1908 W Marina Dr #9 · Moses Lake, WA 98837

$67,450

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 255 Days on market

Built 1978 $73/sqft · at area comps Est $69k · at est. ↓ 25% since listing

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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 +8.7/15.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Lakefront living at an entry-level price. Recently refreshed 2-bed manufactured home directly on Moses Lake with low-bank access. Perfect for boating, fishing, summer fun, fall hunting, and year-round golf nearby. Updated and move-in ready. Own your slice of the water without breaking the bank. Enjoy a private beach just steps away with excellent fishing and room to tie up your boat. Access to the park dock and launch (best suited for smaller boats). Located in a quiet park community on a dead-end street, perfect for a full-time residence or a low-maintenance vacation getaway. This home has been thoroughly updated with new interior and exterior paint, new vinyl windows, high quality hard su

Key facts

• Lakefront living
• Easy access to trail
• Access to park dock

Tags

• LAKEFRONT LIVING
• REMODELED HOME
• EASY ACCESS TO TRAIL
• PRIVATE BEACH
• ACCESS TO PARK DOCK

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $67k.

Deal economics

• At list price, monthly cash flow is $630 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.7% vs local median 3.3% in Moses Lake — 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 75/100 on livability (#170 in WA, #4,228 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities A-; Watch: employment C-, schools D+, crime F.
• Moses Lake School District (town): math 38% / reading 48% proficiency, ranked #198 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.7%/yr); 585 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $466 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 255 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $22k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,356 (12.0% below list)

Questions for the listing agent

1. It's been on market 255 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 2.06% ✓
• Cap rate: 18.68%
• Cash-on-cash: 44.23%
• DSCR: 2.97
• GRM: 4.0

CMA / ARV

• ARV (median comp): $69,376
• List price: $67,450
• Delta: -2.78%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2240 W Broadway #137	0.13mi	2/1.0	924 (0%)	0mo	$76,500	$83	94
1908 W Marina Dr #10	0.01mi	2/1.0	924 (0%)	10mo	$62,000	$67	91
1804 Marina Dr W #42	0.08mi	2/1.0	952 (+3%)	21mo	$110,000	$116	74

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 32.9%
• Equity multiple: 2.33×
• Total profit: $25,124
• Equity at exit: $10,057

10-year hold

• IRR: 38.3%
• Equity multiple: 4.06×
• Total profit: $57,870
• Equity at exit: $5,832

Cash invested: $18,886 (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 98837

• Rents YoY: -1.7%
• Active inventory: 585
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,390 high
• Mortgage (P&I): −$354
• Tax from tax record: −$20 /mo · $237/yr
• Insurance: −$28
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $630

Break-even live

Break-even rent $592

Max offer price $67,450

Occupancy floor 50%

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: $16,862
• Closing costs: $2,024
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1830 W Crouse St #1 Moses Lake, WA	2.0	1.0	946	$1,295	$1.37	44d	1	0.13mi
1701 W Crouse St Moses Lake, WA	1.0–3.0	1.0–2.0	1017	$1,525	$1.50	44d	6	0.26mi
Pheasant St Moses Lake, WA	2.0	1.0	850	$1,450	$1.71	44d	1	0.46mi
2812 W Marina Dr Unit D Moses Lake, WA	2.0	2.0	1078	$1,695	$1.57	44d	1	0.67mi
2722 W Peninsula Dr Moses Lake, WA	2.0	1.0	858	$1,350	$1.57	44d	1	0.72mi
511 S Interlake Rd Moses Lake, WA	2.0–4.0	2.0	1095	$926	$0.85	44d	8	0.78mi
2900 W Marina Dr Moses Lake, WA	2.0	2.0	1036	$1,688	$1.63	44d	1	0.78mi
1211 W Ivy Ave Unit 203 Moses Lake, WA	2.0	1.0	900	$1,250	$1.39	44d	1	0.90mi
1205 W Ivy Ave Unit 101 Moses Lake, WA	2.0	1.0	900	$1,150	$1.28	44d	1	0.90mi
1206 W Columbia Ave Unit D Moses Lake, WA	2.0	1.0	900	$1,295	$1.44	44d	1	0.93mi
2583 Elgin Rd NE Unit A Moses Lake, WA	1.0	1.0	750	$1,150	$1.53	44d	1	1.36mi
1050 S Division St Moses Lake, WA	1.0–2.0	1.0	675	$1,309	$1.94	44d	14	1.47mi

Listing history 20 events

1. 2026-06-19
   days on market $67,450 Active 255 DOM
2. 2026-06-18
   days on market $67,450 Active 254 DOM
3. 2026-06-17
   days on market $67,450 Active 253 DOM
4. 2026-06-16
   days on market $67,450 Active 252 DOM
5. 2026-06-15
   days on market $67,450 Active 251 DOM
6. 2026-06-14
   days on market $67,450 Active 249 DOM
7. 2026-06-13
   days on market $67,450 Active 248 DOM
8. 2026-06-10
   days on market $67,450 Active 246 DOM
9. 2026-06-09
   days on market $67,450 Active 245 DOM
10. 2026-06-08
    days on market $67,450 Active 244 DOM
11. 2026-06-07
    days on market $67,450 Active 243 DOM
12. 2026-06-05
    days on market $67,450 Active 240 DOM
13. 2026-06-03
    days on market $67,450 Active 239 DOM
14. 2026-06-02
    days on market $67,450 Active 238 DOM
15. 2026-06-01
    days on market $67,450 Active 237 DOM
16. 2026-05-31
    days on market $67,450 Active 236 DOM
17. 2026-05-30
    days on market $67,450 Active 235 DOM
18. 2026-04-21
    price $67,450
19. 2026-03-11
    status Active
20. 2025-09-18
    listed $89,900 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: $237 · $20/mo
• Projected year-2 tax: $661 · $55/mo
• Expected delta: +$424/yr (+$35/mo · 178.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,674
• − Mortgage interest: −$3,778
• − Property taxes: −$237
• − Insurance: −$1,135
• − Repairs & maintenance: −$1,334
• − Management: −$1,334
• − Depreciation: −$1,962
• Taxable income: $6,894
• Est. tax owed @ 24.0%: −$1,655
• After-tax cash flow: $5,901/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: Moses Lake School District
• NCES district ID: 5305220
• Math proficiency: 38% ▬ 0.00%
• Reading proficiency: 48% ▼ -1.00%
• Median HH income: $49,033
• Composite: 39.17/100
• National rank: #8232
• State rank: #198 of 291 in WA

Livability — Moses Lake

• Score: 75/100
• State rank: #170
• US rank: #4228

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Moses Lake, WA
• County: Grant County · 61,643 people
• City population: 49,455
• Metro: Moses Lake, WA
• Population (ZIP): 49,455
• Household income: $74,586
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1064.0

Population outlook (Grant County) Hauer SSP2

• Today (2025): 99,356 people
• By 2030: 102,107 · +2.8%
• By 2040: 108,318 · +9.0%
• By 2050: 114,712 · +15.5%
• By 2075: 131,376 · +32.2%
• By 2100: 146,163 · +47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Hispanic / Latino 33% Two or more races 15% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Portuguese 3% Subsaharan African 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 2%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.4% · Other 2.6%
• 2008→2024 swing: -9.9pp toward R · 2008: -27.5pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+34.4 2016: R+37.9 2012: R+32.6 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -384.29%
• Current HPI: 208.4574
• Rent YoY: ▼ -1.72%
• Metro: Moses Lake, 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

-25.0% since first listed

3 events — show timeline

• 2026-04-21 Price Changed $67,450 NWMLS as Distributed by MLS Grid
• 2026-03-11 Relisted — NWMLS as Distributed by MLS Grid
• 2025-09-18 Listed $89,900 NWMLS as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2026): $237 · +0.0% YoY. Source: county tax records.