2021 Mahan Ave #l3 Ave Unit L3 · Richland, WA 99354

$69,500

2 bd · 1.0 ba · 840 sqft · Manufactured public records · 58 Days on market

Built 1973 $83/sqft · 56% above area

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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
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MLS# 267929 This clean little Manufactured home is a prime location, Alyson Manor Mobile home Park! Close to the bypass in Richland, quiet and comfortable. Condition of this home is ok, but extremly clean and well cared for. Home is Being sold AS IS! The Alyson Manor Mobile Estates offers a So many amenities to enhance your living experience, including a shimmering swimming pool, playground for the kids, basketball court for those who love sports, a BBQ and picnic area for outdoor gatherings, and a Whole lotta everything! Such a peaceful and convenient place to live with an active lifestyle! Shopping, dining, entertainment, and Leslie Groves Park on the Columbia River located just minutes away. This is a simple slice of heaven! Hurry and schedule your showing today!

Key facts

• Basketball court
• New appliances
• Pool

Tags

• REMODELED MOBILE HOME
• NEW APPLIANCES
• POOL
• BASKETBALL COURT
• PLAYGROUND

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Electricity on property; Cable connected; Sewer connected
• Home design: Single-family residence (site built on rented lot); Single-wide mobile home (1973 Bendix Pacifica); One story
• Construction: Wood siding / lap siding; Composition roof; Built 1973
• Exterior features: Deck; Community pool; Shed(s); Paved road access

Interior

• Kitchen: Dishwasher; Range / Oven; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning (electric)
• Interior features: Laminate counters; Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 2.8% in Richland — 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 79/100 on livability (#112 in WA, #2,258 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F.
• Richland School District (urban): math 52% / reading 64% proficiency, ranked #61 of 291 in WA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Jason Lee Elementary School (504 students, 58% FRL); Chief Joseph Middle School (697 students, 67% FRL); Richland High School (2,137 students, 38% FRL) — zoned schools average 55% FRL vs 29% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 132 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,532 units permitted in Benton County in 2024 (389 in 5+ unit buildings).
• This rent is only 17% of the median local income ($92k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $481 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Benton County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $70k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $67,415 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1973 — 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 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?
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: 1.93% ✓
• Cap rate: 16.28%
• Cash-on-cash: 35.68%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (median comp): $44,500
• List price: $69,500
• Delta: 56.18%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2021 Mahan Ave Unit I8	0.08mi	2/2.0	924 (+10%)	4mo	$44,500	$48	72
2021 Mahan Ave Unit A5	0.09mi	3/2.0 (+1)	776 (-8%)	6mo	$29,000	$37	68
2021 Mahan Ave. #m7 Ave Unit M7	0.04mi	3/2.0 (+1)	924 (+10%)	8mo	$74,000	$80	66
2021 Mahan Avenue G9 Ave Unit G9	0.12mi	2/1.0	728 (-13%)	13mo	$30,000	$41	61
2021 Mahan #i8 Ave Unit I8	0.09mi	2/2.0	924 (+10%)	24mo	$47,500	$51	56
2021 Mahan Ave Unit H-7	0.11mi	3/2.0 (+1)	938 (+12%)	22mo	$72,500	$77	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 · 0.62% rent growth · sell at horizon

5-year hold

• IRR: 28.6%
• Equity multiple: 2.16×
• Total profit: $22,478
• Equity at exit: $10,363

10-year hold

• IRR: 34.6%
• Equity multiple: 3.82×
• Total profit: $54,845
• Equity at exit: $6,009

Cash invested: $19,460 (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 99354

• Rents YoY: 0.6%
• Active inventory: 132
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,340 high
• Mortgage (P&I): −$364
• Tax est. 1.5%: −$87 /mo · $1,042/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $579

Break-even live

Break-even rent $608

Max offer price $69,500

Occupancy floor 52%

Sensitivity live

Price	-10% $627	-5% $603	+0% $579	+5% $555	+10% $531
Rent	-10% $473	-5% $526	+0% $579	+5% $632	+10% $685
Rate	-1.0pp $614	-0.5pp $596	base $579	+0.5pp $561	+1.0pp $542

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: $17,375
• Closing costs: $2,085
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1900 Stevens Dr Richland, WA	1.0–2.0	1.0	816	$1,425	$1.75	22d	23	0.34mi
1872 Alder Ave Unit A Richland, WA	2.0	2.0	668	$1,795	$2.69	15d	1	0.52mi
1930 George Washington Way Unit 108 Richland, WA	2.0	2.0	824	$1,150	$1.40	22d	1	0.67mi
1930 George Washington Way Richland, WA	2.0	2.0	824	$1,150	$1.40	15d	1	0.67mi
1911 Hoxie Ave Unit C Richland, WA	2.0	1.0	891	$1,500	$1.68	45d	1	0.69mi
200 Waldron St Richland, WA	2.0	1.0	675	$1,335	$1.98	22d	2	0.73mi
1650 Mowry Sq Richland, WA	1.0	1.0	643	$1,260	$1.96	22d	1	0.82mi
160 Van Giesen St Richland, WA	1.0	1.0	636	$1,115	$1.75	22d	1	0.85mi
1621 George Washington Way Richland, WA	1.0–3.0	1.0–2.0	907	$1,172	$1.29	22d	1	0.89mi
140 Van Giesen St Richland, WA	2.0	1.5	900	$1,195	$1.33	45d	1	0.89mi
2324 Hood Ave Richland, WA	1.0–2.0	1.0	825	$1,400	$1.70	15d	5	0.94mi
2360 Hood Ave Richland, WA	1.0	1.0	758	$1,280	$1.69	15d	3	1.01mi
2111 Turner St Apt 22 Richland, WA	2.0	1.0	776	$1,075	$1.39	45d	1	1.06mi
2111 Turner St Richland, WA	2.0	1.0	776	$1,095	$1.41	45d	1	1.08mi

Listing history 21 events

1. 2026-06-22
   days on market $69,500 Active 58 DOM
2. 2026-06-18
   days on market $69,500 Active 55 DOM
3. 2026-06-17
   days on market $69,500 Active 54 DOM
4. 2026-06-16
   days on market $69,500 Active 53 DOM
5. 2026-06-15
   days on market $69,500 Active 52 DOM
6. 2026-06-14
   days on market $69,500 Active 50 DOM
7. 2026-06-13
   pricedays on market $69,500 Active 49 DOM
8. 2026-06-10
   days on market $74,000 Active 47 DOM
9. 2026-06-09
   days on market $74,000 Active 46 DOM
10. 2026-06-08
    days on market $74,000 Active 45 DOM
11. 2026-06-07
    days on market $74,000 Active 44 DOM
12. 2026-06-05
    days on market $74,000 Active 41 DOM
13. 2026-06-03
    days on market $74,000 Active 40 DOM
14. 2026-06-02
    days on market $74,000 Active 39 DOM
15. 2026-06-01
    days on market $74,000 Active 38 DOM
16. 2026-05-31
    days on market $74,000 Active 37 DOM
17. 2026-05-30
    days on market $74,000 Active 36 DOM
18. 2026-04-24
    listed $79,000 Active 374-char remark
19. 2023-05-23
    soldstatus $37,500 Closed 778-char remark

    Show marketing remark (778 chars)

    MLS# 267929 This clean little Manufactured home is a prime location, Alyson Manor Mobile home Park! Close to the bypass in Richland, quiet and comfortable. Condition of this home is ok, but extremly clean and well cared for. Home is Being sold AS IS! The Alyson Manor Mobile Estates offers a So many amenities to enhance your living experience, including a shimmering swimming pool, playground for the kids, basketball court for those who love sports, a BBQ and picnic area for outdoor gatherings, and a Whole lotta everything! Such a peaceful and convenient place to live with an active lifestyle! Shopping, dining, entertainment, and Leslie Groves Park on the Columbia River located just minutes away. This is a simple slice of heaven! Hurry and schedule your showing today!

20. 2023-05-10
    status Pending 778-char remark

    Show marketing remark (778 chars)

    MLS# 267929 This clean little Manufactured home is a prime location, Alyson Manor Mobile home Park! Close to the bypass in Richland, quiet and comfortable. Condition of this home is ok, but extremly clean and well cared for. Home is Being sold AS IS! The Alyson Manor Mobile Estates offers a So many amenities to enhance your living experience, including a shimmering swimming pool, playground for the kids, basketball court for those who love sports, a BBQ and picnic area for outdoor gatherings, and a Whole lotta everything! Such a peaceful and convenient place to live with an active lifestyle! Shopping, dining, entertainment, and Leslie Groves Park on the Columbia River located just minutes away. This is a simple slice of heaven! Hurry and schedule your showing today!

21. 2023-04-14
    listed $40,000 Active 778-char remark

    Show marketing remark (778 chars)

    MLS# 267929 This clean little Manufactured home is a prime location, Alyson Manor Mobile home Park! Close to the bypass in Richland, quiet and comfortable. Condition of this home is ok, but extremly clean and well cared for. Home is Being sold AS IS! The Alyson Manor Mobile Estates offers a So many amenities to enhance your living experience, including a shimmering swimming pool, playground for the kids, basketball court for those who love sports, a BBQ and picnic area for outdoor gatherings, and a Whole lotta everything! Such a peaceful and convenient place to live with an active lifestyle! Shopping, dining, entertainment, and Leslie Groves Park on the Columbia River located just minutes away. This is a simple slice of heaven! Hurry and schedule your showing today!

ⓘ 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 6/10 Major FEMA zone X · 27% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,085
• − Mortgage interest: −$3,893
• − Property taxes: −$1,042
• − Insurance: −$348
• − Repairs & maintenance: −$1,287
• − Management: −$1,287
• − Depreciation: −$2,022
• Taxable income: $6,207
• Est. tax owed @ 24.0%: −$1,490
• After-tax cash flow: $5,454/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: Richland School District
• NCES district ID: 5307320
• Math proficiency: 52% ▬ 0.00%
• Reading proficiency: 64% ▼ -1.00%
• Median HH income: $70,475
• Composite: 53.04/100
• National rank: #3244
• State rank: #61 of 291 in WA

Livability — Richland

• Score: 79/100
• State rank: #112
• US rank: #2258

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richland, WA
• County: Benton County · 186,895 people
• City population: 62,989
• Metro: Kennewick-Richland, WA
• Population (ZIP): 25,559
• Household income: $91,933
• Rent vs Own: 39.9% rent · 60.1% own
• Severe rent burden: 545.0

Population outlook (Benton County) Hauer SSP2

• Today (2025): 219,421 people
• By 2030: 233,813 · +6.6%
• By 2040: 262,134 · +19.5%
• By 2050: 290,100 · +32.2%
• By 2075: 363,525 · +65.7%
• By 2100: 418,667 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 14% Two or more races 10% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Italian 4% Slovak 3%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 5% Russian/Polish/Slavic 1% Chinese 1%

Political lean MEDSL · Benton

• 2024 margin: Strong R (+21.9) · D 37.7% · R 59.6% · Other 2.7%
• 2008→2024 swing: +4.2pp toward D · 2008: -26.1pp · 2024: -21.9pp
• All cycles: 2024: R+21.9 2020: R+21.0 2016: R+26.6 2012: R+27.0 2008: R+26.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -353.00%
• Current HPI: 235.9082
• Rent YoY: ▲ 0.62%
• Metro: Kennewick-Richland, 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

+73.8% since first listed

6 events — show timeline

• 2026-06-10 Price Changed $69,500 PACMLS
• 2026-05-28 Price Changed $74,000 PACMLS
• 2026-04-24 Listed $79,000 PACMLS
• 2023-05-23 Sold (MLS) $37,500 PACMLS
• 2023-05-10 Pending — PACMLS
• 2023-04-14 Listed $40,000 PACMLS

Property tax history

+1.2%/yr

Latest (2026): $82 · -3.1% YoY. Source: county tax records.