5532 Mountain Greens Ln SE · Lacey, WA 98503

$110,000

2 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 7 Days on market

Built 1976 Est $108k · at est.

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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 +6.5/15.0
• 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

Find your perfect blend of quiet living and convenience in this charming double-wide manufactured home situated on a spacious corner lot within a vibrant, all-ages community. Bathed in natural light you'll walk into a spacious living area featuring updated flooring, fresh interior and exterior paint, updated appliances, and a newer roof above. This home is an affordable canvas ready for your personal love and vision. Enjoy the privacy of a fully fenced yard, covered parking, and a large shed ideal for extra storage or hobbies, all located just moments from shopping, parks and dining. With a monthly space rent of $1,199 and a community known for fun and friendly events, this cute and conveni

Key facts

• Covered parking
• Spacious corner lot
• Large shed

Tags

• DOUBLE-WIDE MANUFACTURED HOME
• SPACIOUS CORNER LOT
• FULLY FENCED YARD
• COVERED PARKING
• LARGE SHED

Property features AI

Finance

• Other: Located in a park with parcel identifier on file; Zoning: LD 3-6
• Financial info: Land lease in effect (monthly lot rent); Land lease expires December 31, 2026
• HOA & community: Community commons; Road maintenance provided

Exterior

• Parking: Carport; Driveway parking; Total parking for 1 vehicle
• Utilities: Electric fuel; Public water; Public sewer
• Home design: Manufactured home in a park; Residential property (not attached); Single-story (main level living); Entry level: Main
• Construction: Built in 1976; Composition roof; Other foundation type
• Exterior features: Fenced yard; Outbuilding; Metal and vinyl siding; Paved road access; Corner, level lot; Territorial view

Interior

• Kitchen: Dishwasher; Free-standing range; Free-standing refrigerator; Microwave
• Bedrooms: Primary bedroom on main level; Second bedroom on main level
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Ceiling fans; Washer and dryer included
• Laundry & utility: Washer and dryer (in-unit); Electric hot water

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $948 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Cap rate 16.6% 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.
• Zoned schools: Komachin Middle School (643 students, 50% FRL) — zoned schools average 50% FRL vs 31% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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); solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 7y 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.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $110,000

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.90% ✓
• Cap rate: 16.64%
• Cash-on-cash: 36.94%
• DSCR: 2.64
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $107,712
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5532 Mountain Greens Ln SE	0.00mi	2/2.0	1,056 (0%)	19mo	$135,000	$128	84
5250 College St SE #14	0.34mi	2/2.0	1,056 (0%)	5mo	$155,000	$147	80
5321 Roslyn Ln SE #10	0.20mi	3/2.0 (+1)	1,056 (0%)	10mo	$89,900	$85	77
5322 Roslyn Ln SE #5	0.22mi	3/2.0 (+1)	1,056 (0%)	12mo	$90,000	$85	74
5111 SE 56th Ln #77	0.05mi	2/1.0	924 (-12%)	15mo	$70,000	$76	61
5514 Yakima Ln SE	0.12mi	2/2.0	924 (-12%)	19mo	$97,000	$105	58
5207 Mt Green Ln SE	0.25mi	2/2.0	924 (-12%)	19mo	$93,000	$101	52
4500 Ruddell Rd SE #48	0.72mi	3/2.0 (+1)	1,130 (+7%)	9mo	$115,000	$102	42

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: 33.4%
• Equity multiple: 2.42×
• Total profit: $43,738
• Equity at exit: $16,401

10-year hold

• IRR: 40.7%
• Equity multiple: 4.92×
• Total profit: $120,738
• Equity at exit: $9,511

Cash invested: $30,800 (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: 4.4×

Monthly cashflow live

• Estimated rent: $2,090 high
• Mortgage (P&I): −$577
• Tax from tax record: −$80 /mo · $960/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $948

Break-even live

Break-even rent $890

Max offer price $110,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,010	-5% $979	+0% $948	+5% $917	+10% $886
Rent	-10% $783	-5% $866	+0% $948	+5% $1,031	+10% $1,113
Rate	-1.0pp $1,003	-0.5pp $976	base $948	+0.5pp $920	+1.0pp $891

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4950 51st Ln SE Unit F-201 Lacey, WA	2.0	2.0	975	$1,650	$1.69	21d	1	0.37mi
5301 Ivy Hill Ln SE Lacey, WA	2.0	2.0	1361	$2,495	$1.83	44d	1	0.44mi
5216 Ivy Hill Ln SE Lacey, WA	2.0	2.0	1361	$2,595	$1.91	14d	1	0.47mi
5649 46th Ln SE Lacey, WA	3.0	3.0	1100	$2,300	$2.09	21d	1	0.62mi
4625 45th Ave SE Lacey, WA	1.0–3.0	1.0–3.0	975	$2,030	$2.08	14d	21	0.67mi
4435 Ruddell Rd SE Lacey, WA	2.0	1.0	856	$2,000	$2.34	14d	1	0.72mi
5323 Rumac St SE Olympia, WA	2.0	1.5	1012	$2,095	$2.07	44d	1	1.11mi
5203 Rumac St SE Unit A Olympia, WA	2.0	1.5	1012	$2,195	$2.17	44d	1	1.14mi
5938 Danials Loop SE Lacey, WA	2.0	1.0	800	$2,000	$2.50	21d	1	1.15mi
3622 57th Ln SE Olympia, WA	2.0	2.0	1156	$1,999	$1.73	14d	1	1.36mi
3307 College St SE Lacey, WA	2.0	1.0	865	$1,700	$1.97	14d	3	1.39mi
3301 College St SE Lacey, WA	2.0	2.0	900	$1,845	$2.05	21d	1	1.39mi
7317 Fair Oaks Rd SE Olympia, WA	3.0	2.0	1248	$2,400	$1.92	44d	1	1.40mi
3539 Landview Dr SE Olympia, WA	1.0–3.0	1.0–2.0	1314	$2,295	$1.75	14d	19	1.44mi

Listing history 7 events

1. 2026-06-18
   days on market $110,000 Active 7 DOM
2. 2026-06-17
   days on market $110,000 Active 6 DOM
3. 2026-06-16
   days on market $110,000 Active 5 DOM
4. 2026-06-15
   days on market $110,000 Active 4 DOM
5. 2026-06-14
   days on market $110,000 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $110,000 Active 1 DOM

ⓘ 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: $960 · $80/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$118/yr (+$10/mo · 12.3%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $25,075
• − Mortgage interest: −$6,162
• − Property taxes: −$960
• − Insurance: −$550
• − Repairs & maintenance: −$2,006
• − Management: −$2,006
• − Depreciation: −$3,200
• Taxable income: $10,191
• Est. tax owed @ 24.0%: −$2,446
• After-tax cash flow: $8,931/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

+120.2% since first listed

15 events — show timeline

• 2026-06-11 Listed $110,000 RMLS
• 2024-11-08 Sold (MLS) $135,000 NWMLS as Distributed by MLS Grid
• 2024-10-29 Pending — NWMLS as Distributed by MLS Grid
• 2024-10-17 Listed $140,000 NWMLS as Distributed by MLS Grid
• 2024-07-12 Sold (MLS) $45,000 NWMLS as Distributed by MLS Grid
• 2024-07-04 Pending — NWMLS as Distributed by MLS Grid
• 2024-06-13 Listed $67,000 NWMLS as Distributed by MLS Grid
• 2020-05-08 Sold (MLS) $39,900 NWMLS as Distributed by MLS Grid
• 2020-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2020-05-01 Pending — NWMLS as Distributed by MLS Grid
• 2020-04-06 Price Changed $39,900 NWMLS as Distributed by MLS Grid
• 2020-03-10 Relisted — NWMLS as Distributed by MLS Grid
• 2020-02-23 Pending — NWMLS as Distributed by MLS Grid
• 2020-02-17 Price Changed $45,900 NWMLS as Distributed by MLS Grid
• 2019-11-13 Listed $49,950 NWMLS as Distributed by MLS Grid

Property tax history

+22.1%/yr

Latest (2026): $960 · +95.8% YoY. Source: county tax records.