4805 Cushman Rd NE #15 · Olympia, WA 98506

$190,000

2 bd · 2.0 ba · 912 sqft · Manufactured public records · 30 Days on market

Built 1972

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Why this score? — see what drove the C- 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 +20.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• 1% rule +4.1/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience the PNW coastal lifestyle from this beautifully updated home in the 55+ Seashore Villa waterfront community, where the expansive deck becomes your private retreat for enjoying Puget Sound views, morning coffee, colorful sunsets & the beauty of the surrounding shoreline & towering evergreens. Home features fresh int/ext paint, laminate flooring, double-paned vinyl windows & abundant natural light. Beautifully updated kitchen w/ SS appliances, solid surface counters, shaker-style cabinetry & propane range—perfect for entertaining. The open living & dining areas feel warm & inviting w/ a cozy propane stove, while the heat pump provides effic

Key facts

• Ss appliances
• Updated kitchen
• Puget sound views

Tags

• EXPANSIVE DECK
• PUGET SOUND VIEWS
• UPDATED KITCHEN
• SS APPLIANCES
• SOLID SURFACE COUNTERS
• SHAKER-STYLE CABINETRY

Property features AI

Finance

• Other: Senior exemption applies
• Financial info: Land lease: $997; Listing terms: Cash or Conventional
• HOA & community: Located in Seashore Villa (senior community); Park amenities include BBQs, clubhouse, common area, community waterfront/private beach, pool, recreational area, RV parking, trails, high-speed internet available

Exterior

• Parking: Carport
• Utilities: Community water; Community septic; Power provided by PSE; Electric and propane energy sources; Cable: Comcast; Internet: Xfinity
• Home design: Manufactured double-wide home (Model 52/20); One story; Updated/remodeled condition; Faces west; Has view; Mobile home remains on site; Metal skirt
• Construction: Construction materials: metal/vinyl, wood, other
• Exterior features: Metal/vinyl and wood exterior; Awnings; Landscaped; Patio/porch/deck; Walk-in closet (home interior feature listed with exterior group); Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump for heating and cooling
• Interior features: Fireplace (1) with details noted in remarks; Water heater (electric, located in exterior closet)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (8.9% below list).
• Recommended offer: $173k (8.9% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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.
• Market conditions: Rents rising (+3.7%/yr); 150 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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 $173,012 (8.9% below list)

Questions for the listing agent

1. Built in 1972 — 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 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: 0.91% ✗
• Cap rate: 7.82%
• Cash-on-cash: 5.46%
• DSCR: 1.24
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $93,024
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4806 Cushman Rd NE #106	0.14mi	2/1.0	972 (+7%)	2mo	$99,000	$102	77

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-14,312
• Equity at exit: $28,330

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $11,825
• Equity at exit: $16,428

Cash invested: $53,200 (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 98506

• Rents YoY: 3.7%
• Active inventory: 150
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,730 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$49 /mo · $592/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $242

Break-even live

Break-even rent $1,424

Max offer price $190,000

Occupancy floor 81%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $190,000 Active 30 DOM
2. 2026-06-17
   days on market $190,000 Active 29 DOM
3. 2026-06-16
   days on market $190,000 Active 28 DOM
4. 2026-06-15
   days on market $190,000 Active 27 DOM
5. 2026-06-14
   days on market $190,000 Active 25 DOM
6. 2026-06-13
   days on market $190,000 Active 24 DOM
7. 2026-06-10
   days on market $190,000 Active 22 DOM
8. 2026-06-09
   days on market $190,000 Active 21 DOM
9. 2026-06-08
   days on market $190,000 Active 20 DOM
10. 2026-06-07
    days on market $190,000 Active 19 DOM
11. 2026-06-05
    days on market $190,000 Active 16 DOM
12. 2026-06-02
    days on market $190,000 Active 14 DOM
13. 2026-06-01
    days on market $190,000 Active 13 DOM
14. 2026-05-31
    days on market $190,000 Active 12 DOM
15. 2026-05-30
    days on market $190,000 Active 11 DOM
16. 2026-05-19
    listed $190,000 Active
17. 2022-04-18
    soldstatus $180,000 Closed
18. 2022-04-11
    status Pending
19. 2022-04-05
    status Active
20. 2022-04-02
    status Pending
21. 2022-03-30
    listed $139,900 Active
22. 2013-12-13
    historical
23. 2013-12-13
    soldstatus $12,500 Sold
24. 2013-11-15
    status Pending Inspection
25. 2013-10-21
    listed $13,500 Active
26. 2007-07-13
    soldstatus $44,000
27. 2007-02-07
    listed $46,500
28. 2006-05-15
    soldstatus $41,500
29. 2006-03-10
    listed $41,500

ⓘ 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: $592 · $49/mo
• Projected year-2 tax: $1,862 · $155/mo
• Expected delta: +$1,270/yr (+$106/mo · 214.7%)

ⓘ 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: $20,761
• − Mortgage interest: −$10,643
• − Property taxes: −$592
• − Insurance: −$950
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − Depreciation: −$5,527
• Taxable loss: −$272
• Est. tax savings @ 24.0%: +$65
• After-tax cash flow: $2,969/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

+357.8% since first listed

14 events — show timeline

• 2026-05-19 Listed $190,000 NWMLS as Distributed by MLS Grid
• 2022-04-18 Sold (MLS) $180,000 NWMLS as Distributed by MLS Grid
• 2022-04-11 Pending — NWMLS as Distributed by MLS Grid
• 2022-04-05 Relisted — NWMLS as Distributed by MLS Grid
• 2022-04-02 Pending — NWMLS as Distributed by MLS Grid
• 2022-03-30 Listed $139,900 NWMLS as Distributed by MLS Grid
• 2013-12-13 Delisted — NWMLS as Distributed by MLS Grid
• 2013-12-13 Sold (MLS) $12,500 NWMLS as Distributed by MLS Grid
• 2013-11-15 Pending — NWMLS as Distributed by MLS Grid
• 2013-10-21 Listed $13,500 NWMLS as Distributed by MLS Grid
• 2007-07-13 Sold (MLS) $44,000 NWMLS as Distributed by MLS Grid
• 2007-02-07 Listed $46,500 NWMLS as Distributed by MLS Grid
• 2006-05-15 Sold (MLS) $41,500 NWMLS as Distributed by MLS Grid
• 2006-03-10 Listed $41,500 NWMLS as Distributed by MLS Grid

Property tax history

+1.8%/yr

Latest (2024): $592 · +2.8% YoY. Source: county tax records.