7300 32nd Ave NE #8 · Lacey, WA 98516

$99,000

3 bd · 2.0 ba · 1,144 sqft · Manufactured public records · 42 Days on market

Built 1975 $87/sqft · 35% above area Est $85k · 16% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +0.3/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Alpine Estates, a desirable 55+ community in Lacey. This well-kept home features abundant storage and a comfortable floor plan designed for easy living. Ideally located just minutes from shopping, dining, medical services, and everyday conveniences, it offers both comfort and a strong sense of community.

Key facts

• 2 parking spots
• Built 1975
• Listed 42 days

Property features AI

Finance

• Other: Calculated living area approximately 1,336 square feet; Property condition: Good
• Financial info: Listing terms: Cash or Conventional; Land lease amount applies
• HOA & community: Alpine Estates Park (approximately 50 homes); Park approved for sale; Pets allowed: cats and dogs; Land lease applicable

Exterior

• Parking: Carport
• Utilities: Electric power; Community water (park); Park sewer; Water heater located at carport; Comcast cable; Comcast internet; Power provided by PSE
• Home design: Manufactured double-wide home; One level
• Construction: Mobile home remains
• Exterior features: Patio/porch/deck; RV parking (park amenity)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Laminate; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Dining room; Entry; Family room; Kitchen with eating space; Living room; Utility room
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $99k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.5% vs local median 3.0% in Lacey — 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 85/100 on livability (#33 in WA, #581 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D+.
• North Thurston Public Schools (suburban): math 51% / reading 62% proficiency, ranked #80 of 291 in WA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.8%/yr); 218 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $684 of loan paydown is wiped out by about $3k 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 + 3.8% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $60k; list at $99k implies a 65% gain — meaningful room to come down on a strong offer.

Recommended offer $96,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.36% ✓
• Cap rate: 20.53%
• Cash-on-cash: 50.85%
• DSCR: 3.26
• GRM: 3.5

CMA / ARV

• ARV (median comp): $85,346
• List price: $99,000
• Delta: 16.00%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7300 32nd Ave NE #33	0.03mi	3/2.0	1,296 (+13%)	14mo	$115,000	$89	64
7300 32nd Ave NE #3	0.03mi	2/1.0 (-1)	980 (-14%)	5mo	$28,000	$29	62

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 · 3.75% rent growth · sell at horizon

5-year hold

• IRR: 49.5%
• Equity multiple: 3.18×
• Total profit: $60,564
• Equity at exit: $14,761

10-year hold

• IRR: 55.3%
• Equity multiple: 6.65×
• Total profit: $156,555
• Equity at exit: $8,560

Cash invested: $27,720 (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 98516

• Rents YoY: 3.8%
• Active inventory: 218
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,332 high
• Mortgage (P&I): −$519
• Tax from tax record: −$107 /mo · $1,286/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $1,175

Break-even live

Break-even rent $845

Max offer price $99,000

Occupancy floor 45%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7127 32nd Ave NE Olympia, WA	1.0–2.0	1.0–2.0	923	$2,225	$2.41	2d	6	0.19mi
6979 Birdseye Ave NE Lacey, WA	2.0	1.0–2.0	789	$2,185	$2.77	10d	33	0.61mi
6655 Britton Pkwy NE Lacey, WA	2.0	1.0–2.0	731	$2,373	$3.24	5d	7	0.97mi
8727 Hanna Ln NE Unit 05-202 * ONE MONTH FREE RENT Lacey, WA	2.0	2.0	1015	$2,045	$2.01	44d	1	1.26mi
8736 Hanna Ln NE Unit 12-103 (ADA) Lacey, WA	2.0	2.0	1015	$2,095	$2.06	21d	1	1.30mi
8739 Hanna Ln NE Unit 7202 Lacey, WA	2.0	2.0	1015	$2,095	$2.06	44d	1	1.30mi
8755 Hanna Ln NE Unit 10-104 Lacey, WA	2.0	2.5	1148	$2,245	$1.96	21d	1	1.32mi
8811 31st Ave NE Lacey, WA	1.0–3.0	1.0–2.0	909	$2,655	$2.92	2d	13	1.41mi

Listing history 21 events

1. 2026-06-18
   days on market $99,000 Active 42 DOM
2. 2026-06-17
   days on market $99,000 Active 41 DOM
3. 2026-06-16
   days on market $99,000 Active 40 DOM
4. 2026-06-15
   days on market $99,000 Active 39 DOM
5. 2026-06-14
   days on market $99,000 Active 37 DOM
6. 2026-06-13
   days on market $99,000 Active 36 DOM
7. 2026-06-10
   days on market $99,000 Active 34 DOM
8. 2026-06-09
   days on market $99,000 Active 33 DOM
9. 2026-06-08
   days on market $99,000 Active 32 DOM
10. 2026-06-07
    days on market $99,000 Active 31 DOM
11. 2026-06-03
    days on market $99,000 Active 27 DOM
12. 2026-06-02
    days on market $99,000 Active 26 DOM
13. 2026-06-01
    days on market $99,000 Active 25 DOM
14. 2026-05-31
    days on market $99,000 Active 24 DOM
15. 2026-05-30
    days on market $99,000 Active 23 DOM
16. 2026-05-07
    listed $99,000 Active
17. 2019-12-12
    soldstatus $60,000 Sold
18. 2019-10-26
    status Pending
19. 2019-07-27
    price $65,000
20. 2019-06-28
    price $67,500
21. 2019-06-03
    listed $72,500 Active

ⓘ 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: $1,286 · $107/mo
• Projected year-2 tax: $1,286 · $107/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,982
• − Mortgage interest: −$5,546
• − Property taxes: −$1,286
• − Insurance: −$495
• − Repairs & maintenance: −$2,239
• − Management: −$2,239
• − Depreciation: −$2,880
• Taxable income: $13,298
• Est. tax owed @ 24.0%: −$3,192
• After-tax cash flow: $10,903/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: North Thurston Public Schools
• NCES district ID: 5305850
• Math proficiency: 51% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $62,338
• Composite: 51.09/100
• National rank: #3798
• State rank: #80 of 291 in WA

Livability — Lacey

• Score: 85/100
• State rank: #33
• US rank: #581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lacey, WA
• County: Thurston County · 269,345 people
• City population: 108,850
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 29,177
• Household income: $98,892
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 1202.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 62% Two or more races 14% Asian 11% Hispanic / Latino 10% Black 4% Pacific Islander 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Lithuanian 2% Iranian 2%
• Foreign-born: 14% · Canada, Vietnam, South Korea
• Languages at home: 81% English-only · Spanish 7% Other Asian/Pacific 3% Tagalog/Filipino 2%

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: ▼ -203.16%
• Current HPI: 323.7121
• Rent YoY: ▲ 3.75%
• 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

+36.6% since first listed

6 events — show timeline

• 2026-05-07 Listed $99,000 NWMLS as Distributed by MLS Grid
• 2019-12-12 Sold (MLS) $60,000 NWMLS as Distributed by MLS Grid
• 2019-10-26 Pending — NWMLS as Distributed by MLS Grid
• 2019-07-27 Price Changed $65,000 NWMLS as Distributed by MLS Grid
• 2019-06-28 Price Changed $67,500 NWMLS as Distributed by MLS Grid
• 2019-06-03 Listed $72,500 NWMLS as Distributed by MLS Grid

Property tax history

+10.4%/yr

Latest (2026): $1,286 · +11.5% YoY. Source: county tax records.