2302 SE R St #48 · Auburn, WA 98002

$25,000

2 bd · 1.0 ba · 672 sqft · Manufactured · 163 Days on market

Built 1968 Est $34k · 26% under ↓ 44% since listing

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A lovely move in ready 2-bedroom, 1-bathroom home designed for easy living and modern comfort in the highly sought after 55+ Leisure Manor Park. Beautifully remodeled kitchen, fresh paint and new flooring and some windows. Outside a large carport provides covered parking for 2 cars, and the covered porch is great for relaxing or entertaining guests. Take advantage of the clubhouse, swimming pool, fitness center, and more. Located near popular restaurants, shopping centers, and the Muckleshoot Casino Resort.

Key facts

• Covered porch
• Fitness center
• Clubhouse

Tags

• REMODELED KITCHEN
• COVERED PORCH
• CLUBHOUSE
• SWIMMING POOL
• FITNESS CENTER
• NEAR POPULAR RESTAURANTS

Property features AI

Finance

• Other: Property type: Residential manufactured home; Style: Manufactured - Single Wide; Calculated living area: 672 square feet; MLS status: Active
• Financial info: Accepts cash and conventional financing; Land lease amount (monthly): $1,055
• HOA & community: Located in Leisure Manor mobile home park; Senior community; Park amenities: clubhouse, exercise room, pool; Land lease payment

Exterior

• Parking: Carport
• Utilities: Electric energy source; Electric water heater; Community water supply (City of Auburn); City of Auburn sewer; PSE power company
• Home design: Manufactured single-wide home; One level; Frontier make; Good condition; Has a view; Tie-down foundation
• Construction: Metal roof; Metal/vinyl construction
• Exterior features: Metal/vinyl exterior; Paved lot

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 1 full bathroom with tub and shower
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Ceiling fan(s); Double pane windows; Patio/porch/deck; Landscaped
• Laundry & utility: Washer; Dryer; Water heater located in corner closet with exterior access

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $25k.

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 $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 62.4% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chinook Elementary School (562 students, 70% FRL); Olympic Middle School (900 students, 78% FRL); Auburn Senior High School (1,844 students, 67% FRL) — zoned schools average 72% FRL vs 44% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 176 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.

Recommended offer $22,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 6.80% ✓
• Cap rate: 62.45%
• Cash-on-cash: 200.55%
• DSCR: 9.92
• GRM: 1.2

CMA / ARV

• ARV (on-the-fly): $33,600
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 R St SE #34	0.00mi	2/1.0	700 (+4%)	24mo	$39,000	$56	73
2302 R St SE #108	0.00mi	1/1.0 (-1)	576 (-14%)	2mo	$13,000	$23	70
3105 M St SE #44	0.60mi	2/1.0	720 (+7%)	2mo	$36,000	$50	58
900 29th St SE Unit E10	0.65mi	2/1.0	720 (+7%)	6mo	$29,000	$40	52

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.71×
• Total profit: $67,974
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 21.75×
• Total profit: $145,239
• Equity at exit: $2,162

Cash invested: $7,000 (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 98002

• Rents YoY: 1.5%
• Active inventory: 176
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,700 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $1,170

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 26%

Sensitivity live

Price	-10% $1,187	-5% $1,179	+0% $1,170	+5% $1,161	+10% $1,153
Rent	-10% $1,036	-5% $1,103	+0% $1,170	+5% $1,237	+10% $1,304
Rate	-1.0pp $1,182	-0.5pp $1,176	base $1,170	+0.5pp $1,163	+1.0pp $1,157

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,695	$2.34	4d	4	0.40mi
2935 O St SE Unit 49 Auburn, WA	1.0	1.0	490	$1,495	$3.05	26d	1	0.46mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,599	$2.21	26d	1	0.73mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	0d	20	0.73mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	4d	6	0.79mi
417 22nd St SE Apt C Auburn, WA	2.0	1.0	600	$1,700	$2.83	1d	1	0.81mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,695	$2.27	16d	4	0.82mi
111 10th St SE Unit 4 Auburn, WA	1.0	1.0	560	$1,295	$2.31	6d	1	1.29mi
111 10th St SE Apt 1 Auburn, WA	1.0	1.0	560	$1,295	$2.31	26d	1	1.29mi
105 N St SE Auburn, WA	1.0	1.0	676	$1,395	$2.06	23d	2	1.36mi

Listing history 19 events

1. 2026-06-21
   days on market $25,000 Active 163 DOM
2. 2026-06-18
   days on market $25,000 Active 160 DOM
3. 2026-06-17
   days on market $25,000 Active 159 DOM
4. 2026-06-16
   days on market $25,000 Active 158 DOM
5. 2026-06-15
   days on market $25,000 Active 157 DOM
6. 2026-06-13
   days on market $25,000 Active 155 DOM
7. 2026-06-13
   days on market $25,000 Active 154 DOM
8. 2026-06-09
   days on market $25,000 Active 151 DOM
9. 2026-06-08
   days on market $25,000 Active 150 DOM
10. 2026-06-07
    days on market $25,000 Active 149 DOM
11. 2026-06-04
    days on market $25,000 Active 146 DOM
12. 2026-06-03
    days on market $25,000 Active 145 DOM
13. 2026-06-02
    days on market $25,000 Active 144 DOM
14. 2026-06-01
    days on market $25,000 Active 143 DOM
15. 2026-05-31
    days on market $25,000 Active 142 DOM
16. 2026-04-27
    price $25,000
17. 2026-03-27
    price $35,000
18. 2026-02-25
    price $40,000
19. 2026-01-02
    listed $45,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,395
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,632
• − Management: −$1,632
• − Depreciation: −$727
• Taxable income: $14,504
• Est. tax owed @ 24.0%: −$3,481
• After-tax cash flow: $10,558/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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 3%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• Metro: Seattle-Tacoma-Bellevue, 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

-44.4% since first listed

4 events — show timeline

• 2026-04-27 Price Changed $25,000 NWMLS as Distributed by MLS Grid
• 2026-03-27 Price Changed $35,000 NWMLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $40,000 NWMLS as Distributed by MLS Grid
• 2026-01-02 Listed $45,000 NWMLS as Distributed by MLS Grid