4421 36th Ct SE · Lacey, WA 98503

$210,750

2 bd · 2.0 ba · 1,579 sqft · Manufactured public records · 47 Days on market

Built 1979 9,520 sqft lot $133/sqft · 39% below area Est $345k · 39% under

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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 +23.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +6.2/10.0
• 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

Two-bedroom, 2-bath mobilehome in Lacy. Bank-owned. NO REPRESENTATION IS MADE TO THE VALIDITY OF INFORMATION. BUYER TO VERIFY ALL INFORMATION WHEREIN. Interior inspections are not available; do not trespass!

Key facts

• 9,520 sq ft lot
• 2 parking spots
• Built 1979

Property features AI

Finance

• Other: Lot size approximately 0.2185 acres
• Financial info: Listing terms: Cash

Exterior

• Parking: Attached 2-car carport (2 covered spaces)
• Utilities: Electric energy source; Public water (City of Lacy); Sewer connected (City of Lacy); Power supplied by PSE
• Home design: Manufactured double-wide home on land; One story; Built (effective) in 1979; Manufactured house / double wide
• Construction: Composition roof; Constructed with metal/vinyl and wood; Block foundation with tie-downs
• Exterior features: Metal/vinyl and wood exterior; Wood products exterior

Interior

• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Heat pump heating; Has cooling
• Interior features: No basement; Fixer condition

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $211k.

Deal economics

• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $211k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Market conditions: Rents rising (+3.6%/yr); 190 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• This rent runs 32% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 47 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 28y ago; this cycle's ask has dropped $35k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $204,427 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.12% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.08%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

• ARV (median comp): $345,383
• List price: $210,750
• Delta: -38.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4304 Lakeview Ct SE	0.08mi	3/2.0 (+1)	1,560 (-1%)	15mo	$385,999	$247	77
3805 College St SE #16	0.10mi	3/2.0 (+1)	1,680 (+6%)	5mo	$130,000	$77	76
4508 36TH Ct SE	0.10mi	3/2.0 (+1)	1,680 (+6%)	10mo	$415,000	$247	71
4291 Lakeview Ln SE #5	0.12mi	3/2.0 (+1)	1,404 (-11%)	11mo	$330,000	$235	62
4262 Meade Ln SE	0.22mi	2/2.0	1,458 (-8%)	19mo	$375,000	$257	61
4243 Lakeview Ln SE	0.26mi	2/1.5	1,782 (+13%)	20mo	$399,000	$224	48

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 · 3.56% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.87×
• Total profit: $-7,458
• Equity at exit: $31,424

10-year hold

• IRR: 7.0%
• Equity multiple: 1.54×
• Total profit: $31,799
• Equity at exit: $18,222

Cash invested: $59,010 (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 98503

• Rents YoY: 3.6%
• Active inventory: 190
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,352 high
• Mortgage (P&I): −$1,105
• Tax from tax record: −$268 /mo · $3,213/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $398

Break-even live

Break-even rent $1,849

Max offer price $210,750

Occupancy floor 78%

Sensitivity live

Price	-10% $517	-5% $457	+0% $398	+5% $338	+10% $278
Rent	-10% $212	-5% $305	+0% $398	+5% $490	+10% $583
Rate	-1.0pp $504	-0.5pp $451	base $398	+0.5pp $343	+1.0pp $287

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: $52,688
• Closing costs: $6,322
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3725 Wildspitz Ln SE Lacey, WA	3.0–4.0	3.0	1774	$2,695	$1.52	44d	4	0.27mi
4820 41st Ln SE Lacey, WA	3.0	2.5	1716	$2,395	$1.40	14d	1	0.41mi
4533 Stonegate St SE Lacey, WA	3.0	2.5	1868	$2,695	$1.44	44d	1	0.61mi
4821 27th Ln SE Lacey, WA	3.0	2.0	1718	$2,625	$1.53	44d	1	0.61mi
4625 45th Ave SE Lacey, WA	1.0–3.0	1.0–3.0	975	$2,030	$2.08	14d	21	0.62mi
2700 Ruddell Rd SE Unit 2740-B Lacey, WA	2.0	1.5	1054	$1,695	$1.61	44d	1	0.94mi
5649 46th Ln SE Lacey, WA	3.0	3.0	1100	$2,300	$2.09	21d	1	1.02mi
5216 Ivy Hill Ln SE Lacey, WA	2.0	2.0	1361	$2,595	$1.91	14d	1	1.33mi
5301 Ivy Hill Ln SE Lacey, WA	2.0	2.0	1361	$2,495	$1.83	44d	1	1.33mi
3539 Landview Dr SE Olympia, WA	1.0–3.0	1.0–2.0	1314	$2,295	$1.75	14d	19	1.34mi
1606 Sulky Dr SE Lacey, WA	3.0	1.5	1319	$2,495	$1.89	21d	1	1.38mi
4566 Beckonridge Loop SE Lacey, WA	3.0	2.5	1648	$2,595	$1.57	44d	1	1.44mi
3425 Polo Club Ln SE Olympia, WA	1.0–3.0	1.0–2.0	934	$2,025	$2.17	14d	9	1.48mi
3622 57th Ln SE Olympia, WA	2.0	2.0	1156	$1,999	$1.73	14d	1	1.50mi

Listing history 35 events

1. 2026-06-18
   days on market $210,750 Active 47 DOM
2. 2026-06-17
   days on market $210,750 Active 46 DOM
3. 2026-06-16
   days on market $210,750 Active 45 DOM
4. 2026-06-15
   days on market $210,750 Active 44 DOM
5. 2026-06-14
   days on market $210,750 Active 42 DOM
6. 2026-06-13
   days on market $210,750 Active 41 DOM
7. 2026-06-10
   days on market $210,750 Active 39 DOM
8. 2026-06-09
   days on market $210,750 Active 38 DOM
9. 2026-06-08
   days on market $210,750 Active 37 DOM
10. 2026-06-07
    days on market $210,750 Active 36 DOM
11. 2026-06-03
    days on market $210,750 Active 32 DOM
12. 2026-06-02
    days on market $210,750 Active 31 DOM
13. 2026-06-01
    days on market $210,750 Active 30 DOM
14. 2026-05-31
    days on market $210,750 Active 29 DOM
15. 2026-05-30
    days on market $210,750 Active 28 DOM
16. 2026-04-28
    listed $245,520 Active
17. 2020-05-18
    soldstatus $230,000 Sold
18. 2020-03-09
    status Pending
19. 2020-02-28
    listed $225,000 Active
20. 2016-07-28
    soldstatus $70,500 Sold
21. 2016-07-27
    status Pending
22. 2016-06-27
    status Pending Inspection
23. 2016-06-24
    price $72,500
24. 2016-06-20
    status Active
25. 2016-06-01
    status Pending Inspection
26. 2016-05-07
    listed $82,500 Active
27. 2009-10-22
    soldstatus $147,500 Sold
28. 2009-09-21
    status Pending
29. 2009-09-12
    status Pending Inspection
30. 2009-07-17
    listed $154,999 Active
31. 1998-07-29
    soldstatus $84,500
32. 1998-07-29
    soldstatus $84,500
33. 1998-05-07
    listed $84,500
34. 1996-01-11
    soldstatus $78,000
35. 1986-09-19
    soldstatus $56,000

ⓘ 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: $3,213 · $268/mo
• Projected year-2 tax: $3,213 · $268/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,228
• − Mortgage interest: −$11,805
• − Property taxes: −$3,213
• − Insurance: −$1,054
• − Repairs & maintenance: −$2,258
• − Management: −$2,258
• − Depreciation: −$6,131
• Taxable income: $1,508
• Est. tax owed @ 24.0%: −$362
• After-tax cash flow: $4,409/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

• Census place: Lacey, WA
• County: Thurston County · 269,345 people
• City population: 108,850
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 41,656
• Household income: $89,002
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 2195.0

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 0.56)
• Race & ethnicity: White 65% Two or more races 12% Hispanic / Latino 12% Asian 7% Black 5% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Portuguese 4% Slovak 3% Lithuanian 3%
• Foreign-born: 10% · Canada, Vietnam, South Korea
• Languages at home: 82% English-only · Spanish 6% German/W. Germanic 3% Other Asian/Pacific 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: ▼ -385.93%
• Current HPI: 361.0974
• Rent YoY: ▲ 3.56%
• 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

+276.3% since first listed

21 events — show timeline

• 2026-05-21 Price Changed $210,750 NWMLS as Distributed by MLS Grid
• 2026-04-28 Listed $245,520 NWMLS as Distributed by MLS Grid
• 2020-05-18 Sold (MLS) $230,000 NWMLS as Distributed by MLS Grid
• 2020-03-09 Pending — NWMLS as Distributed by MLS Grid
• 2020-02-28 Listed $225,000 NWMLS as Distributed by MLS Grid
• 2016-07-28 Sold (MLS) $70,500 NWMLS as Distributed by MLS Grid
• 2016-07-27 Pending — NWMLS as Distributed by MLS Grid
• 2016-06-27 Pending — NWMLS as Distributed by MLS Grid
• 2016-06-24 Price Changed $72,500 NWMLS as Distributed by MLS Grid
• 2016-06-20 Relisted — NWMLS as Distributed by MLS Grid
• 2016-06-01 Pending — NWMLS as Distributed by MLS Grid
• 2016-05-07 Listed $82,500 NWMLS as Distributed by MLS Grid
• 2009-10-22 Sold (MLS) $147,500 NWMLS as Distributed by MLS Grid
• 2009-09-21 Pending — NWMLS as Distributed by MLS Grid
• 2009-09-12 Pending — NWMLS as Distributed by MLS Grid
• 2009-07-17 Listed $154,999 NWMLS as Distributed by MLS Grid
• 1998-07-29 Sold (Public Records) $84,500 Public Records
• 1998-07-29 Sold (MLS) $84,500 NWMLS as Distributed by MLS Grid
• 1998-05-07 Listed $84,500 NWMLS as Distributed by MLS Grid
• 1996-01-11 Sold (Public Records) $78,000 Public Records
• 1986-09-19 Sold (Public Records) $56,000 Public Records

Property tax history

+5.1%/yr

Latest (2026): $3,213 · +2.6% YoY. Source: county tax records.