17113 Briar St SE · North Yelm, WA 98597

$174,995

2 bd · 1.0 ba · 880 sqft · Manufactured public records · 73 Days on market

Built 1972 10,136 sqft lot Est $310k · 44% under $96/mo HOA · 5% of rent

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.5/10.0
• Schools +4.8/10.0
• Rent growth +3.9/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Sought after Nisqually Pines neighborhood! The value is in the land. This property has a 1972 manufactured home, an out building with plumbing, electricity and 3/4 bathroom, and RV parking. The manufactured home is livable but needs TLC or remove current home and put a new Manufactured home or build your dream home, the possibilities are endless. The neighborhood has a lovely, updated pool and clubhouse for your enjoyment, and river front park and playgrounds add to the attraction of this sot after community. Located not far from downtown shopping and dining. Easy commute to I-5. Buyer to verify all information.

Key facts

• 0.23 acre lot
• Parking
• Built 1972

Property features AI

Finance

• Other: Property condition: Fixer; Style: Manufactured double wide (Brookwood model); Lot dimensions approximately 70 x 143 feet
• Financial info: Listing terms: Cash
• HOA & community: Has HOA with monthly fee of $96.21 covering common area maintenance and road maintenance; Community features include CCRs, clubhouse, gated access, playground, and trails

Exterior

• Parking: Detached carport; Driveway parking; RV parking; 1 covered parking space
• Security: Security gate
• Utilities: Electric energy source; Community water (Nisqually Pines); Septic tank sewer; Power by Puget Sound Energy; Cable and internet connected (Comcast/Xfinity)
• Home design: Manufactured home (double wide) on land; One story; Main entry location; Facing information not provided
• Construction: Metal roof; Metal/Vinyl construction materials; Built in 1972 (effective year); Block foundation
• Exterior features: Metal/vinyl exterior; Paved lot; Gated entry; Outbuilding(s); RV parking; Shop; Garden space; Level topography

Interior

• Kitchen: Kitchen without eating space
• Bedrooms: 2 bedrooms on the main level; Space for a possible 3rd bedroom
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 1 full bathroom with tub and shower (main level)
• Heating & cooling: Forced air heating; No cooling
• Interior features: Water heater; Security gate
• Laundry & utility: Electric water heater located in closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.4% in North Yelm — 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 68/100 on livability (#277 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime B; Watch: health & safety C-, commute D+, amenities F.
• Yelm School District (rural): math 48% / reading 59% proficiency, ranked #108 of 291 in WA (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fort Stevens Elementary (511 students, 63% FRL); Yelm High School 12 (1,634 students, 45% FRL) — zoned schools average 54% FRL vs 34% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.8%/yr); 431 active listings in the ZIP; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y ago; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $175k implies a 367% gain — meaningful room to come down on a strong offer.

Recommended offer $164,495 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 F-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. 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: 1.15% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.80%
• DSCR: 1.44
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $309,760
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17311 Heather Ln SE	0.08mi	2/1.0	840 (-4%)	14mo	$342,000	$407	77
8335 Abelia Ct SE	0.32mi	2/1.0	924 (+5%)	5mo	$325,000	$352	73
17033 Wisteria Ct SE	0.30mi	2/2.0	954 (+8%)	5mo	$330,000	$346	63
8737 Whitewood Loop SE	0.57mi	2/2.0	840 (-4%)	12mo	$359,000	$427	52
8725 Whitewood Loop SE	0.62mi	2/1.0	772 (-12%)	9mo	$225,000	$291	43
16802 Sorbus Ct SE	0.44mi	3/2.0 (+1)	988 (+12%)	14mo	$345,000	$349	38

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 · 5.78% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,918
• Equity at exit: $26,092

10-year hold

• IRR: 13.7%
• Equity multiple: 2.24×
• Total profit: $60,528
• Equity at exit: $15,130

Cash invested: $48,999 (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 98597

• Rents YoY: 5.8%
• Active inventory: 431
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,010 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$102 /mo · $1,219/yr
• Insurance: −$73
• HOA: −$96
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $400

Break-even live

Break-even rent $1,504

Max offer price $174,995

Occupancy floor 75%

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: $43,749
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $96 · $1,152/yr
• Likely covers: electriclandscapingpool

Listing history 19 events

1. 2026-06-18
   days on market $174,995 Active 73 DOM
2. 2026-06-17
   days on market $174,995 Active 72 DOM
3. 2026-06-16
   days on market $174,995 Active 71 DOM
4. 2026-06-15
   days on market $174,995 Active 70 DOM
5. 2026-06-14
   days on market $174,995 Active 68 DOM
6. 2026-06-13
   days on market $174,995 Active 67 DOM
7. 2026-06-10
   days on market $174,995 Active 65 DOM
8. 2026-06-09
   days on market $174,995 Active 64 DOM
9. 2026-06-08
   days on market $174,995 Active 63 DOM
10. 2026-06-07
    days on market $174,995 Active 62 DOM
11. 2026-06-02
    days on market $174,995 Active 57 DOM
12. 2026-06-01
    days on market $174,995 Active 56 DOM
13. 2026-05-31
    days on market $174,995 Active 55 DOM
14. 2026-05-30
    days on market $174,995 Active 54 DOM
15. 2026-05-22
    price $174,995
16. 2026-04-06
    listed $199,995 Active
17. 2001-10-31
    soldstatus $37,500
18. 2001-10-31
    soldstatus $37,500
19. 2001-06-18
    listed $41,000

ⓘ 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: $1,219 · $102/mo
• Projected year-2 tax: $1,715 · $143/mo
• Expected delta: +$496/yr (+$41/mo · 40.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,125
• − Mortgage interest: −$9,802
• − Property taxes: −$1,219
• − Insurance: −$875
• − Repairs & maintenance: −$1,930
• − Management: −$1,930
• − HOA: −$1,152
• − Depreciation: −$5,091
• Taxable income: $2,126
• Est. tax owed @ 24.0%: −$510
• After-tax cash flow: $4,290/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: Yelm School District
• NCES district ID: 5310140
• Math proficiency: 48% ▲ 1.00%
• Reading proficiency: 59% ▲ 1.00%
• Median HH income: $58,328
• Composite: 48.34/100
• National rank: #4685
• State rank: #108 of 291 in WA

Livability — North Yelm

• Score: 68/100
• State rank: #277
• US rank: #9538

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Yelm, WA
• County: Thurston County · 269,345 people
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 26,669
• Household income: $92,219
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 259.0

Population outlook (Thurston County) Hauer SSP2

• Today (2025): 308,239 people
• By 2030: 326,483 · +5.9%
• By 2040: 359,890 · +16.8%
• By 2050: 391,800 · +27.1%
• By 2075: 468,024 · +51.8%
• By 2100: 519,890 · +68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 10% Black 3% Pacific Islander 2% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 5% Romanian 4% Lithuanian 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 6% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Thurston

• 2024 margin: Strong D (+20.4) · D 58.5% · R 38.1% · Other 3.5%
• 2008→2024 swing: -1.3pp toward R · 2008: 21.7pp · 2024: 20.4pp
• All cycles: 2024: D+20.4 2020: D+18.6 2016: D+15.4 2012: D+19.0 2008: D+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.07%
• Current HPI: 326.4361
• Rent YoY: ▲ 5.78%
• Metro: Olympia-Lacey-Tumwater, 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

+326.8% since first listed

5 events — show timeline

• 2026-05-22 Price Changed $174,995 NWMLS as Distributed by MLS Grid
• 2026-04-06 Listed $199,995 NWMLS as Distributed by MLS Grid
• 2001-10-31 Sold (Public Records) $37,500 Public Records
• 2001-10-31 Sold (MLS) $37,500 NWMLS as Distributed by MLS Grid
• 2001-06-18 Listed $41,000 NWMLS as Distributed by MLS Grid

Property tax history

+38.2%/yr

Latest (2026): $1,219 · +3.3% YoY. Source: county tax records.