $195,952 (32.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 307 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.68% ✗
• Cap rate: 4.43%
• Cash-on-cash: -6.66%
• DSCR: 0.70
• GRM: 12.3

CMA / ARV

• ARV (median comp): $309,000
• List price: $289,000
• Delta: -6.47%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
931 N Iris Ave	0.02mi	2/2.0 (-1)	1,350 (0%)	12mo	$312,000	$231	84
911 N Iris Ave	0.01mi	2/2.0 (-1)	1,354 (+0%)	20mo	$299,000	$221	77
876 N Rock Rose Ave	0.28mi	2/2.0 (-1)	1,296 (-4%)	5mo	$309,000	$238	72
1050 N Malia Ln	0.37mi	3/2.0	1,440 (+7%)	0mo	$420,000	$292	71
895 N Violet Ave	0.15mi	2/2.0 (-1)	1,354 (+0%)	20mo	$329,000	$243	71
936 N Rock Rose Ave	0.21mi	2/2.0 (-1)	1,354 (+0%)	17mo	$372,500	$275	71
905 N Violet Ave	0.13mi	2/2.0 (-1)	1,296 (-4%)	15mo	$359,500	$277	70
896 N Rock Rose Ave	0.25mi	2/2.0 (-1)	1,458 (+8%)	0mo	$344,000	$236	70
923 N Rock Rose Ave	0.21mi	3/2.0	1,333 (-1%)	22mo	$357,250	$268	70
946 N Rock Rose Ave	0.20mi	2/2.0 (-1)	1,296 (-4%)	19mo	$343,287	$265	63
270 E Camelia St	0.33mi	2/2.0 (-1)	1,404 (+4%)	15mo	$429,000	$306	60

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: -27.8%
• Equity multiple: 0.07×
• Total profit: $-75,410
• Equity at exit: $43,091

10-year hold

• IRR: -26.3%
• Equity multiple: -0.27×
• Total profit: $-102,385
• Equity at exit: $24,987

Cash invested: $80,920 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 13 active · 12 under contract
• Months of supply: 7.1 mo (14%/mo absorbed)
• Median asking: $218,950 ($159/sqft)
• Median days on market: 33 d
• This list price: 62% of active listings are priced below it
• ARV vs active asking: +43.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98382

• Active inventory: 773
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,960 medium
• Mortgage (P&I): −$1,516
• Tax est. 1.5%: −$361 /mo · $4,335/yr
• Insurance: −$120
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $-449

Break-even live

Break-even rent $2,528

Max offer price $224,001

Occupancy floor —

Sensitivity live

Price	-10% $-249	-5% $-349	+0% $-449	+5% $-549	+10% $-649
Rent	-10% $-604	-5% $-527	+0% $-449	+5% $-372	+10% $-294
Rate	-1.0pp $-304	-0.5pp $-376	base $-449	+0.5pp $-524	+1.0pp $-600

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: $72,250
• Closing costs: $8,670
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
522 W Evergreen Farm Way Sequim, WA	2.0	2.0	1336	$2,450	$1.83	93d	1	0.60mi
246 W Maple St Sequim, WA	3.0	2.0	1200	$2,300	$1.92	93d	1	1.13mi
850 Tommy Ct Sequim, WA	3.0	2.0	1350	$2,300	$1.70	93d	1	1.27mi

Listing history 50 events

1. 2026-08-08
   days on market $289,000 Active 307 DOM
2. 2026-08-07
   days on market $289,000 Active 306 DOM
3. 2026-08-06
   days on market $289,000 Active 305 DOM
4. 2026-08-05
   days on market $289,000 Active 304 DOM
5. 2026-08-04
   days on market $289,000 Active 303 DOM
6. 2026-08-03
   days on market $289,000 Active 302 DOM
7. 2026-07-31
   days on market $289,000 Active 299 DOM
8. 2026-07-30
   days on market $289,000 Active 298 DOM
9. 2026-07-29
   days on market $289,000 Active 297 DOM
10. 2026-07-27
    days on market $289,000 Active 295 DOM
11. 2026-07-25
    days on market $289,000 Active 293 DOM
12. 2026-07-24
    days on market $289,000 Active 292 DOM
13. 2026-07-23
    days on market $289,000 Active 291 DOM
14. 2026-07-22
    days on market $289,000 Active 290 DOM
15. 2026-07-21
    days on market $289,000 Active 289 DOM
16. 2026-07-18
    days on market $289,000 Active 286 DOM
17. 2026-07-17
    days on market $289,000 Active 284 DOM
18. 2026-07-15
    days on market $289,000 Active 283 DOM
19. 2026-07-14
    days on market $289,000 Active 282 DOM
20. 2026-07-13
    days on market $289,000 Active 281 DOM
21. 2026-07-12
    days on market $289,000 Active 280 DOM
22. 2026-07-11
    days on market $289,000 Active 279 DOM
23. 2026-07-11
    days on market $289,000 Active 278 DOM
24. 2026-07-09
    days on market $289,000 Active 277 DOM
25. 2026-07-08
    days on market $289,000 Active 276 DOM
26. 2026-07-07
    days on market $289,000 Active 275 DOM
27. 2026-07-06
    days on market $289,000 Active 274 DOM
28. 2026-07-05
    days on market $289,000 Active 273 DOM
29. 2026-07-04
    days on market $289,000 Active 272 DOM
30. 2026-07-03
    days on market $289,000 Active 271 DOM
31. 2026-07-02
    days on market $289,000 Active 270 DOM
32. 2026-07-01
    days on market $289,000 Active 269 DOM
33. 2026-06-30
    days on market $289,000 Active 268 DOM
34. 2026-06-29
    days on market $289,000 Active 267 DOM
35. 2026-06-28
    days on market $289,000 Active 266 DOM
36. 2026-06-27
    days on market $289,000 Active 265 DOM
37. 2026-06-26
    days on market $289,000 Active 263 DOM
38. 2026-06-22
    remarks 695-char remark
39. 2026-06-22
    days on market $289,000 Active 260 DOM
40. 2026-06-19
    days on market $289,000 Active 257 DOM
41. 2026-06-18
    days on market $289,000 Active 256 DOM
42. 2026-06-17
    days on market $289,000 Active 255 DOM
43. 2026-06-17
    status $289,000 Active 254 DOM
44. 2026-06-16
    days on market $289,000 Active Under Contract 254 DOM
45. 2026-06-15
    days on market $289,000 Active Under Contract 253 DOM
46. 2026-06-14
    days on market $289,000 Active Under Contract 251 DOM
47. 2026-06-12
    days on market $289,000 Active Under Contract 250 DOM
48. 2026-06-09
    days on market $289,000 Active Under Contract 247 DOM
49. 2026-06-08
    days on market $289,000 Active Under Contract 246 DOM
50. 2026-06-07
    days on market $289,000 Active Under Contract 245 DOM

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥83°F today · 18 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: $23,514
• − Mortgage interest: −$16,188
• − Property taxes: −$4,335
• − Insurance: −$1,445
• − Repairs & maintenance: −$1,881
• − Management: −$1,881
• − Depreciation: −$8,407
• Taxable loss: −$10,624
• Est. tax savings @ 24.0%: +$2,550
• After-tax cash flow: $-2,841/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 Est. rehab $6,750–$20,250 screening

This manufactured home is in good condition with modern finishes and a well-maintained exterior. It offers a good balance of updates and maintenance to increase its value.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Resale Replace countertops with quartz or granite — Quartz or granite countertops are more durable and aesthetically pleasing ↑
• Both Install smart home devices — Smart home devices improve convenience and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Helen Haller Elementary School Middle Sequim Middle School High Sequim Senior High

Schools (NCES district)

• District: Sequim School District
• NCES district ID: 5307830
• Math proficiency: 55% ▼ -1.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $46,969
• Composite: 52.77/100
• National rank: #3312
• State rank: #64 of 291 in WA

B Composite livability gradescore 70/100

Livability — Sequim

• Score: 70/100
• State rank: #245
• US rank: #7845

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sequim, WA
• County: Clallam County · 76,817 people
• Metro: Port Angeles, WA
• Population (ZIP): 31,052
• Household income: $74,189
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 16% of renters

---

Population outlook (Clallam County) Hauer SSP2

• Today (2025): 76,817 people
• By 2030: 78,177 · +1.8%
• By 2040: 79,795 · +3.9%
• By 2050: 80,890 · +5.3%
• By 2075: 83,933 · +9.3%
• By 2100: 82,141 · +6.9%

---

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Hispanic / Latino 4% Asian 2%
• Common ancestry: Portuguese 5% Slovak 5% Italian 4%
• Foreign-born: 6% · Canada
• Languages at home: 95% English-only · Spanish 2% German/W. Germanic 1% Other Indo-European 1%

---

Political lean MEDSL · Clallam

• 2024 margin: Lean D (+7.9) · D 52.6% · R 44.7% · Other 2.7%
• 2008→2024 swing: +4.6pp toward D · 2008: 3.3pp · 2024: 7.9pp
• All cycles: 2024: D+7.9 2020: D+3.4 2016: R+1.6 2012: D+0.4 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -225.89%
• Current HPI: 181.4372
• Rent YoY: —
• Metro: Port Angeles, 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

-9.7% since first listed

5 events — show timeline

• 2026-02-14 Pending — OLS
• 2026-01-20 Price Changed $289,000 NWMLS as Distributed by MLS Grid
• 2026-01-20 Price Changed $289,000 OLS
• 2025-10-04 Listed $320,000 NWMLS as Distributed by MLS Grid
• 2025-10-04 Listed $320,000 OLS