5705 Litterock Rd SW #32 · Tumwater, WA 98512

$82,500

2 bd · 2.0 ba · 868 sqft · Manufactured public records · 58 Days on market

Built 2005 $95/sqft · 11% above area Est $75k · 10% 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
• Schools +5.6/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• ARV discount +2.9/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A newer home which has recently been totally refreshed with new everything!  You will love the finishings of this home and the 3 bedrooms and 2 baths.    It is located in the desirable Allimor Estates which is perhaps the most convenient location for a Manufactured Home Community around. Walk to restaurants, shopping, and more.   So if you want a quiet all age and pet oriented park and a wonderful home which will grow in value look no further.

Key facts

• 2 parking spots
• Built 2005
• Listed 58 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $82k.

Deal economics

• At list price, monthly cash flow is $967 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• Recommended offer: $80k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.4% vs local median 2.7% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 19 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 $570 of loan paydown is wiped out by about $2k 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 + 2.3% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($80k) is reasonable based on typical stale-listing flexibility.

Recommended offer $80,025 (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. 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. 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: 2.32% ✓
• Cap rate: 20.36%
• Cash-on-cash: 50.25%
• DSCR: 3.24
• GRM: 3.6

CMA / ARV

• ARV (median comp): $74,922
• List price: $82,500
• Delta: 10.11%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
930 Trosper Rd SW #3	0.17mi	2/2.0	952 (+10%)	1mo	$65,000	$68	75
5705 Littlerock Rd SW #20	0.00mi	2/1.0	882 (+2%)	22mo	$40,000	$45	75
1841 Trosper Rd SW #30	0.34mi	2/2.0	960 (+11%)	9mo	$110,000	$115	59
1841 Trosper Rd SW #24	0.34mi	2/1.0	768 (-12%)	8mo	$84,500	$110	54

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 · 2.26% rent growth · sell at horizon

5-year hold

• IRR: 47.2%
• Equity multiple: 3.03×
• Total profit: $46,845
• Equity at exit: $12,301

10-year hold

• IRR: 52.6%
• Equity multiple: 5.96×
• Total profit: $114,468
• Equity at exit: $7,133

Cash invested: $23,100 (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 98512

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,911 high
• Mortgage (P&I): −$433
• Tax from tax record: −$75 /mo · $905/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $967

Break-even live

Break-even rent $687

Max offer price $82,500

Occupancy floor 44%

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: $20,625
• Closing costs: $2,475
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1978 Trosper Rd SW Tumwater, WA	1.0–3.0	1.0–2.0	1106	$2,246	$2.03	14d	4	0.36mi
1978 Trosper Rd SW Tumwater, WA	1.0–3.0	1.0–2.0	1050	$2,428	$2.31	44d	3	0.36mi
301 Lee St SW Tumwater, WA	1.0	1.0	650	$1,385	$2.13	44d	1	0.38mi
301 T St SW Tumwater, WA	2.0	1.0	589	$1,635	$2.78	14d	5	0.44mi
215 Pinehurst Dr SW Tumwater, WA	2.0	1.0–2.5	759	$1,950	$2.57	13d	4	0.48mi
4822 Rural Rd SW Tumwater, WA	2.0	2.0	1025	$1,995	$1.95	21d	1	0.58mi
1517 Bishop Rd SW Tumwater, WA	2.0	1.0–2.0	669	$1,930	$2.88	13d	1	0.62mi
6705 Linderson Way SW Tumwater, WA	1.0–3.0	1.0–2.0	900	$2,038	$2.26	13d	6	0.67mi
214 65th Way SW Tumwater, WA	2.0	1.0	1000	$1,850	$1.85	21d	1	0.67mi
6504 Capitol Blvd SE Tumwater, WA	1.0	1.0	974	$2,125	$2.18	13d	1	0.77mi
151 Cherry Ln SE Tumwater, WA	3.0	1.0	874	$2,195	$2.51	21d	1	0.78mi
220 Israel Rd SW Unit G8 Tumwater, WA	2.0	1.5	968	$1,975	$2.04	44d	1	0.86mi
829 Israel Rd SW Apt A4 Tumwater, WA	2.0	1.0	850	$1,395	$1.64	14d	1	0.90mi
829 Israel Rd SW Apt B6 Tumwater, WA	2.0	1.0	850	$1,395	$1.64	44d	1	0.90mi
6805 Littlerock Rd SW Tumwater, WA	2.0	1.0	1000	$1,495	$1.50	44d	1	0.94mi
801 Israel Rd SW Tumwater, WA	2.0	1.5	965	$1,860	$1.93	13d	2	0.95mi
1704 Barnes Blvd SW Tumwater, WA	1.0–3.0	1.0–2.5	920	$2,004	$2.18	14d	35	1.30mi
1992 Ridgeview Loop SW Unit 204 Tumwater, WA	2.0	1.0	804	$1,700	$2.11	21d	1	1.40mi
520 Primrose Ln SE Tumwater, WA	3.0	1.5	1050	$2,200	$2.10	44d	1	1.45mi

Listing history 16 events

1. 2026-06-18
   days on market $82,500 Active 58 DOM
2. 2026-06-17
   days on market $82,500 Active 57 DOM
3. 2026-06-16
   days on market $82,500 Active 56 DOM
4. 2026-06-15
   days on market $82,500 Active 55 DOM
5. 2026-06-14
   days on market $82,500 Active 53 DOM
6. 2026-06-13
   days on market $82,500 Active 52 DOM
7. 2026-06-10
   days on market $82,500 Active 50 DOM
8. 2026-06-09
   days on market $82,500 Active 49 DOM
9. 2026-06-08
   days on market $82,500 Active 48 DOM
10. 2026-06-07
    days on market $82,500 Active 47 DOM
11. 2026-06-05
    days on market $82,500 Active 44 DOM
12. 2026-06-02
    days on market $82,500 Active 42 DOM
13. 2026-06-01
    days on market $82,500 Active 41 DOM
14. 2026-05-31
    days on market $82,500 Active 40 DOM
15. 2026-05-30
    days on market $82,500 Active 39 DOM
16. 2026-04-21
    listed $94,500 Active

ⓘ 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: $905 · $75/mo
• Projected year-2 tax: $905 · $75/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: $22,935
• − Mortgage interest: −$4,621
• − Property taxes: −$905
• − Insurance: −$412
• − Repairs & maintenance: −$1,835
• − Management: −$1,835
• − Depreciation: −$2,400
• Taxable income: $10,926
• Est. tax owed @ 24.0%: −$2,622
• After-tax cash flow: $8,987/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: Tumwater School District
• NCES district ID: 5309100
• Math proficiency: 57% ▬ 0.00%
• Reading proficiency: 69% ▼ -1.00%
• Median HH income: $64,209
• Composite: 56.38/100
• National rank: #2477
• State rank: #37 of 291 in WA

Livability — Tumwater

• Score: 84/100
• State rank: #39
• US rank: #700

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tumwater, WA
• County: Thurston County · 269,345 people
• City population: 46,937
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 31,864
• Household income: $101,530
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 784.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 13% Hispanic / Latino 9% Asian 4% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 4% Italian 4% Slovak 4%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 92% English-only · Spanish 3% Vietnamese 1% German/W. Germanic 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: ▼ -348.18%
• Current HPI: 347.121
• Rent YoY: ▲ 2.26%
• 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

1 event — show timeline

• 2026-04-21 Listed $94,500 NWMLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2026): $905 · +25.4% YoY. Source: county tax records.