3504 Meadowbrook Ln SE · Lacey, WA 98503

$334,900

3 bd · 2.0 ba · 1,620 sqft · Manufactured public records · 206 Days on market

Built 2011 1,984 sqft lot Est $400k · 16% under ↓ 1% since listing

---

Why this score? — see what drove the D+ 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).

• ARV discount +14.8/15.0
• Cash flow +11.1/30.0
• Schools +5.1/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• DSCR +3.2/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful home located in the desirable Lakeview Meadows a 55+ neighborhood. Large home with 3 bedrooms and 1.75 baths. Large living room with vaulted ceilings and a light and bright chef's kitchen with ample space for table. Home also features a separate dining room for those special occasions. Spacious primary suite with walk in closet. If you need more space there's an addition with it's own entrance that would make a great office/craft-hobby room. Brand new roof just installed!!! Large attached garage completes this package. Located on a nice sized lot beautifully landscaped with programable irrigation system. Community amenities include a clubhouse, pool, and fitness center. This home

Key facts

• Separate dining room
• Landscaped lot
• Walk in closet

Tags

• CHEF'S KITCHEN
• SEPARATE DINING ROOM
• WALK IN CLOSET
• ADDITION WITH OWN ENTRANCE
• OFFICE CRAFT HOBBY ROOM
• LANDSCAPED LOT

Property features AI

Finance

• Financial info: Listing terms: Cash, Conventional
• HOA & community: Manufactured home park approved for sale; Lakeview Meadows park (approximately 90 homes); Park amenities include clubhouse, exercise room, and pool; Land lease: $708

Exterior

• Parking: Individual garage (has garage)
• Utilities: Electric energy source; Public water (City of Lacey); Public sewer (City of Lacey); Puget Sound Energy power; Xfinity cable and internet
• Home design: Manufactured double wide (Skyline Westridge); One level; Good condition; Has view
• Construction: Cement and wood construction; Composition roof; Concrete perimeter foundation with tie downs; Manufactured after 6/15/1976
• Exterior features: Cement/concrete and wood exterior; Awnings; Patio/porch/deck; Landscaped; Paved lot

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Water heater; Skylights; Vaulted ceilings; Walk-in closet; Den/Office; Dining room; Entry; Kitchen with eating space; Living room; Utility room; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room with electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $335k.

Deal economics

• At list price, monthly cash flow is $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $312k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (23.0% below list).
• Recommended offer: $258k (23.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.0% in Lacey — 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 85/100 on livability (#33 in WA, #581 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D+.
• North Thurston Public Schools (suburban): math 51% / reading 62% proficiency, ranked #80 of 291 in WA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mountain View Elementary (625 students, 65% FRL); Komachin Middle School (643 students, 50% FRL); North Thurston High School (1,440 students, 47% FRL) — zoned schools average 54% FRL vs 31% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 192 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• This rent runs 35% of the median local income ($89k/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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 206 days — a 12% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $257,773 (23.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 206 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
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 B-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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.77% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.69%
• DSCR: 0.92
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $400,140
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3805 College St SE #16	0.27mi	3/2.0	1,680 (+4%)	5mo	$130,000	$77	78
4304 Lakeview Ct SE	0.11mi	3/2.0	1,560 (-4%)	15mo	$385,999	$247	76
4508 36TH Ct SE	0.23mi	3/2.0	1,680 (+4%)	10mo	$415,000	$247	75
4291 Lakeview Ln SE #5	0.14mi	3/2.0	1,404 (-13%)	11mo	$330,000	$235	62
4262 Meade Ln SE	0.10mi	2/2.0 (-1)	1,458 (-10%)	19mo	$375,000	$257	58
4243 Lakeview Ln SE	0.20mi	2/1.5 (-1)	1,782 (+10%)	20mo	$399,000	$224	50

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 · 3.56% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.35×
• Total profit: $-61,273
• Equity at exit: $49,935

10-year hold

• IRR: -10.0%
• Equity multiple: 0.38×
• Total profit: $-58,336
• Equity at exit: $28,956

Cash invested: $93,772 (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 98503

• Rents YoY: 3.6%
• Active inventory: 192
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,578 high
• Mortgage (P&I): −$1,756
• Tax from tax record: −$273 /mo · $3,273/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $-132

Break-even live

Break-even rent $2,745

Max offer price $311,560

Occupancy floor —

Sensitivity live

Price	-10% $57	-5% $-37	+0% $-132	+5% $-227	+10% $-322
Rent	-10% $-336	-5% $-234	+0% $-132	+5% $-30	+10% $72
Rate	-1.0pp $37	-0.5pp $-47	base $-132	+0.5pp $-219	+1.0pp $-307

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: $83,725
• Closing costs: $10,047
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3725 Wildspitz Ln SE Lacey, WA	3.0–4.0	3.0	1774	$2,695	$1.52	45d	4	0.26mi
4821 27th Ln SE Lacey, WA	3.0	2.0	1718	$2,625	$1.53	45d	1	0.55mi
4820 41st Ln SE Lacey, WA	3.0	2.5	1716	$2,395	$1.40	15d	1	0.60mi
4533 Stonegate St SE Lacey, WA	3.0	2.5	1868	$2,695	$1.44	45d	1	0.75mi
4625 45th Ave SE Lacey, WA	1.0–3.0	1.0–3.0	975	$2,485	$2.55	15d	21	0.80mi
5208 43rd Ct SE Lacey, WA	4.0	2.5	2036	$2,700	$1.33	45d	1	0.84mi
2700 Ruddell Rd SE Unit 2740-B Lacey, WA	2.0	1.5	1054	$1,695	$1.61	45d	1	0.99mi
3702 30th Ave SE Olympia, WA	4.0	2.5	2104	$2,900	$1.38	15d	1	1.13mi
5649 46th Ln SE Lacey, WA	3.0	3.0	1100	$2,300	$2.09	23d	1	1.22mi
5241 52nd Way SE Lacey, WA	4.0	2.5	2204	$3,100	$1.41	23d	1	1.24mi
3539 Landview Dr SE Olympia, WA	1.0–3.0	1.0–2.0	1314	$2,895	$2.20	15d	19	1.36mi
1606 Sulky Dr SE Lacey, WA	3.0	1.5	1319	$2,495	$1.89	23d	1	1.36mi
3425 Polo Club Ln SE Olympia, WA	1.0–3.0	1.0–2.0	934	$2,329	$2.49	15d	9	1.50mi

Listing history 14 events

1. 2026-06-21
   days on market $334,900 Active 206 DOM
2. 2026-06-18
   days on market $334,900 Active 203 DOM
3. 2026-06-17
   days on market $334,900 Active 202 DOM
4. 2026-06-16
   days on market $334,900 Active 201 DOM
5. 2026-06-15
   days on market $334,900 Active 200 DOM
6. 2026-06-14
   days on market $334,900 Active 198 DOM
7. 2026-06-13
   days on market $334,900 Active 197 DOM
8. 2026-06-10
   days on market $334,900 Active 195 DOM
9. 2026-06-09
   days on market $334,900 Active 194 DOM
10. 2026-06-08
    days on market $334,900 Active 193 DOM
11. 2026-06-07
    days on market $334,900 Active 192 DOM
12. 2026-06-03
    days on market $334,900 Active 188 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $334,900 Active 187 DOM

ⓘ 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: $3,273 · $273/mo
• Projected year-2 tax: $3,282 · $274/mo
• Expected delta: +$9/yr (+$1/mo · 0.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,933
• − Mortgage interest: −$18,760
• − Property taxes: −$3,273
• − Insurance: −$1,674
• − Repairs & maintenance: −$2,475
• − Management: −$2,475
• − Depreciation: −$9,743
• Taxable loss: −$7,466
• Est. tax savings @ 24.0%: +$1,792
• After-tax cash flow: $206/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: North Thurston Public Schools
• NCES district ID: 5305850
• Math proficiency: 51% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $62,338
• Composite: 51.09/100
• National rank: #3798
• State rank: #80 of 291 in WA

Livability — Lacey

• Score: 85/100
• State rank: #33
• US rank: #581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lacey, WA
• County: Thurston County · 269,345 people
• City population: 108,850
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 41,656
• Household income: $89,002
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 2195.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 65% Two or more races 12% Hispanic / Latino 12% Asian 7% Black 5% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Portuguese 4% Slovak 3% Lithuanian 3%
• Foreign-born: 10% · Canada, Vietnam, South Korea
• Languages at home: 82% English-only · Spanish 6% German/W. Germanic 3% Other Asian/Pacific 2%

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: ▼ -385.93%
• Current HPI: 361.0974
• Rent YoY: ▲ 3.56%
• 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

-1.2% since first listed

3 events — show timeline

• 2026-06-01 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-06 Price Changed $334,900 NWMLS as Distributed by MLS Grid
• 2025-09-12 Listed $339,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2026): $3,273 · -3.0% YoY. Source: county tax records.