1804 W Marina Dr #41 · Moses Lake, WA 98837

$30,000

2 bd · 1.0 ba · 784 sqft · Manufactured · 412 Days on market

Built 1985 Good condition $38/sqft · 52% below area ↓ 40% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Lake front living at a very affordable price. Two bedroom, 1 bath 1985 single wide manufactured home at Lakeshore MH Park. New interior paint and water heater. Updated windows, bathroom and light fixtures. Community lakefront area with small boat launch just a few steps from the front door. Perfect for paddle boats, kayaks, etc. There's constantly changing views with beautiful sunsets and wildlife. Park manager approval is required. Monthly space rent is $800 +/- depending on water usage.

Key facts

• Lake front living
• Small boat launch
• Updated windows

Tags

• LAKE FRONT LIVING
• NEW INTERIOR PAINT
• UPDATED WINDOWS
• COMMUNITY LAKEFRONT AREA
• SMALL BOAT LAUNCH
• CHANGING VIEWS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $30k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $824 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 41.9% vs local median 3.3% in Moses Lake — 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 (#170 in WA, #4,228 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities A-; Watch: employment C-, schools D+, crime F.
• Moses Lake School District (town): math 38% / reading 48% proficiency, ranked #198 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.7%/yr); 585 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 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 + 0.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 412 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (40%) 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: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $26,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 412 days. Have you received any prior offers? Is the seller open to a 12% 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 4.63% ✓
• Cap rate: 41.90%
• Cash-on-cash: 127.17%
• DSCR: 6.66
• GRM: 1.8

CMA / ARV

• ARV (median comp): $62,253
• List price: $30,000
• Delta: -51.81%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1804 W Marina Dr #41	0.00mi	2/1.0	784 (0%)	1mo	$27,500	$35	100
1908 W. Marina Dr #5	0.06mi	2/1.0	728 (-7%)	13mo	$60,000	$82	74

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.19×
• Total profit: $43,594
• Equity at exit: $4,473

10-year hold

• IRR: —
• Equity multiple: 11.72×
• Total profit: $90,035
• Equity at exit: $2,594

Cash invested: $8,400 (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 98837

• Rents YoY: -1.7%
• Active inventory: 585
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,389 high
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $824

Break-even live

Break-even rent $347

Max offer price $30,000

Occupancy floor 36%

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1830 W Crouse St #1 Moses Lake, WA	2.0	1.0	946	$1,295	$1.37	43d	1	0.08mi
1701 W Crouse St Moses Lake, WA	1.0–3.0	1.0–2.0	1017	$1,525	$1.50	43d	6	0.18mi
Pheasant St Moses Lake, WA	2.0	1.0	850	$1,450	$1.71	43d	1	0.41mi
2812 W Marina Dr Unit D Moses Lake, WA	2.0	2.0	1078	$1,695	$1.57	43d	1	0.75mi
2722 W Peninsula Dr Moses Lake, WA	2.0	1.0	858	$1,350	$1.57	43d	1	0.79mi
1211 W Ivy Ave Unit 203 Moses Lake, WA	2.0	1.0	900	$1,250	$1.39	43d	1	0.82mi
1205 W Ivy Ave Unit 101 Moses Lake, WA	2.0	1.0	900	$1,150	$1.28	43d	1	0.83mi
1206 W Columbia Ave Unit D Moses Lake, WA	2.0	1.0	900	$1,295	$1.44	43d	1	0.85mi
511 S Interlake Rd Moses Lake, WA	2.0–4.0	2.0	1095	$926	$0.85	43d	8	0.86mi
2900 W Marina Dr Moses Lake, WA	2.0	2.0	1036	$1,688	$1.63	43d	1	0.87mi
2583 Elgin Rd NE Unit A Moses Lake, WA	1.0	1.0	750	$1,150	$1.53	43d	1	1.35mi
1050 S Division St Moses Lake, WA	1.0–2.0	1.0	675	$1,309	$1.94	43d	14	1.40mi

Listing history 6 events

1. 2026-05-19
   status Pending
2. 2026-05-13
   status Active
3. 2026-05-08
   status Pending
4. 2026-04-09
   price $30,000
5. 2026-03-03
   price $40,000
6. 2025-03-28
   listed $50,000 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 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,671
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$948
• − Repairs & maintenance: −$1,334
• − Management: −$1,334
• − Depreciation: −$873
• Taxable income: $10,053
• Est. tax owed @ 24.0%: −$2,413
• After-tax cash flow: $7,472/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 · 12 photos

Good 75/100 Cosmetic rehab

This manufactured home is in good condition with cosmetic updates needed. It offers a lakefront view and is move-in ready.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value.
• Both Landscaping — Improves curb appeal and rental value.
• Resale Update kitchen appliances — Modernizes the kitchen and enhances resale value.
• Resale Update bathroom fixtures — Modernizes the bathroom and enhances resale value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value. ↑
• Both Landscaping — Improves curb appeal and rental value. ↑
• Resale Update kitchen appliances — Modernizes the kitchen and enhances resale value. ↑
• Resale Update bathroom fixtures — Modernizes the bathroom and enhances 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: Moses Lake School District
• NCES district ID: 5305220
• Math proficiency: 38% ▬ 0.00%
• Reading proficiency: 48% ▼ -1.00%
• Median HH income: $49,033
• Composite: 39.17/100
• National rank: #8232
• State rank: #198 of 291 in WA

Livability — Moses Lake

• Score: 75/100
• State rank: #170
• US rank: #4228

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Moses Lake, WA
• County: Grant County · 61,643 people
• City population: 49,455
• Metro: Moses Lake, WA
• Population (ZIP): 49,455
• Household income: $74,586
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1064.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Hispanic / Latino 33% Two or more races 15% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Portuguese 3% Subsaharan African 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 2%

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: ▼ -384.29%
• Current HPI: 208.4574
• Rent YoY: ▼ -1.72%
• 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

-40.0% since first listed

6 events — show timeline

• 2026-05-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-13 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-08 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-09 Price Changed $30,000 NWMLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $40,000 NWMLS as Distributed by MLS Grid
• 2025-03-28 Listed $50,000 NWMLS as Distributed by MLS Grid