17114 153rd Ave SE #10

Yelm, WA 98597

$93,000B

2 bd · 2.0 ba · 840 sqft · Built 2009 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,002/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$84
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $1,009/mo
• Annual: $12,114/yr
• Cap rate: 19.32%
• Cash-on-cash: 46.52%
• DSCR: 3.07
• 1% rule: 2.15%
• Cash to close: $26,040

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $93k. Condition is rated good.
• 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 $93k).
• It's been on market 25 days — a 2% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $643 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#244 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: cost of living C-, health & safety C-, 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: Yelm Prairie Elementary (440 students, 53% FRL); Ridgeline Middle School (574 students, 46% FRL); Yelm High School 12 (1,634 students, 45% FRL).
• Market conditions: Rents rising fast (+5.8%/yr); 434 active listings in the ZIP; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $45k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.3% vs local median 3.6% in 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.