2361 Basin St NW #203 · Ephrata, WA 98823

$106,000

3 bd · 2.0 ba · 1,232 sqft · Manufactured · 46 Days on market

Built 1999 Good condition $86/sqft · 59% below area ↓ 8% since listing

---

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 +5.2/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful property with pride of ownership evident. 3 bedroom 2 bath manufactured home in Madrona Park. Asphalt driveway, 18x28 Single car detached garage that is finished, and 12x25 single car storage, plus 2 lawn sheds. This home has new flooring, great kitchen with dining space. Large attached sun porch and storage room. This home has alot of offer. Park Approval required.

Key facts

• Asphalt driveway
• New flooring
• Finished garage

Tags

• ASPHALT DRIVEWAY
• FINISHED GARAGE
• SINGLE CAR STORAGE
• LAWN SHEDS
• NEW FLOORING
• ATTACHED SUN PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $106k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $938 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $106k).
• Recommended offer: $103k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.9% vs local median 3.4% in Ephrata — 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 80/100 on livability (#83 in WA, #1,613 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Ephrata School District (town): math 56% / reading 62% proficiency, ranked #72 of 291 in WA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 232 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).
• This rent runs 35% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $733 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $30k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Recommended offer $102,820 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.99% ✓
• Cap rate: 16.91%
• Cash-on-cash: 37.91%
• DSCR: 2.69
• GRM: 4.2

CMA / ARV

• ARV (median comp): $258,722
• List price: $106,000
• Delta: -59.03%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2285 SW Basin St #2	0.11mi	2/2.0 (-1)	1,248 (+1%)	12mo	$55,000	$44	77
2480 Basin St SW #26	0.12mi	3/2.0	1,144 (-7%)	12mo	$120,800	$106	73
2361 Basin St SW #205	0.00mi	3/2.0	1,080 (-12%)	9mo	$109,000	$101	72
2285 Basin St SW #5	0.11mi	3/2.0	1,152 (-6%)	18mo	$48,000	$42	69
2480 Basin St SW #10	0.09mi	2/2.0 (-1)	1,120 (-9%)	17mo	$83,000	$74	62
2285 Basin St SW #11	0.11mi	3/2.0	1,080 (-12%)	21mo	$54,000	$50	57

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: 34.0%
• Equity multiple: 2.43×
• Total profit: $42,580
• Equity at exit: $15,805

10-year hold

• IRR: 40.9%
• Equity multiple: 4.84×
• Total profit: $114,112
• Equity at exit: $9,165

Cash invested: $29,680 (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 98823

• Active inventory: 232
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,114 medium
• Mortgage (P&I): −$556
• Tax est. 1.5%: −$132 /mo · $1,590/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $938

Break-even live

Break-even rent $927

Max offer price $106,000

Occupancy floor 51%

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: $26,500
• Closing costs: $3,180
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45 Grant Dr Ephrata, WA	3.0	2.0	1217	$1,925	$1.58	44d	1	0.24mi
2393 Pacific St Ephrata, WA	3.0	2.0	1497	$2,500	$1.67	44d	1	0.36mi

Listing history 3 events

1. 2026-05-15
   status Pending
2. 2026-04-29
   price $106,000
3. 2026-03-02
   listed $115,000 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: $25,371
• − Mortgage interest: −$5,938
• − Property taxes: −$1,590
• − Insurance: −$530
• − Repairs & maintenance: −$2,030
• − Management: −$2,030
• − Depreciation: −$3,084
• Taxable income: $10,171
• Est. tax owed @ 24.0%: −$2,441
• After-tax cash flow: $8,812/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 · 13 photos

Good 75/100 Cosmetic rehab

This manufactured home is in good condition with cosmetic updates needed to enhance its curb appeal and resale value.

Repairs flagged

• Minor kitchen cabinets — can be replaced with modern ones
• Minor bathroom fixtures — can be replaced with modern ones

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace carpet in living areas — improves comfort and resale value
• Both update kitchen cabinets — modernizes the space and improves resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · can be replaced with modern ones	Minor	$500–3,000
bathroom fixtures · can be replaced with modern ones	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace carpet in living areas — improves comfort and resale value ↑
• Both update kitchen cabinets — modernizes the space and improves resale value ↑

ⓘ 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: Ephrata School District
• NCES district ID: 5302610
• Math proficiency: 56% ▼ -1.00%
• Reading proficiency: 62% ▲ 1.00%
• Median HH income: $49,652
• Composite: 51.86/100
• National rank: #3574
• State rank: #72 of 291 in WA

Livability — Ephrata

• Score: 80/100
• State rank: #83
• US rank: #1613

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ephrata, WA
• County: Grant County · 61,643 people
• City population: 12,188
• Metro: Moses Lake, WA
• Population (ZIP): 12,188
• Household income: $73,074
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 182.0

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: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 30% Two or more races 13%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Italian 4% Scottish 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 77% English-only · Spanish 23%

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: ▼ -356.36%
• Current HPI: 219.8763
• Rent YoY: —
• 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

-7.8% since first listed

3 events — show timeline

• 2026-05-15 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $106,000 NWMLS as Distributed by MLS Grid
• 2026-03-02 Listed $115,000 NWMLS as Distributed by MLS Grid