1111 Archwood Dr SW #332 · Olympia, WA 98502

$140,000

3 bd · 2.0 ba · 1,782 sqft · Manufactured public records · 33 Days on market

Built 1998 $79/sqft · 21% above area Est $120k · 16% over

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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
• Appreciation +10.0/10.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• ARV discount +0.1/15.0

Listing remarks

TURN KEY COME AND TAKE A LOOK - ONE OF THE BEST LOTS IN THE COMMUNITY!! Located in the Friendly Ridge 55+ Community, this turnkey 3-bedrom 2-bath home offers over 1,800 sq. ft. of comfortable living on one of the largest premium lots in the park. Step inside to vaulted ceilings, a formal living & dining room, plus a spacious family room off the kitchen. The primary suite features a private bath with walk-in shower and ADA upgrades and a walk-in closet. Recent updates include a new heat pump, furnace, refrigerator, dishwasher and newer water heater. Enjoy two covered patios, a private backyard, and an outbuilding for extra storage. Covered parking with great neighbors plus an additiona

Key facts

• Largest premium lots
• New heat pump
• New furnace

Tags

• LARGEST PREMIUM LOTS
• PRIVATE BATH
• WALK-IN SHOWER
• ADA UPGRADES
• NEW HEAT PUMP
• NEW FURNACE

Property features AI

Finance

• Other: Manufactured home park approved for sale; Mobile home remains; Moduline make, model WAS 090848; Condition: Very good
• Financial info: Land lease: $1,365; Listing terms: Cash or Conventional
• HOA & community: Located in Friendly Ridge park; Senior community; Land lease required

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water; PSE power; XFinity cable; XFinity internet
• Home design: Manufactured double-wide; One level
• Construction: Wood construction; Composition roof
• Exterior features: Wood exterior; Paved lot; Outbuilding storage in backyard; Has view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: Three bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Den/office; Dining room; Family room; Kitchen with eating space; Living room; Utility room; Vaulted ceilings; Skylights; Ceiling fan(s); Double pane windows; Landscaped; Patio/porch/deck; Awnings; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $915 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 2.4% in Olympia — 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 83/100 on livability (#58 in WA, #1,036 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living D-.
• Olympia School District (urban): math 66% / reading 75% proficiency, ranked #17 of 291 in WA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Capital High School (1,326 students, 38% FRL).
• Market conditions: Rents rising (+3.2%/yr); 304 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 30% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $15k of equity ($968 loan paydown + $14k appreciation (10.0% local appreciation)).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.2% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 29y 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 $95k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.67% ✓
• Cap rate: 14.13%
• Cash-on-cash: 28.00%
• DSCR: 2.25
• GRM: 5.0

CMA / ARV

• ARV (median comp): $120,196
• List price: $140,000
• Delta: 16.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1111 Archwood Dr SW #226	0.21mi	3/2.0	1,792 (+1%)	16mo	$130,000	$73	76
1111 Archwood Dr SW #306	0.05mi	3/2.0	1,568 (-12%)	4mo	$75,000	$48	74
1111 Archwood Dr SW #213	0.22mi	3/2.0	1,568 (-12%)	14mo	$150,000	$96	58
1111 Archwood Dr SW #202	0.22mi	3/2.0	1,568 (-12%)	14mo	$110,000	$70	58
1111 Archwood Dr SW #429	0.32mi	3/2.0	1,528 (-14%)	10mo	$75,000	$49	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.16% rent growth · sell at horizon

5-year hold

• IRR: 45.6%
• Equity multiple: 4.44×
• Total profit: $134,902
• Equity at exit: $126,123

10-year hold

• IRR: 39.6%
• Equity multiple: 9.99×
• Total profit: $352,248
• Equity at exit: $271,989

Cash invested: $39,200 (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 98502

• Home prices YoY: 1.8%
• Rents YoY: 3.2%
• Active inventory: 304
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,341 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$142 /mo · $1,709/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $915

Break-even live

Break-even rent $1,183

Max offer price $140,000

Occupancy floor 56%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4611 Greenwood Dr SW Olympia, WA	3.0	3.0	1448	$2,495	$1.72	43d	1	0.98mi
2137 Conger Ave NW Unit C Olympia, WA	3.0	2.0	1248	$1,895	$1.52	43d	1	0.99mi
2137 Conger Ave NW Unit A Olympia, WA	3.0	2.0	1248	$1,995	$1.60	43d	1	0.99mi
5004 4th Way SW Olympia, WA	2.0–3.0	2.0–2.5	1271	$2,645	$2.08	13d	5	1.35mi

Listing history 23 events

1. 2026-06-13
   statusdays on market $140,000 Pending 33 DOM
2. 2026-06-10
   days on market $140,000 Active 32 DOM
3. 2026-06-09
   days on market $140,000 Active 31 DOM
4. 2026-06-08
   days on market $140,000 Active 30 DOM
5. 2026-06-07
   days on market $140,000 Active 29 DOM
6. 2026-06-05
   days on market $140,000 Active 26 DOM
7. 2026-06-02
   days on market $140,000 Active 24 DOM
8. 2026-06-01
   days on market $140,000 Active 23 DOM
9. 2026-05-31
   days on market $140,000 Active 22 DOM
10. 2026-05-30
    days on market $140,000 Active 21 DOM
11. 2026-05-09
    listed $140,000 Active
12. 2021-08-06
    soldstatus $95,000 Closed
13. 2021-07-13
    status Pending
14. 2021-06-26
    listed $99,900 Active
15. 2014-08-21
    soldstatus $39,900 Sold
16. 2014-08-05
    price $39,900
17. 2014-08-04
    price $44,900
18. 2014-05-16
    price $48,500
19. 2014-03-10
    listed $52,900 Active
20. 2004-03-31
    soldstatus $66,900
21. 2004-02-02
    listed $69,900
22. 1998-03-06
    soldstatus $13,900
23. 1997-11-22
    listed $15,900

ⓘ 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: $1,709 · $142/mo
• Projected year-2 tax: $1,709 · $142/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $28,097
• − Mortgage interest: −$7,842
• − Property taxes: −$1,709
• − Insurance: −$700
• − Repairs & maintenance: −$2,248
• − Management: −$2,248
• − Depreciation: −$4,073
• Taxable income: $9,277
• Est. tax owed @ 24.0%: −$2,226
• After-tax cash flow: $8,751/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: Olympia School District
• NCES district ID: 5306180
• Math proficiency: 66% ▼ -2.00%
• Reading proficiency: 75% ▼ -2.00%
• Median HH income: $63,852
• Composite: 62.27/100
• National rank: #1438
• State rank: #17 of 291 in WA

Livability — Olympia

• Score: 83/100
• State rank: #58
• US rank: #1036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Olympia, WA
• County: Thurston County · 269,345 people
• City population: 98,428
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 35,398
• Household income: $92,207
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 1811.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 13% Hispanic / Latino 11% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Italian 5% Portuguese 4% Iranian 3%
• Foreign-born: 8% · Vietnam, Canada, China
• Languages at home: 90% English-only · Spanish 3% Vietnamese 2% Other Asian/Pacific 1%

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: ▲ 18.49%
• Current HPI: 1056.49
• Rent YoY: ▲ 3.16%
• 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

+780.5% since first listed

14 events — show timeline

• 2026-06-11 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-09 Listed $140,000 NWMLS as Distributed by MLS Grid
• 2021-08-06 Sold (MLS) $95,000 NWMLS as Distributed by MLS Grid
• 2021-07-13 Pending — NWMLS as Distributed by MLS Grid
• 2021-06-26 Listed $99,900 NWMLS as Distributed by MLS Grid
• 2014-08-21 Sold (MLS) $39,900 NWMLS as Distributed by MLS Grid
• 2014-08-05 Price Changed $39,900 NWMLS as Distributed by MLS Grid
• 2014-08-04 Price Changed $44,900 NWMLS as Distributed by MLS Grid
• 2014-05-16 Price Changed $48,500 NWMLS as Distributed by MLS Grid
• 2014-03-10 Listed $52,900 NWMLS as Distributed by MLS Grid
• 2004-03-31 Sold (MLS) $66,900 NWMLS as Distributed by MLS Grid
• 2004-02-02 Listed $69,900 NWMLS as Distributed by MLS Grid
• 1998-03-06 Sold (MLS) $13,900 NWMLS as Distributed by MLS Grid
• 1997-11-22 Listed $15,900 NWMLS as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2026): $1,709 · +19.4% YoY. Source: county tax records.