1841 Trosper Rd SW #14

Tumwater, WA 98512

$55,000B-

2 bd · 2.0 ba · 960 sqft · Built 1975 · Manufactured · Active · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,580/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$102
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $857/mo
• Annual: $10,289/yr
• Cap rate: 25.00%
• Cash-on-cash: 66.81%
• DSCR: 3.97
• 1% rule: 2.87%
• Cash to close: $15,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $55k. Condition is rated good.
• At list price, monthly cash flow is $857 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• It's been on market 132 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#39 in WA, #700 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D, cost of living D-.
• Tumwater School District (urban): math 57% / reading 69% proficiency, ranked #37 of 291 in WA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Michael T Simmons Elementary (479 students, 40% FRL); Tumwater Middle School (616 students, 32% FRL); A G West Black Hills High School (833 students, 32% FRL).
• Market conditions: Rents rising (+2.3%/yr); 320 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 15y ago; this cycle's ask has dropped $34k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $55k implies a 456% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 25.0% vs local median 2.8% in Tumwater — 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

• It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.