39681 Bluestem Rd E · Davenport, WA 99122

$59,950

2 bd · 1.0 ba · 1,264 sqft · SingleFamily · 149 Days on market

Built 1900 Poor condition 0.40 ac lot

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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 +5.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Ready to build your dream homestead? Owner financing available, making it easier than ever to start your journey. This rural gem located in Bluestem WA a true ghost town offers land equipped with electric, drilled well, and septic—perfect starting point for your new home. Enjoy wide-open skies, peaceful living, and room to grow. Ideal for those seeking self-sufficiency with modern comforts already in place. Don’t miss this rare opportunity to create the lifestyle you’ve been dreaming of—bring your plans and make it your own!

Key facts

• Septic
• Drilled well
• 0.4 acre lot

Tags

• LAND EQUIPPED WITH ELECTRIC
• DRILLED WELL
• SEPTIC

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $841 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.1% vs local median 2.2% in Davenport — 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 72/100 on livability (#213 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Davenport School District (rural): math 63% / reading 68% proficiency, ranked #34 of 291 in WA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Davenport Elementary (299 students, 56% FRL) — zoned schools average 56% FRL vs 38% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 180 active listings in the ZIP; 49 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lincoln County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,756 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 A-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?
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: 2.65% ✓
• Cap rate: 23.12%
• Cash-on-cash: 60.10%
• DSCR: 3.67
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 58.8%
• Equity multiple: 3.61×
• Total profit: $43,853
• Equity at exit: $8,939

10-year hold

• IRR: 63.6%
• Equity multiple: 7.39×
• Total profit: $107,229
• Equity at exit: $5,183

Cash invested: $16,786 (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 99122

• Home prices YoY: -17.6%
• Active inventory: 180
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,589 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $899/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $841

Break-even live

Break-even rent $524

Max offer price $59,950

Occupancy floor 42%

Sensitivity live

Price	-10% $882	-5% $861	+0% $841	+5% $820	+10% $799
Rent	-10% $715	-5% $778	+0% $841	+5% $903	+10% $966
Rate	-1.0pp $871	-0.5pp $856	base $841	+0.5pp $825	+1.0pp $809

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: $14,988
• Closing costs: $1,798
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $59,950 Active 149 DOM
2. 2026-06-21
   days on market $59,950 Active 148 DOM
3. 2026-06-18
   days on market $59,950 Active 146 DOM
4. 2026-06-17
   days on market $59,950 Active 145 DOM
5. 2026-06-16
   days on market $59,950 Active 144 DOM
6. 2026-06-15
   days on market $59,950 Active 143 DOM
7. 2026-06-15
   days on market $59,950 Active 142 DOM
8. 2026-06-13
   days on market $59,950 Active 141 DOM
9. 2026-06-12
   days on market $59,950 Active 140 DOM
10. 2026-06-09
    days on market $59,950 Active 137 DOM
11. 2026-06-08
    days on market $59,950 Active 136 DOM
12. 2026-06-08
    days on market $59,950 Active 135 DOM
13. 2026-06-07
    days on market $59,950 Active 134 DOM
14. 2026-06-03
    days on market $59,950 Active 131 DOM
15. 2026-06-02
    days on market $59,950 Active 130 DOM
16. 2026-06-01
    days on market $59,950 Active 129 DOM
17. 2026-05-31
    days on market $59,950 Active 128 DOM
18. 2026-04-30
    status Active
19. 2026-04-28
    status Pending
20. 2026-02-02
    status Active
21. 2026-01-19
    status Pending
22. 2026-01-07
    listed $59,950 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,063
• − Mortgage interest: −$3,358
• − Property taxes: −$899
• − Insurance: −$300
• − Repairs & maintenance: −$1,525
• − Management: −$1,525
• − Depreciation: −$1,744
• Taxable income: $9,712
• Est. tax owed @ 24.0%: −$2,331
• After-tax cash flow: $7,757/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 · 8 photos

Poor 20/100 Extensive rehab

This property is in a state of abandonment and requires extensive repairs and maintenance to be considered habitable. Clearing vegetation and repairing the roof are the highest-priority updates to improve its value.

Repairs flagged

• Major roof — Missing shingles, exposed structure
• Major exterior — Overgrown vegetation, dilapidated structures
• Major HVAC/mechanicals — No visible HVAC/mechanicals

Value-add opportunities

• Both Clear overgrown vegetation and repair roof — Improves curb appeal and functionality
• Both Repair and replace roof — Essential for structural integrity and functionality
• Both Repair and replace exterior — Improves curb appeal and functionality
• Both Install HVAC/mechanicals — Essential for comfort and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Missing shingles, exposed structure	Major	$15,000–50,000
exterior · Overgrown vegetation, dilapidated structures	Major	$15,000–50,000
HVAC/mechanicals · No visible HVAC/mechanicals	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Clear overgrown vegetation and repair roof — Improves curb appeal and functionality ↑
• Both Repair and replace roof — Essential for structural integrity and functionality ↑
• Both Repair and replace exterior — Improves curb appeal and functionality ↑
• Both Install HVAC/mechanicals — Essential for comfort and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Davenport School District
• NCES district ID: 5302010
• Math proficiency: 63% ▼ -5.00%
• Reading proficiency: 68% ▼ -5.00%
• Median HH income: $52,713
• Composite: 57.27/100
• National rank: #2305
• State rank: #34 of 291 in WA

Livability — Davenport

• Score: 72/100
• State rank: #213
• US rank: #6059

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,044

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 9,599 people
• By 2030: 9,146 · -4.7%
• By 2040: 8,298 · -13.6%
• By 2050: 7,683 · -20.0%
• By 2075: 6,790 · -29.3%
• By 2100: 6,029 · -37.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 6% Hispanic / Latino 4% Native American 4%
• Common ancestry: Portuguese 4% Italian 3% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+50.6) · D 23.6% · R 74.2% · Other 2.2%
• 2008→2024 swing: -20.9pp toward R · 2008: -29.6pp · 2024: -50.6pp
• All cycles: 2024: R+50.6 2020: R+48.9 2016: R+50.2 2012: R+40.9 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.76%
• Current HPI: 270.3074
• Rent YoY: —
• Metro: —
• 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

5 events — show timeline

• 2026-04-30 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-28 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-02 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-07 Listed $59,950 NWMLS as Distributed by MLS Grid