10239 185th St SW #10 · Rochester, WA 98579

$187,500

3 bd · 2.0 ba · 1,651 sqft · Manufactured public records · 17 Days on market

Built 2003 Est $154k · 22% over

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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 +22.8/30.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Schools +4.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to comfort and convenience! This spacious 3-bedroom, 2-bath manufactured home offers a well-designed floor plan with plenty of room to relax and entertain. Enjoy both a bright living room and a separate living/entertainment room, providing flexible spaces for gatherings, hobbies, or quiet evenings at home. The kitchen features a cozy dining nook, perfect for casual meals and morning coffee. A warm propane fireplace adds charm and comfort to the main living area. And the ac unit adds comfort in the hot summer days. The primary suite includes its own private bathroom, while two additional bedrooms provide space for guests or a home office. Located in a well-maintained park, this

Key facts

• Bright living room
• Cozy dining nook
• Private bathroom

Tags

• WELL-DESIGNED FLOOR PLAN
• BRIGHT LIVING ROOM
• SEPARATE FAMILY ROOM
• COZY DINING NOOK
• WARM PROPANE FIREPLACE
• PRIVATE BATHROOM

Property features AI

Finance

• Other: Calculated building area: 1782; Assessor as source for lot and square footage; Directions: From I5 take HWY 12 west. Left onto Albany, right onto 185th, left into park, left to mobile home on left
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Tanglewood Mobile Home Community; Park approved for sale; Pets allowed: cats and dogs; Land lease: $630

Exterior

• Parking: Carport
• Utilities: Community water; Water service by Rochester Water Association (via HOA); Power by PSE; Sewer via Tanglewood MH Park; Energy: Electric and Propane
• Home design: Manufactured home (double wide); Goldenwest GE663F model; Single level
• Construction: Cement plank construction; Composition roof; Tie down foundation; Manufactured after 06/15/1976; Mobile home remains
• Exterior features: Cement-planked exterior; Patio/Porch/Deck; Has view

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range; Kitchen with eating space; Walk-in pantry
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 1 shower
• Heating & cooling: Heat pump for heating; Heat pump for cooling; Has heating; Has cooling
• Interior features: Fireplace
• Laundry & utility: Tie down foundation (manufactured home detail)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $188k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $188k).
• Recommended offer: $185k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.1% in Rochester — 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 66/100 on livability (#327 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: health & safety C-, amenities F, commute F.
• Rochester School District (rural): math 53% / reading 57% proficiency, ranked #97 of 291 in WA (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 107 active listings in the ZIP; 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 $6k 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 17 days — a 2% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 $68k; list at $188k implies a 176% gain — meaningful room to come down on a strong offer.

Recommended offer $184,687 (1.5% below list)

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. 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?
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: 1.09% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.44%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $153,543
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10239 185th Ave SW #22	0.04mi	3/2.0	1,566 (-5%)	10mo	$146,300	$93	82

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-9,609
• Equity at exit: $27,957

10-year hold

• IRR: 4.8%
• Equity multiple: 1.35×
• Total profit: $18,468
• Equity at exit: $16,212

Cash invested: $52,500 (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 98579

• Home prices YoY: -34.1%
• Active inventory: 107
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,052 medium
• Mortgage (P&I): −$983
• Tax est. 1.5%: −$234 /mo · $2,812/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $326

Break-even live

Break-even rent $1,640

Max offer price $187,500

Occupancy floor 79%

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: $46,875
• Closing costs: $5,625
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $187,500 Active 17 DOM
2. 2026-06-17
   days on market $187,500 Active 16 DOM
3. 2026-06-16
   days on market $187,500 Active 15 DOM
4. 2026-06-15
   days on market $187,500 Active 14 DOM
5. 2026-06-14
   days on market $187,500 Active 12 DOM
6. 2026-06-13
   days on market $187,500 Active 11 DOM
7. 2026-06-10
   days on market $187,500 Active 9 DOM
8. 2026-06-09
   days on market $187,500 Active 8 DOM
9. 2026-06-08
   days on market $187,500 Active 7 DOM
10. 2026-06-07
    days on market $187,500 Active 6 DOM
11. 2026-06-05
    days on market $187,500 Active 3 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $187,500 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,630
• − Mortgage interest: −$10,503
• − Property taxes: −$2,812
• − Insurance: −$938
• − Repairs & maintenance: −$1,970
• − Management: −$1,970
• − Depreciation: −$5,455
• Taxable income: $981
• Est. tax owed @ 24.0%: −$236
• After-tax cash flow: $3,673/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: Rochester School District
• NCES district ID: 5307470
• Math proficiency: 53% ▲ 5.00%
• Reading proficiency: 57% ▲ 1.00%
• Median HH income: $56,231
• Composite: 49.33/100
• National rank: #4348
• State rank: #97 of 291 in WA

Livability — Rochester

• Score: 66/100
• State rank: #327
• US rank: #12271

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, WA
• Population (ZIP): 13,907

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 10% Native American 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 4% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 7%

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: ▼ -197.25%
• Current HPI: 381.8969
• Rent YoY: —
• Metro: —
• 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

+167.9% since first listed

6 events — show timeline

• 2026-06-01 Listed $187,500 NWMLS as Distributed by MLS Grid
• 2021-02-04 Sold (MLS) $67,900 NWMLS as Distributed by MLS Grid
• 2021-01-18 Pending — NWMLS as Distributed by MLS Grid
• 2021-01-12 Listed $67,900 NWMLS as Distributed by MLS Grid
• 2006-11-30 Sold (MLS) $62,000 NWMLS as Distributed by MLS Grid
• 2006-08-28 Listed $70,000 NWMLS as Distributed by MLS Grid

Property tax history

-3.2%/yr

Latest (2026): $262 · -76.3% YoY. Source: county tax records.