5400 Meeker #133 · Kalama, WA 98625

$133,900

2 bd · 2.0 ba · 1,578 sqft · Manufactured public records · 116 Days on market

Built 2004 4,250 sqft lot $85/sqft · 6% below area Est $143k · 6% under

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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
• ARV discount +10.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautifully maintained home in Kalama's Columbia Terrace Estates features 2 bedrooms and 2 full bathrooms, with approximately 1576 square feet of living space. The spacious living room includes a cozy fireplace, while the formal dining area and light, bright kitchen with a walk-in pantry and prep island offer ample space for entertaining. Additional highlights include a BRAND NEW ROOF, vaulted ceilings, and a heat pump. A bonus room is perfect for an office or hobbies, and the stylish primary bedroom boasts a generous en suite bathroom with a soaking tub and separate shower. The private covered patio, carport parking, and personal shop/storage space add to the home's charm. Located clo

Key facts

• Prep island
• Brand new roof
• Heat pump

Tags

• WALK-IN PANTRY
• PREP ISLAND
• BRAND NEW ROOF
• VAULTED CEILINGS
• HEAT PUMP
• BONUS ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $134k.

Deal economics

• At list price, monthly cash flow is $700 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $122k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 2.0% in Kalama — 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 (#217 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, cost of living D+, amenities F.
• Kalama School District (rural): math 46% / reading 56% proficiency, ranked #124 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 151 active listings in the ZIP; 348 units permitted in Cowlitz County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cowlitz County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago 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.
• Current owner paid $100k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $121,849 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% 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. 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.
5. 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.
6. 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: 1.51% ✓
• Cap rate: 12.57%
• Cash-on-cash: 22.42%
• DSCR: 2.00
• GRM: 5.5

CMA / ARV

• ARV (median comp): $142,513
• List price: $133,900
• Delta: -6.04%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5400 Meeker Dr #119	0.04mi	2/2.0	1,568 (-1%)	6mo	$155,000	$99	92
5400 Meeker Dr #70	0.13mi	2/2.0	1,512 (-4%)	19mo	$147,500	$98	72
5400 Meeker Dr #104	0.11mi	3/2.0 (+1)	1,404 (-11%)	1mo	$125,000	$89	70
5400 Meeker Dr #128	0.06mi	3/2.0 (+1)	1,782 (+13%)	3mo	$110,500	$62	68
5400 Meeker Dr	0.06mi	2/2.0	1,450 (-8%)	20mo	$205,450	$142	67
5400 Meeker Dr #85	0.13mi	2/2.0	1,460 (-8%)	20mo	$205,450	$141	64
5400 Meeker Dr #64	0.09mi	2/2.0	1,344 (-15%)	11mo	$130,100	$97	62
5400 Meeker Dr #91	0.15mi	3/2.0 (+1)	1,440 (-9%)	14mo	$166,450	$116	61
5452 Meeker Dr	0.33mi	3/2.0 (+1)	1,423 (-10%)	3mo	$350,000	$246	61
5224 Meeker Dr	0.24mi	3/2.0 (+1)	1,800 (+14%)	2mo	$480,000	$267	58
5400 Meeker Dr #28	0.16mi	2/2.0	1,388 (-12%)	24mo	$142,500	$103	53

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: 15.2%
• Equity multiple: 1.61×
• Total profit: $22,920
• Equity at exit: $19,965

10-year hold

• IRR: 23.9%
• Equity multiple: 3.07×
• Total profit: $77,439
• Equity at exit: $11,577

Cash invested: $37,492 (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 98625

• Home prices YoY: -26.0%
• Active inventory: 151
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,016 medium
• Mortgage (P&I): −$702
• Tax from tax record: −$134 /mo · $1,611/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $700

Break-even live

Break-even rent $1,129

Max offer price $133,900

Occupancy floor 60%

Sensitivity live

Price	-10% $776	-5% $738	+0% $700	+5% $662	+10% $625
Rent	-10% $541	-5% $621	+0% $700	+5% $780	+10% $860
Rate	-1.0pp $768	-0.5pp $734	base $700	+0.5pp $666	+1.0pp $630

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: $33,475
• Closing costs: $4,017
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-15
   statusdays on market $133,900 Pending 116 DOM
2. 2026-06-14
   days on market $133,900 Active 115 DOM
3. 2026-06-13
   days on market $133,900 Active 114 DOM
4. 2026-06-10
   days on market $133,900 Active 112 DOM
5. 2026-06-09
   days on market $133,900 Active 111 DOM
6. 2026-06-08
   days on market $133,900 Active 110 DOM
7. 2026-06-07
   days on market $133,900 Active 109 DOM
8. 2026-06-05
   days on market $133,900 Active 106 DOM
9. 2026-06-03
   days on market $133,900 Active 105 DOM
10. 2026-06-02
    pricedays on market $133,900 Active 104 DOM
11. 2026-06-01
    days on market $139,900 Active 103 DOM
12. 2026-05-31
    days on market $139,900 Active 102 DOM
13. 2026-05-30
    days on market $139,900 Active 101 DOM
14. 2026-02-12
    listed $139,900 Active
15. 2007-08-14
    soldstatus $100,500
16. 2007-07-16
    historical
17. 2007-05-26
    listed $105,000

ⓘ 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: $1,611 · $134/mo
• Projected year-2 tax: $1,611 · $134/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,191
• − Mortgage interest: −$7,500
• − Property taxes: −$1,611
• − Insurance: −$670
• − Repairs & maintenance: −$1,935
• − Management: −$1,935
• − Depreciation: −$3,895
• Taxable income: $6,645
• Est. tax owed @ 24.0%: −$1,595
• After-tax cash flow: $6,810/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: Kalama School District
• NCES district ID: 5303810
• Math proficiency: 46% ▲ 3.00%
• Reading proficiency: 56% ▼ -2.00%
• Median HH income: $62,351
• Composite: 46.75/100
• National rank: #5238
• State rank: #124 of 291 in WA

Livability — Kalama

• Score: 72/100
• State rank: #217
• US rank: #6179

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kalama, WA
• Population (ZIP): 7,020

Population outlook (Cowlitz County) Hauer SSP2

• Today (2025): 104,780 people
• By 2030: 103,980 · -0.8%
• By 2040: 100,769 · -3.8%
• By 2050: 96,685 · -7.7%
• By 2075: 86,454 · -17.5%
• By 2100: 74,052 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 9% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 7% Iranian 5% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5% Russian/Polish/Slavic 1%

Political lean MEDSL · Cowlitz

• 2024 margin: R (+19.9) · D 38.7% · R 58.6% · Other 2.7%
• 2008→2024 swing: -31.1pp toward R · 2008: 11.2pp · 2024: -19.9pp
• All cycles: 2024: R+19.9 2020: R+17.4 2016: R+13.7 2012: D+4.4 2008: D+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.34%
• Current HPI: 253.7882
• 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

+33.2% since first listed

4 events — show timeline

• 2026-02-12 Listed $139,900 NWMLS as Distributed by MLS Grid
• 2007-08-14 Sold (MLS) $100,500 NWMLS as Distributed by MLS Grid
• 2007-07-16 Delisted — NWMLS as Distributed by MLS Grid
• 2007-05-26 Listed $105,000 NWMLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2026): $1,611 · +17.0% YoY. Source: county tax records.