1352 Alonda Ln NE · Lacey, WA 98516

$87,500

2 bd · 2.0 ba · 1,104 sqft · Manufactured public records · 1 Days on market

Built 1989

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice 2-bedroom home in quiet 55+ community. Features open-concept living and an airy feel. Spacious living area features vaulted ceilings, skylights, and tall accent windows. Kitchen offers extensive cabinetry, built-in oven, pantry, eating bar, and adjoining dining area with built-in hutch. Large primary bedroom includes attached bath with a garden tub and separate walk-in shower. Laundry room includes built-in counter space for folding and storage. Heat pump/AC, covered carport, storage building, landscaped yard, and peaceful backdrop of trees. Convenient location near shopping, services, and I-5. Bring your vision and make this home shine!

Key facts

• Extensive cabinetry
• Tall accent windows
• Vaulted ceilings

Tags

• OPEN-CONCEPT LIVING
• VAULTED CEILINGS
• SKYLIGHTS
• TALL ACCENT WINDOWS
• EXTENSIVE CABINETRY
• BUILT-IN OVEN

Property features AI

Finance

• Financial info: Accepts Cash and Conventional financing
• HOA & community: Located in Alonda Villa manufactured home park (approximately 129 homes); Senior community / senior exemption applies; Park approved for sale; Park amenities include clubhouse and common area; Land lease: $1,010

Exterior

• Parking: Carport
• Utilities: Public water; Septic (by park); Electric service (Puget Sound Energy); Cable connected (Xfinity); Internet connected (Xfinity)
• Home design: Manufactured double-wide home (Dartmouth); One story; Good condition; Skirted with metal; Mobile home remains
• Construction: Wood construction; Metal roof; Pillar/post/pier foundation; Manufactured after 6/15/1976
• Exterior features: Wood exterior products; Awnings; Patio/porch/deck; Storage at back of carport; Paved lot

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Water heater (electric; located on exterior wall); Vaulted ceilings; Skylights; Ceiling fan(s); Double pane windows; Drapes; Landscaped
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $88k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Cap rate 23.0% 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: South Bay Elementary (588 students, 40% FRL); North Thurston High School (1,440 students, 47% FRL).
• Market conditions: Rents rising (+3.8%/yr); 218 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $605 of loan paydown is wiped out by about $3k 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 + 3.8% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 25y 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 $48k; list at $88k implies a 84% gain — meaningful room to come down on a strong offer.

Recommended offer $87,500

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.54% ✓
• Cap rate: 23.00%
• Cash-on-cash: 59.67%
• DSCR: 3.66
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $57,408
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1350 Alonda Ln NE	0.01mi	2/2.0	1,152 (+4%)	7mo	$50,000	$43	87
1519 Alonda Ln NE	0.07mi	2/2.0	1,152 (+4%)	8mo	$60,000	$52	82
1507 Alonda Ln NE	0.10mi	2/2.0	1,248 (+13%)	1mo	$35,000	$28	73
1417 Alonda Ln NE	0.05mi	2/1.5	960 (-13%)	13mo	$65,000	$68	63
1414 Alonda Ln NE	0.08mi	2/2.0	1,247 (+13%)	17mo	$60,000	$48	60
4611 17th Ln NE #17	0.24mi	2/1.0	1,056 (-4%)	22mo	$142,500	$135	59
2005 Alonda Ln NE	0.14mi	2/1.0	960 (-13%)	23mo	$49,500	$52	49
2310 Alonda Ln NE	0.19mi	3/2.0 (+1)	1,218 (+10%)	24mo	$127,000	$104	49

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 · 3.75% rent growth · sell at horizon

5-year hold

• IRR: 59.2%
• Equity multiple: 3.66×
• Total profit: $65,096
• Equity at exit: $13,047

10-year hold

• IRR: 64.2%
• Equity multiple: 7.68×
• Total profit: $163,598
• Equity at exit: $7,565

Cash invested: $24,500 (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 98516

• Rents YoY: 3.8%
• Active inventory: 218
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,220 high
• Mortgage (P&I): −$459
• Tax from tax record: −$40 /mo · $482/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $1,218

Break-even live

Break-even rent $678

Max offer price $87,500

Occupancy floor 40%

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
925 Bradley St NE Olympia, WA	3.0	2.0	1403	$2,650	$1.89	43d	1	0.21mi
927 College Ln NE Unit A Lacey, WA	3.0	2.5	1390	$2,300	$1.65	43d	1	0.23mi
5224 15th Ave NE Olympia, WA	1.0–3.0	1.0–2.0	881	$2,165	$2.46	13d	258	0.60mi
1848 Mapleview Ct NE Olympia, WA	3.0	2.0	1489	$3,000	$2.01	43d	1	0.60mi
606 Lilly Rd NE Olympia, WA	1.0–2.0	1.0–2.0	966	$2,725	$2.82	13d	7	0.69mi
5499 15th Ave NE Lacey, WA	1.0–3.0	1.0–2.0	904	$2,106	$2.33	13d	26	0.74mi
522 Lilly Rd NE Olympia, WA	1.0–2.0	1.0	781	$1,550	$1.98	13d	6	0.75mi
3724 Ensign Rd NE Olympia, WA	2.0	1.0–2.0	920	$1,849	$2.01	13d	5	0.90mi
801 Lilly Rd NE Apt 123 Olympia, WA	1.0	1.0	762	$1,700	$2.23	43d	1	0.98mi
4410 6th Ave SE Lacey, WA	1.0–3.0	1.0–2.0	980	$2,010	$2.05	13d	14	1.05mi
122 Lilly Rd NE Unit 507 Olympia, WA	3.0	1.0	800	$1,900	$2.38	21d	1	1.05mi
122 Lilly Rd NE Unit 104 Olympia, WA	2.0	1.0	750	$1,700	$2.27	21d	1	1.05mi
501 Franz Anderson Rd SE Olympia, WA	1.0	1.0	720	$1,598	$2.22	13d	3	1.38mi

Listing history 2 events

1. 2026-06-19
   remarks 650-char remark
2. 2026-06-19
   listed $87,500 Active 1 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: $482 · $40/mo
• Projected year-2 tax: $858 · $71/mo
• Expected delta: +$375/yr (+$31/mo · 77.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $26,640
• − Mortgage interest: −$4,901
• − Property taxes: −$482
• − Insurance: −$438
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − Depreciation: −$2,545
• Taxable income: $14,012
• Est. tax owed @ 24.0%: −$3,363
• After-tax cash flow: $11,257/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

• County: Thurston County · 269,345 people
• City population: 108,850
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 29,177
• Household income: $98,892
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 1202.0

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 0.58)
• Race & ethnicity: White 62% Two or more races 14% Asian 11% Hispanic / Latino 10% Black 4% Pacific Islander 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Lithuanian 2% Iranian 2%
• Foreign-born: 14% · Canada, Vietnam, South Korea
• Languages at home: 81% English-only · Spanish 7% Other Asian/Pacific 3% Tagalog/Filipino 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: ▼ -203.16%
• Current HPI: 323.7121
• Rent YoY: ▲ 3.75%
• 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

+192.6% since first listed

10 events — show timeline

• 2026-06-18 Listed $87,500 NWMLS as Distributed by MLS Grid
• 2019-06-24 Listed $47,500 NWMLS as Distributed by MLS Grid
• 2019-06-24 Sold (MLS) $47,500 NWMLS as Distributed by MLS Grid
• 2013-07-05 Delisted — NWMLS as Distributed by MLS Grid
• 2013-07-03 Sold (MLS) $20,000 NWMLS as Distributed by MLS Grid
• 2013-06-08 Pending — NWMLS as Distributed by MLS Grid
• 2013-03-29 Price Changed $24,950 NWMLS as Distributed by MLS Grid
• 2013-02-26 Listed $29,500 NWMLS as Distributed by MLS Grid
• 2001-06-25 Sold (MLS) $27,500 NWMLS as Distributed by MLS Grid
• 2001-04-10 Listed $29,900 NWMLS as Distributed by MLS Grid

Property tax history

+9.8%/yr

Latest (2021): $482 · +29.1% YoY. Source: county tax records.