7300 32nd Ave NE #1 · Lacey, WA 98516

$82,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 182 Days on market

Built 1989 $89/sqft · 193% above area

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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
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• 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 this well-maintained 1989 single-wide manufactured home located in a highly desirable 55+ community. Offering 924 sq ft of comfortable living space, this 2-bed, 2-bath home features a desirable split floor plan with bedrooms on each end of the home. Open concept living and Kitchen areas. Spacious utility room off kitchen for laundry space and pantry storage. Situated on a corner lot at the entrance of the community, this home enjoys a larger yard area and enhanced privacy. The location is hard to beat—just minutes from I-5 for an easy commute, plus an abundance of nearby shopping, dining, and everyday convenience. A wonderful opportunity to enjoy comfortable, low maintenanc

Key facts

• Open concept living
• Utility room
• Larger yard area

Tags

• SPLIT FLOOR PLAN
• CORNER LOT
• LARGER YARD AREA
• ENHANCED PRIVACY
• OPEN CONCEPT LIVING
• UTILITY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $82k.

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 $82k).
• Recommended offer: $72k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.5% 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 leasing fast (median 11d on market — plan ~1-2 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 $567 of loan paydown is wiped out by about $2k 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 $23k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $7k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $82k implies a 332% gain — meaningful room to come down on a strong offer.

Recommended offer $72,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 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 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: 2.60% ✓
• Cap rate: 23.52%
• Cash-on-cash: 61.54%
• DSCR: 3.74
• GRM: 3.2

CMA / ARV

• ARV (median comp): $28,000
• List price: $82,000
• Delta: 192.86%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7300 32nd Ave NE #3	0.01mi	2/1.0	980 (+6%)	5mo	$28,000	$29	82

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: 61.2%
• Equity multiple: 3.76×
• Total profit: $63,322
• Equity at exit: $12,226

10-year hold

• IRR: 66.1%
• Equity multiple: 7.90×
• Total profit: $158,453
• Equity at exit: $7,090

Cash invested: $22,960 (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: 3.2×

Monthly cashflow live

• Estimated rent: $2,136 high
• Mortgage (P&I): −$430
• Tax from tax record: −$46 /mo · $549/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $1,177

Break-even live

Break-even rent $646

Max offer price $82,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,224	-5% $1,201	+0% $1,177	+5% $1,154	+10% $1,131
Rent	-10% $1,009	-5% $1,093	+0% $1,177	+5% $1,262	+10% $1,346
Rate	-1.0pp $1,219	-0.5pp $1,198	base $1,177	+0.5pp $1,156	+1.0pp $1,135

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: $20,500
• Closing costs: $2,460
• 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	$2,200	$2.38	0d	5	0.24mi
6979 Birdseye Ave NE Lacey, WA	2.0	1.0–2.0	789	$2,185	$2.77	10d	33	0.64mi
6655 Britton Pkwy NE Lacey, WA	2.0	1.0–2.0	731	$2,373	$3.24	5d	7	0.99mi
8727 Hanna Ln NE Unit 05-202 * ONE MONTH FREE RENT Lacey, WA	2.0	2.0	1015	$2,045	$2.01	44d	1	1.22mi
8736 Hanna Ln NE Unit 12-103 (ADA) Lacey, WA	2.0	2.0	1015	$2,095	$2.06	21d	1	1.25mi
8739 Hanna Ln NE Unit 7202 Lacey, WA	2.0	2.0	1015	$2,095	$2.06	44d	1	1.26mi
8811 31st Ave NE Lacey, WA	1.0–3.0	1.0–2.0	909	$2,200	$2.42	0d	13	1.37mi
3200 Willamette Dr NE Lacey, WA	1.0–3.0	1.0–2.0	975	$2,242	$2.30	0d	10	1.48mi

Listing history 18 events

1. 2026-06-01
   days on market $82,000 Active 182 DOM
2. 2026-05-31
   days on market $82,000 Active 181 DOM
3. 2026-05-30
   days on market $82,000 Active 180 DOM
4. 2026-04-30
   price $85,000
5. 2026-04-17
   price $86,000
6. 2026-04-01
   price $87,000
7. 2026-03-17
   price $88,000
8. 2025-12-01
   listed $89,000 Active
9. 2016-07-20
   soldstatus $19,000 Sold
10. 2016-07-07
    status Pending
11. 2016-07-07
    status Active
12. 2016-07-06
    historical
13. 2016-06-28
    status Active
14. 2016-06-27
    price $19,500
15. 2016-06-09
    status Pending Inspection
16. 2016-02-24
    listed $23,000 Active
17. 2005-07-01
    soldstatus $20,000
18. 2005-05-05
    listed $25,000

ⓘ 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: $549 · $46/mo
• Projected year-2 tax: $804 · $67/mo
• Expected delta: +$254/yr (+$21/mo · 46.3%)

ⓘ 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: $25,631
• − Mortgage interest: −$4,593
• − Property taxes: −$549
• − Insurance: −$410
• − Repairs & maintenance: −$2,050
• − Management: −$2,050
• − Depreciation: −$2,385
• Taxable income: $13,592
• Est. tax owed @ 24.0%: −$3,262
• After-tax cash flow: $10,867/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

+240.0% since first listed

15 events — show timeline

• 2026-04-30 Price Changed $85,000 NWMLS as Distributed by MLS Grid
• 2026-04-17 Price Changed $86,000 NWMLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $87,000 NWMLS as Distributed by MLS Grid
• 2026-03-17 Price Changed $88,000 NWMLS as Distributed by MLS Grid
• 2025-12-01 Listed $89,000 NWMLS as Distributed by MLS Grid
• 2016-07-20 Sold (MLS) $19,000 NWMLS as Distributed by MLS Grid
• 2016-07-07 Pending — NWMLS as Distributed by MLS Grid
• 2016-07-07 Relisted — NWMLS as Distributed by MLS Grid
• 2016-07-06 Delisted — NWMLS as Distributed by MLS Grid
• 2016-06-28 Relisted — NWMLS as Distributed by MLS Grid
• 2016-06-27 Price Changed $19,500 NWMLS as Distributed by MLS Grid
• 2016-06-09 Pending — NWMLS as Distributed by MLS Grid
• 2016-02-24 Listed $23,000 NWMLS as Distributed by MLS Grid
• 2005-07-01 Sold (MLS) $20,000 NWMLS as Distributed by MLS Grid
• 2005-05-05 Listed $25,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2026): $549 · +6.8% YoY. Source: county tax records.