2240 W Broadway NE #224 · Moses Lake, WA 98837

$137,000

3 bd · 2.0 ba · 1,809 sqft · Manufactured public records · 9 Days on market

Built 1986 $76/sqft · 7% above area Est $128k · 7% over

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Why this score? — see what drove the C+ 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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +4.1/15.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Broadway Estates, a well-maintained 55+ community offering comfort, convenience, and a peaceful lifestyle. This home sits on a desirable corner lot and includes a one- car garage with power, additional storage space, and a covered back deck protected by a 6-year-old composition roof. Gutters are installed on both the front and the back of the home for added care and durability. Inside you'll find a separate living room and family room, providing flexible spaces for relaxation or entertaining. The functional kitchen with eating space includes all appliances, each of which is fairly new. A Blaze King wood stove offers excellent backup heat when needed. Located just minutes from tow

Key facts

• One car garage
• Covered back deck
• Family room

Tags

• CORNER LOT
• ONE CAR GARAGE
• COVERED BACK DECK
• COMPOSITION ROOF
• SEPARATE LIVING ROOM
• FAMILY ROOM

Property features AI

Finance

• Other: High-speed internet available
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Land lease: $383; Senior community; Manufactured home park approved for sale

Exterior

• Parking: Individual garage; Has garage; RV parking available
• Utilities: Public water; Electric water heater (in closet); Sewer: City service; Power: Grant County PUD; Energy sources: Electric and wood
• Home design: Manufactured double-wide (Marlette); One level; Faces west; Has view; Senior community (Broadway Estates)
• Construction: Wood construction; Composition roof; Metal skirting; Manufactured house; Good condition
• Exterior features: Wood exterior; Patio / porch / deck; Landscaped; Corner lot; Paved

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove / Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Stove / free-standing heating; Central air conditioning; Forced air cooling
• Interior features: Water heater; Wood-burning fireplace; Vaulted ceilings; Ceiling fan(s); Double pane windows; Skylights; Walk-in closet; Bath off primary
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $137k.

Deal economics

• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $137k).
• Cap rate 10.6% 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; 21 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 $947 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y 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 $62k; list at $137k implies a 123% gain — meaningful room to come down on a strong offer.

Recommended offer $137,000

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 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.33% ✓
• Cap rate: 10.58%
• Cash-on-cash: 15.32%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

• ARV (median comp): $127,500
• List price: $137,000
• Delta: 7.45%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2240 W Broadway Ave #225	0.00mi	3/2.0	1,760 (-3%)	1mo	$145,000	$82	95
2240 W Broadway Ave #208	0.00mi	3/2.0	1,620 (-10%)	16mo	$90,000	$56	69
2240 W Broadway Ave #220	0.00mi	2/2.0 (-1)	1,600 (-12%)	11mo	$143,200	$90	67
1638 W Pheasant St	0.47mi	4/2.0 (+1)	1,782 (-2%)	5mo	$300,000	$168	66
2240 W Broadway Dr #23	0.00mi	3/2.0	1,566 (-13%)	19mo	$100,000	$64	62
2240 W Broadway Ave #115	0.00mi	3/2.0	1,539 (-15%)	17mo	$100,000	$65	61

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $3,697
• Equity at exit: $20,427

10-year hold

• IRR: 9.0%
• Equity multiple: 1.60×
• Total profit: $22,908
• Equity at exit: $11,845

Cash invested: $38,360 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,819 high
• Mortgage (P&I): −$718
• Tax est. 1.5%: −$171 /mo · $2,055/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $490

Break-even live

Break-even rent $1,198

Max offer price $137,000

Occupancy floor 68%

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: $34,250
• Closing costs: $4,110
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1709 W Fern Dr Apt C Moses Lake, WA	2.0	1.5	1390	$1,300	$0.94	43d	1	0.31mi
2625 W Marina Dr Unit 4 Moses Lake, WA	2.0	2.5	1300	$1,500	$1.15	43d	1	0.52mi
2625 W Marina Dr Unit 5 Moses Lake, WA	3.0	2.5	1300	$1,795	$1.38	43d	1	0.52mi
2625 W Marina Dr Unit 3 Moses Lake, WA	2.0	2.5	1350	$1,700	$1.26	43d	1	0.52mi
1717 W Lakeside Dr Moses Lake, WA	3.0	1.5	1554	$3,000	$1.93	43d	1	0.52mi
2637 W Marina Dr Moses Lake, WA	2.0	2.5	1340	$1,600	$1.19	43d	1	0.52mi
2805 W Marina Dr Unit A3 Moses Lake, WA	2.0	2.5	1350	$1,450	$1.07	43d	1	0.65mi
2821 W Marina Dr Unit 5 Moses Lake, WA	3.0	2.5	1300	$1,650	$1.27	43d	1	0.68mi
2829 W Marina Dr Unit 1 Moses Lake, WA	3.0	2.5	1300	$1,650	$1.27	43d	1	0.70mi
511 S Interlake Rd Moses Lake, WA	2.0–4.0	2.0	1095	$1,170	$1.07	43d	8	0.73mi
8328 Road 2.4 NE Moses Lake, WA	3.0	2.0	1749	$2,295	$1.31	43d	1	0.90mi
3013 W Lakeside Dr Unit 5 Moses Lake, WA	3.0	2.0	1700	$2,400	$1.41	43d	1	0.96mi
1137 W Lakeside Dr Moses Lake, WA	2.0	1.0	1286	$1,495	$1.16	43d	1	1.11mi
310 N Crestview Dr Unit B Moses Lake, WA	3.0	1.0	1573	$1,875	$1.19	43d	1	1.16mi
215 N Wellington St Moses Lake, WA	3.0	2.0	1550	$2,200	$1.42	43d	1	1.38mi
705 Edgewater Ln Moses Lake, WA	4.0	3.0	2112	$2,995	$1.42	43d	1	1.41mi
1330 S Skyline Dr Unit D Moses Lake, WA	2.0	1.5	1400	$1,450	$1.04	43d	1	1.45mi
1330 S Skyline Dr Moses Lake, WA	2.0	1.0	1400	$1,450	$1.04	43d	1	1.45mi
1326 S Skyline Dr Unit C Moses Lake, WA	2.0	1.5	1400	$1,450	$1.04	43d	1	1.46mi
1326 S Skyline Dr Moses Lake, WA	2.0	1.5	1400	$1,395	$1.00	43d	1	1.46mi
440 Laguna Dr Moses Lake, WA	3.0	2.0	1594	$1,800	$1.13	43d	1	1.47mi

Listing history 7 events

1. 2026-05-13
   status Pending
2. 2026-05-04
   listed $137,000 Active
3. 2012-04-12
   historical
4. 2012-04-11
   soldstatus $61,500 Sold
5. 2012-03-27
   status Pending
6. 2012-03-12
   status Pending Inspection
7. 2011-11-28
   listed $69,900 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 16 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: $21,822
• − Mortgage interest: −$7,674
• − Property taxes: −$2,055
• − Insurance: −$685
• − Repairs & maintenance: −$1,746
• − Management: −$1,746
• − Depreciation: −$3,985
• Taxable income: $3,931
• Est. tax owed @ 24.0%: −$943
• After-tax cash flow: $4,935/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: 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

+96.0% since first listed

7 events — show timeline

• 2026-05-13 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-04 Listed $137,000 NWMLS as Distributed by MLS Grid
• 2012-04-12 Delisted — NWMLS as Distributed by MLS Grid
• 2012-04-11 Sold (MLS) $61,500 NWMLS as Distributed by MLS Grid
• 2012-03-27 Pending — NWMLS as Distributed by MLS Grid
• 2012-03-12 Pending — NWMLS as Distributed by MLS Grid
• 2011-11-28 Listed $69,900 NWMLS as Distributed by MLS Grid

Property tax history

-46.1%/yr

Latest (2017): $34 · -92.1% YoY. Source: county tax records.