1900 Broadway #2 · Hoquiam, WA 98550

$32,000

2 bd · 2.0 ba · 924 sqft · Manufactured · 81 Days on market

Built 1995 $35/sqft · 30% below area Est $46k · 30% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This updated and well maintained 2 bedroom, 1 3/4 bath home is ready for its new owners! This cute little home has a phenomenal kitchen with eating space, built in desk and newer appliances. The LVP floors make for easy clean up, and the fresh paint inside and out give it that brand new home feel. You'll love the nice sized lot, storage shed and porch, great for displaying spring flowers and BBQ's with friends. Book a showing today!

Key facts

• Built 1995
• Listed 81 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $32k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $32k).
• Recommended offer: $30k (6.0% below list) — sets the bar for market timing.
• Cap rate 46.6% vs local median 3.8% in Hoquiam — 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 (#171 in WA, #4,268 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety C-, employment D, schools D-.
• Hoquiam School District (town): math 30% / reading 41% proficiency, ranked #250 of 291 in WA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 154 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).
• This rent runs 36% of the median local income ($55k/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 $221 of loan paydown is wiped out by about $960 of value loss. Plan a longer hold.
• Grays Harbor County population projected at -24% 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 $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $8k (20%) 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: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $30,080 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 5.13% ✓
• Cap rate: 46.60%
• Cash-on-cash: 143.96%
• DSCR: 7.41
• GRM: 1.6

CMA / ARV

• ARV (median comp): $45,685
• List price: $32,000
• Delta: -29.96%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2000 Broadway Ave #13	0.05mi	2/2.0	917 (-1%)	7mo	$39,200	$43	90
2010 Broadway Ave #9	0.09mi	2/2.0	930 (+1%)	5mo	$123,000	$132	90
1900 Broadway Ave #61	0.13mi	2/2.0	924 (0%)	9mo	$32,000	$35	86
1900 Broadway Ave #1	0.00mi	3/1.5 (+1)	988 (+7%)	6mo	$45,500	$46	76
1700 Broadway Ave	0.22mi	2/2.0	924 (0%)	19mo	$265,000	$287	74
2010 Broadway Ave #4	0.09mi	3/2.0 (+1)	1,026 (+11%)	5mo	$164,000	$160	68
1900 Broadway Ave #8	0.00mi	3/1.5 (+1)	864 (-6%)	18mo	$24,000	$28	68

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: —
• Equity multiple: 7.60×
• Total profit: $59,109
• Equity at exit: $4,771

10-year hold

• IRR: —
• Equity multiple: 16.00×
• Total profit: $134,443
• Equity at exit: $2,767

Cash invested: $8,960 (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 98550

• Active inventory: 154
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,641 medium
• Mortgage (P&I): −$168
• Tax est. 1.5%: −$40 /mo · $480/yr
• Insurance: −$13
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $1,008

Break-even live

Break-even rent $364

Max offer price $32,000

Occupancy floor 34%

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
335 Endresen Rd Hoquiam, WA	3.0	1.0	914	$2,300	$2.52	43d	1	0.91mi

Listing history 24 events

1. 2026-06-13
   status $32,000 Pending 81 DOM
2. 2026-06-12
   days on market $32,000 Active 81 DOM
3. 2026-06-09
   days on market $32,000 Active 78 DOM
4. 2026-06-08
   days on market $32,000 Active 77 DOM
5. 2026-06-07
   days on market $32,000 Active 76 DOM
6. 2026-06-05
   days on market $32,000 Active 73 DOM
7. 2026-06-03
   days on market $32,000 Active 72 DOM
8. 2026-06-02
   days on market $32,000 Active 71 DOM
9. 2026-06-01
   days on market $32,000 Active 70 DOM
10. 2026-05-31
    days on market $32,000 Active 69 DOM
11. 2026-05-30
    days on market $32,000 Active 68 DOM
12. 2026-05-11
    price $32,000
13. 2026-05-10
    status Active
14. 2026-03-30
    status Pending
15. 2026-03-21
    price $36,000
16. 2026-02-24
    price $38,000
17. 2026-02-11
    listed $40,000 Active
18. 2024-08-28
    soldstatus $38,000 Closed
19. 2024-08-08
    status Pending
20. 2024-08-07
    listed $47,500 Active
21. 2017-08-29
    soldstatus $15,000 Sold
22. 2017-07-24
    status Pending
23. 2017-07-07
    price $16,000
24. 2017-05-25
    listed $18,500 Active

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥77°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,687
• − Mortgage interest: −$1,792
• − Property taxes: −$480
• − Insurance: −$957
• − Repairs & maintenance: −$1,575
• − Management: −$1,575
• − Depreciation: −$931
• Taxable income: $12,376
• Est. tax owed @ 24.0%: −$2,970
• After-tax cash flow: $9,131/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: Hoquiam School District
• NCES district ID: 5303660
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 41% ▲ 1.00%
• Median HH income: $39,039
• Composite: 32.31/100
• National rank: #10914
• State rank: #250 of 291 in WA

Livability — Hoquiam

• Score: 75/100
• State rank: #171
• US rank: #4268

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoquiam, WA
• County: Grays Harbor County · 44,693 people
• City population: 12,316
• Metro: Aberdeen, WA
• Population (ZIP): 12,316
• Household income: $55,040
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 438.0

Population outlook (Grays Harbor County) Hauer SSP2

• Today (2025): 66,443 people
• By 2030: 63,255 · -4.8%
• By 2040: 56,466 · -15.0%
• By 2050: 50,516 · -24.0%
• By 2075: 39,296 · -40.9%
• By 2100: 31,142 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 6% Two or more races 6% Native American 4% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 6% Romanian 4% Slovak 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 4% Chinese 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Grays Harbor

• 2024 margin: Lean R (+6.0) · D 45.6% · R 51.6% · Other 2.8%
• 2008→2024 swing: -20.6pp toward R · 2008: 14.6pp · 2024: -6.0pp
• All cycles: 2024: R+6.0 2020: R+6.6 2016: R+7.1 2012: D+14.0 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.94%
• Current HPI: 249.3102
• Rent YoY: —
• Metro: Aberdeen, 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

+73.0% since first listed

13 events — show timeline

• 2026-05-11 Price Changed $32,000 NWMLS as Distributed by MLS Grid
• 2026-05-10 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-30 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-21 Price Changed $36,000 NWMLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $38,000 NWMLS as Distributed by MLS Grid
• 2026-02-11 Listed $40,000 NWMLS as Distributed by MLS Grid
• 2024-08-28 Sold (MLS) $38,000 NWMLS as Distributed by MLS Grid
• 2024-08-08 Pending — NWMLS as Distributed by MLS Grid
• 2024-08-07 Listed $47,500 NWMLS as Distributed by MLS Grid
• 2017-08-29 Sold (MLS) $15,000 NWMLS as Distributed by MLS Grid
• 2017-07-24 Pending — NWMLS as Distributed by MLS Grid
• 2017-07-07 Price Changed $16,000 NWMLS as Distributed by MLS Grid
• 2017-05-25 Listed $18,500 NWMLS as Distributed by MLS Grid