60 E Balbriggan Rd · Shelton, WA 98584

$254,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 65 Days on market

Built 1973 10,454 sqft lot $220/sqft · 10% below area Est $281k · 10% under $128/mo HOA · 8% of rent

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Why this score? — see what drove the F 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).

• ARV discount +11.8/15.0
• Cash flow +7.3/30.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Freshly updated home in Lake Limerick on your own large 10,454sf lot! 1,152sf home, offering 2 beds & 2 full baths, fabulous kitchen with white cabinetry and island, oiled butcher block counter tops (All new appliances including stove & dishwasher prior to close)! Huge primary with ensuite bath & double closets. New carpets & laminate flooring, new lighting, nice open concept. Paved driveway offers ample parking & RV parking. Community residential golf course, club house, pro golf shop, 7 beautiful community parks, 4 community boat launches, and lakes stocked with fish!!

Key facts

• Laminate flooring
• Double closets
• Large lot

Tags

• LARGE LOT
• NEW APPLIANCES
• ENSUITE BATH
• DOUBLE CLOSETS
• NEW CARPETS
• LAMINATE FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $254k.

Deal economics

• At list price, monthly cash flow is $-337 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (23.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (34.3% below list).
• Recommended offer: $167k (34.3% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 3.1% in Shelton — 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 73/100 on livability (#203 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities A-; Watch: schools D+, employment D+, crime F.
• Pioneer School District (rural): math 37% / reading 51% proficiency, ranked #188 of 291 in WA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 439 active listings in the ZIP; solid renter incomes; 299 units permitted in Mason 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 $8k of value loss. Plan a longer hold.
• Mason County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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 $120k; list at $254k implies a 112% gain — meaningful room to come down on a strong offer.

Recommended offer $166,939 (34.3% 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 65 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.66% ✗
• Cap rate: 4.70%
• Cash-on-cash: -5.68%
• DSCR: 0.75
• GRM: 12.7

CMA / ARV

• ARV (median comp): $281,140
• List price: $254,000
• Delta: -9.65%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
60 E Balbriggan Rd	0.00mi	3/2.0 (+1)	1,152 (0%)	0mo	$245,000	$213	95
180 E Barnsby Pl	0.23mi	2/2.0	1,152 (0%)	3mo	$325,000	$282	87
190 E Barnsby Pl	0.21mi	2/2.0	1,120 (-3%)	3mo	$325,000	$290	83
200 E Dartmoor	0.15mi	3/2.0 (+1)	1,188 (+3%)	7mo	$250,000	$210	77
171 E Barnsby Pl	0.18mi	3/2.0 (+1)	1,080 (-6%)	5mo	$325,000	$301	72
391 E Olde Lyme Rd	0.20mi	3/2.0 (+1)	1,166 (+1%)	20mo	$314,450	$270	67
141 E Dalkeith Rd	0.16mi	3/2.0 (+1)	1,280 (+11%)	3mo	$330,000	$258	66
181 E Olde Lyme Rd	0.26mi	3/2.0 (+1)	1,296 (+12%)	0mo	$322,000	$248	62
330 E Dartmoor Dr	0.05mi	3/2.0 (+1)	1,296 (+12%)	14mo	$273,465	$211	60
21 E Cromarty Ct	0.29mi	3/1.0 (+1)	1,056 (-8%)	8mo	$280,000	$265	57
230 E Sleaford Rd	0.45mi	3/2.0 (+1)	1,200 (+4%)	15mo	$350,000	$292	55
900 E Mikkelsen Rd	0.51mi	3/2.0 (+1)	1,026 (-11%)	15mo	$328,000	$320	41

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: -26.1%
• Equity multiple: 0.12×
• Total profit: $-62,637
• Equity at exit: $37,872

10-year hold

• IRR: -22.9%
• Equity multiple: -0.16×
• Total profit: $-82,300
• Equity at exit: $21,961

Cash invested: $71,120 (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 98584

• Active inventory: 439
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,669 medium
• Mortgage (P&I): −$1,332
• Tax from tax record: −$90 /mo · $1,076/yr
• Insurance: −$106
• HOA: −$128
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $-337

Break-even live

Break-even rent $2,096

Max offer price $194,528

Occupancy floor —

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: $63,500
• Closing costs: $7,620
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $128 · $1,536/yr

Listing history 19 events

1. 2026-06-07
   status $254,000 Pending 65 DOM
2. 2026-06-03
   days on market $254,000 Active 65 DOM
3. 2026-06-02
   days on market $254,000 Active 64 DOM
4. 2026-06-01
   days on market $254,000 Active 63 DOM
5. 2026-05-31
   days on market $254,000 Active 62 DOM
6. 2026-05-30
   days on market $254,000 Active 61 DOM
7. 2026-04-11
   price $254,000
8. 2026-03-30
   listed $259,950 Active
9. 2023-05-26
   soldstatus $120,000 Closed
10. 2023-04-24
    status Pending
11. 2023-04-17
    price $156,900
12. 2023-03-08
    listed $159,900 Active
13. 2022-11-10
    soldstatus $120,000 Closed
14. 2022-11-04
    status Pending
15. 2022-10-24
    listed $129,900 Active
16. 2008-06-17
    soldstatus $45,000
17. 2008-06-17
    soldstatus $45,000
18. 2008-05-19
    historical
19. 2008-03-23
    listed $58,000

ⓘ 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: $1,076 · $90/mo
• Projected year-2 tax: $2,489 · $207/mo
• Expected delta: +$1,414/yr (+$118/mo · 131.4%)

ⓘ 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 3/10 Moderate
• 🌡 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 · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,033
• − Mortgage interest: −$14,228
• − Property taxes: −$1,076
• − Insurance: −$1,270
• − Repairs & maintenance: −$1,603
• − Management: −$1,603
• − HOA: −$1,536
• − Depreciation: −$7,389
• Taxable loss: −$8,671
• Est. tax savings @ 24.0%: +$2,081
• After-tax cash flow: $-1,959/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: Pioneer School District
• NCES district ID: 5306750
• Math proficiency: 37% ▼ -6.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $51,151
• Composite: 40.15/100
• National rank: #7840
• State rank: #188 of 291 in WA

Livability — Shelton

• Score: 73/100
• State rank: #203
• US rank: #5586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Mason County · 40,606 people
• City population: 40,606
• Metro: Shelton, WA
• Population (ZIP): 40,606
• Household income: $78,610
• Rent vs Own: 20.2% rent · 79.8% own
• Severe rent burden: 687.0

Population outlook (Mason County) Hauer SSP2

• Today (2025): 60,005 people
• By 2030: 58,567 · -2.4%
• By 2040: 54,735 · -8.8%
• By 2050: 51,470 · -14.2%
• By 2075: 46,276 · -22.9%
• By 2100: 39,883 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 11% Native American 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Slovak 3% Italian 2%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10%

Political lean MEDSL · Mason

• 2024 margin: Toss-up / Even · D 47.2% · R 49.7% · Other 3.2%
• 2008→2024 swing: -11.2pp toward R · 2008: 8.7pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: R+3.9 2016: R+6.0 2012: D+6.9 2008: D+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -232.42%
• Current HPI: 199.0698
• Rent YoY: —
• Metro: Shelton, 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

+337.9% since first listed

13 events — show timeline

• 2026-04-11 Price Changed $254,000 NWMLS as Distributed by MLS Grid
• 2026-03-30 Listed $259,950 NWMLS as Distributed by MLS Grid
• 2023-05-26 Sold (MLS) $120,000 NWMLS as Distributed by MLS Grid
• 2023-04-24 Pending — NWMLS as Distributed by MLS Grid
• 2023-04-17 Price Changed $156,900 NWMLS as Distributed by MLS Grid
• 2023-03-08 Listed $159,900 NWMLS as Distributed by MLS Grid
• 2022-11-10 Sold (MLS) $120,000 NWMLS as Distributed by MLS Grid
• 2022-11-04 Pending — NWMLS as Distributed by MLS Grid
• 2022-10-24 Listed $129,900 NWMLS as Distributed by MLS Grid
• 2008-06-17 Sold (Public Records) $45,000 Public Records
• 2008-06-17 Sold (MLS) $45,000 NWMLS as Distributed by MLS Grid
• 2008-05-19 Delisted — NWMLS as Distributed by MLS Grid
• 2008-03-23 Listed $58,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2026): $1,076 · +12.7% YoY. Source: county tax records.