4805 Cushman Rd NE #37 · Olympia, WA 98506

$95,000

2 bd · 2.0 ba · 1,288 sqft · Manufactured public records · 58 Days on market

Built 1975 $74/sqft · 57% below 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 +6.2/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming 2-bedroom, 1.75-bath doublewide in the highly sought-after Seashore Villa 55+ community. Enjoy your morning coffee on the covered porch with a partial view of the South Puget Sound, or take advantage of the peaceful coastal setting just minutes from Boston Harbor. Home offers comfortable living along with access to an array of community amenities. Residents enjoy a seasonal heated pool, private beach access, and nearby scenic trails perfect for walking and exploring. The vibrant community hosts weekly and monthly events, making it easy to stay active and connected. Seashore Villa also features a clubhouse with a full kitchen available for private gatherings, BBQ are

Key facts

• Covered porch
• Scenic trails
• Seasonal heated pool

Tags

• COVERED PORCH
• SEASONAL HEATED POOL
• PRIVATE BEACH ACCESS
• SCENIC TRAILS
• CLUBHOUSE WITH KITCHEN
• BBQ AREAS

Property features AI

Finance

• Other: Has view
• Financial info: Listing terms: Cash
• HOA & community: Seashore Villa park (approximately 115 homes); Park amenities: club-house, pool, recreational area, trails, common area, BBQs, high-speed internet available, RV parking; Senior community; Pets allowed: cats and dogs; Land lease ($997)

Exterior

• Parking: Open/uncovered parking; 2 open parking spaces; RV parking available in the park
• Utilities: Electric energy source; Electric water heater; Community water (Seashore Villa); Community sewer (Seashore Villa); Power by PSE; Cable: Groove/Direct TV; Internet: Xfinity
• Home design: Manufactured home (Double Wide) by Homette Corporation, model HILM 60/24; One level; South-facing; Mobile home remains; Entry level accessible
• Construction: Metal/vinyl construction materials; Skirted with metal and vinyl; Pillar/post/pier foundation
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Landscaped; Dead end street; Paved access; On waterfront (saltwater, sound) with community waterfront/private beach; Community waterfront/no bank

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub, 2 showers
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Water heater (located in hallway); Ceiling fan(s); Double pane windows; Entry, Family Room, Living Room, Kitchen with eating space, Utility Room
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.7% 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: Boston Harbor Elementary (177 students, 19% FRL); Reeves Middle School (392 students, 39% FRL); Olympia High School (1,838 students, 21% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents rising (+3.7%/yr); 151 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $657 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 + 3.7% rent growth), your $27k 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 ($92k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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.

Recommended offer $92,150 (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 1975 — 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. 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?
6. 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.
7. 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.
8. 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: 2.38% ✓
• Cap rate: 20.70%
• Cash-on-cash: 51.46%
• DSCR: 3.29
• GRM: 3.5

CMA / ARV

• ARV (median comp): $219,942
• List price: $95,000
• Delta: -56.81%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4806 Cushman Rd NE #120	0.15mi	3/2.0 (+1)	1,269 (-2%)	8mo	$76,000	$60	79
4805 Cushman Rd NE #21	0.10mi	2/2.0	1,254 (-3%)	16mo	$159,000	$127	78
4805 Cushman Rd NE #63	0.14mi	2/2.0	1,232 (-4%)	12mo	$350,000	$284	76
4806 Cushman Rd NE #125	0.15mi	2/2.0	1,248 (-3%)	18mo	$36,500	$29	73
4805 Cushman Rd NE #61	0.13mi	2/2.0	1,104 (-14%)	0mo	$335,000	$303	70
4805 Cushman Rd NE #115	0.05mi	3/2.0 (+1)	1,404 (+9%)	10mo	$220,000	$157	69
4806 Cushman Rd NE #139	0.14mi	3/2.0 (+1)	1,188 (-8%)	11mo	$70,000	$59	66
4806 Cushman Rd NE #118	0.15mi	2/2.0	1,440 (+12%)	16mo	$145,000	$101	60
4724 Bellwood Dr NE	0.58mi	3/2.0 (+1)	1,440 (+12%)	7mo	$387,200	$269	42
4826 Bellwood Dr NE	0.59mi	3/2.0 (+1)	1,440 (+12%)	23mo	$300,000	$208	29

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 · 3.66% rent growth · sell at horizon

5-year hold

• IRR: 50.1%
• Equity multiple: 3.21×
• Total profit: $58,805
• Equity at exit: $14,165

10-year hold

• IRR: 55.8%
• Equity multiple: 6.68×
• Total profit: $151,179
• Equity at exit: $8,214

Cash invested: $26,600 (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 98506

• Rents YoY: 3.7%
• Active inventory: 151
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,265 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$111 /mo · $1,330/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $1,141

Break-even live

Break-even rent $821

Max offer price $95,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,195	-5% $1,168	+0% $1,141	+5% $1,114	+10% $1,087
Rent	-10% $962	-5% $1,051	+0% $1,141	+5% $1,230	+10% $1,320
Rate	-1.0pp $1,189	-0.5pp $1,165	base $1,141	+0.5pp $1,116	+1.0pp $1,091

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5110 Boston Harbor Rd NE Olympia, WA	3.0	2.0	1828	$3,395	$1.86	15d	1	0.54mi

Listing history 28 events

1. 2026-06-22
   days on market $95,000 Active 58 DOM
2. 2026-06-18
   days on market $95,000 Active 55 DOM
3. 2026-06-17
   days on market $95,000 Active 54 DOM
4. 2026-06-16
   days on market $95,000 Active 53 DOM
5. 2026-06-15
   days on market $95,000 Active 52 DOM
6. 2026-06-14
   days on market $95,000 Active 50 DOM
7. 2026-06-13
   days on market $95,000 Active 49 DOM
8. 2026-06-10
   days on market $95,000 Active 47 DOM
9. 2026-06-09
   days on market $95,000 Active 46 DOM
10. 2026-06-08
    days on market $95,000 Active 45 DOM
11. 2026-06-07
    days on market $95,000 Active 44 DOM
12. 2026-06-05
    days on market $95,000 Active 41 DOM
13. 2026-06-02
    days on market $95,000 Active 39 DOM
14. 2026-06-01
    days on market $95,000 Active 38 DOM
15. 2026-05-31
    days on market $95,000 Active 37 DOM
16. 2026-05-30
    days on market $95,000 Active 36 DOM
17. 2026-04-24
    listed $95,000 Active
18. 2022-02-22
    soldstatus $115,000 Closed
19. 2022-01-31
    status Pending
20. 2022-01-13
    price $119,000
21. 2021-12-21
    status Active
22. 2021-12-18
    status Pending
23. 2021-11-05
    listed $124,500 Active
24. 2014-04-04
    historical
25. 2014-04-04
    soldstatus $14,000 Sold
26. 2014-03-26
    status Pending
27. 2014-03-17
    status Pending Inspection
28. 2014-02-15
    listed $14,500 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: $1,330 · $111/mo
• Projected year-2 tax: $1,330 · $111/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,180
• − Mortgage interest: −$5,321
• − Property taxes: −$1,330
• − Insurance: −$475
• − Repairs & maintenance: −$2,174
• − Management: −$2,174
• − Depreciation: −$2,764
• Taxable income: $12,941
• Est. tax owed @ 24.0%: −$3,106
• After-tax cash flow: $10,583/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

• County: Thurston County · 269,345 people
• City population: 98,428
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 18,497
• Household income: $91,596
• Rent vs Own: 33.7% rent · 66.3% own
• Severe rent burden: 924.0

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 (81%)
• Race & ethnicity: White 81% Two or more races 9% Hispanic / Latino 5% Asian 5% Black 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 4% Romanian 4%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 2% German/W. Germanic 1% Vietnamese 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: ▼ -437.08%
• Current HPI: 363.2295
• Rent YoY: ▲ 3.66%
• 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

+555.2% since first listed

12 events — show timeline

• 2026-04-24 Listed $95,000 NWMLS as Distributed by MLS Grid
• 2022-02-22 Sold (MLS) $115,000 NWMLS as Distributed by MLS Grid
• 2022-01-31 Pending — NWMLS as Distributed by MLS Grid
• 2022-01-13 Price Changed $119,000 NWMLS as Distributed by MLS Grid
• 2021-12-21 Relisted — NWMLS as Distributed by MLS Grid
• 2021-12-18 Pending — NWMLS as Distributed by MLS Grid
• 2021-11-05 Listed $124,500 NWMLS as Distributed by MLS Grid
• 2014-04-04 Delisted — NWMLS as Distributed by MLS Grid
• 2014-04-04 Sold (MLS) $14,000 NWMLS as Distributed by MLS Grid
• 2014-03-26 Pending — NWMLS as Distributed by MLS Grid
• 2014-03-17 Pending — NWMLS as Distributed by MLS Grid
• 2014-02-15 Listed $14,500 NWMLS as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2026): $1,330 · +5.4% YoY. Source: county tax records.