11436 SE 208th St #45 · Kent, WA 98031

$110,000

3 bd · 2.0 ba · 1,528 sqft · Manufactured · 139 Days on market

Built 1981 $72/sqft · 21% below area Est $140k · 21% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready home in Pantera Lago Estates, a desirable 55+ community. Step into a bright and spacious living area with an adjacent dining space, highlighted by soaring vaulted ceilings and abundant natural light throughout. The expansive kitchen offers generous storage and ample counter space, perfect for everyday living and entertaining, also filled with natural light. Enjoy a premier lifestyle in this spacious triple-wide, complete with a large carport and a secure storage shed. Located just steps from the community clubhouse, residents enjoy access to a swimming pool, hot tub, picnic area, and a meeting room with a full kitchen. Ideally situated near shopping, dining, major freeways, Ke

Key facts

• Secure storage shed
• Bright living area
• Community clubhouse

Tags

• BRIGHT LIVING AREA
• SPACIOUS KITCHEN
• LARGE CARPORT
• SECURE STORAGE SHED
• COMMUNITY CLUBHOUSE
• SWIMMING POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.4% vs local median 2.7% in Kent — 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 79/100 on livability (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 167 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 32% of the median local income ($106k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 + 3.5% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $83k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.58% ✓
• Cap rate: 22.44%
• Cash-on-cash: 57.67%
• DSCR: 3.57
• GRM: 3.2

CMA / ARV

• ARV (median comp): $139,870
• List price: $110,000
• Delta: -19.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11436 SE 208th St #36	0.00mi	3/2.0	1,500 (-2%)	5mo	$168,000	$112	92
11436 SE 208th St #88	0.00mi	3/2.0	1,464 (-4%)	8mo	$126,000	$86	86
20750 113th Pl SE	0.10mi	3/2.0	1,456 (-5%)	4mo	$65,000	$45	84
11436 SE 208th St #92	0.06mi	3/2.0	1,536 (+0%)	17mo	$133,500	$87	82
11436 SE 208th St #180	0.06mi	2/2.0 (-1)	1,440 (-6%)	5mo	$132,500	$92	78
11436 SE 208th St #124	0.06mi	2/2.0 (-1)	1,680 (+10%)	0mo	$115,000	$68	76
11436 SE 208th St #116	0.00mi	2/2.0 (-1)	1,498 (-2%)	20mo	$145,000	$97	75
11436 SE 208th St #15	0.06mi	2/2.0 (-1)	1,566 (+2%)	16mo	$255,000	$163	75
11436 SE 208th St #123	0.06mi	2/2.0 (-1)	1,659 (+9%)	11mo	$130,000	$78	68
11436 SE 208th St #41	0.00mi	2/2.0 (-1)	1,458 (-5%)	24mo	$250,000	$171	68
12218 SE 206th St	0.60mi	3/2.0	1,480 (-3%)	6mo	$415,000	$280	62

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 56.8%
• Equity multiple: 3.53×
• Total profit: $78,021
• Equity at exit: $16,401

10-year hold

• IRR: 61.9%
• Equity multiple: 7.36×
• Total profit: $195,822
• 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 98031

• Rents YoY: 3.5%
• Active inventory: 167
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $2,836 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $1,480

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 43%

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 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20803 110th Ln SE Kent, WA	2.0	2.5	1361	$2,845	$2.09	43d	1	0.22mi
20805 109th Ln SE Kent, WA	2.0	1.5	1250	$2,700	$2.16	43d	1	0.26mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$2,517	$2.59	1d	17	0.28mi
10820 SE 211th Pl Kent, WA	1.0–3.0	1.0–1.5	907	$2,470	$2.72	2d	20	0.29mi
12012 SE 210th St Kent, WA	3.0	1.5	1230	$1,820	$1.48	24d	1	0.48mi
20506 103rd Ave SE Kent, WA	3.0	1.0	1180	$2,295	$1.94	23d	1	0.63mi
10324 SE 210th Pl Kent, WA	4.0	3.5	2230	$3,600	$1.61	24d	1	0.65mi
21822 107th Pl SE #6 Kent, WA	3.0	1.5	1152	$1,525	$1.32	21d	1	0.82mi
19388 114th Pl SE Kent, WA	3.0	2.5	1600	$3,095	$1.93	43d	1	0.82mi
19381 114th Pl SE Kent, WA	4.0	2.5	1914	$3,800	$1.99	43d	1	0.82mi
19370 114th Pl SE Unit 114t Kent, WA	4.0	2.5	1714	$3,600	$2.10	43d	1	0.84mi
11602 SE 193rd Pl Kent, WA	4.0	2.5	1770	$3,995	$2.26	43d	1	0.85mi
11412 SE 193rd Ter Kent, WA	4.0	2.5	1714	$3,400	$1.98	24d	1	0.90mi
11500 SE 221st Pl Kent, WA	3.0	2.5	1770	$3,100	$1.75	43d	1	0.95mi
21627 127th Pl SE Kent, WA	3.0	2.0	1420	$3,095	$2.18	16d	1	1.08mi
21014 131st Ave SE Kent, WA	4.0	2.5	1900	$3,490	$1.84	21d	1	1.12mi
9333 S 200th St Kent, WA	3.0	1.0	1060	$2,450	$2.31	4d	1	1.27mi
18626 116th Ave SE Renton, WA	4.0	2.0	2040	$3,500	$1.72	17d	1	1.29mi

Listing history 30 events

1. 2026-06-18
   days on market $110,000 Active 139 DOM
2. 2026-06-17
   pricedays on market $110,000 Active 138 DOM
3. 2026-06-16
   days on market $112,000 Active 137 DOM
4. 2026-06-15
   days on market $112,000 Active 136 DOM
5. 2026-06-13
   days on market $112,000 Active 134 DOM
6. 2026-06-09
   days on market $112,000 Active 130 DOM
7. 2026-06-08
   days on market $112,000 Active 129 DOM
8. 2026-06-07
   days on market $112,000 Active 128 DOM
9. 2026-06-04
   days on market $112,000 Active 125 DOM
10. 2026-06-03
    days on market $112,000 Active 124 DOM
11. 2026-06-02
    days on market $112,000 Active 123 DOM
12. 2026-06-01
    days on market $112,000 Active 122 DOM
13. 2026-05-31
    days on market $112,000 Active 121 DOM
14. 2026-05-20
    price $112,000
15. 2026-05-04
    price $115,000
16. 2026-04-08
    price $118,000
17. 2026-01-30
    listed $120,000 Active
18. 2018-07-19
    soldstatus $83,000 Sold
19. 2018-06-26
    status Pending Inspection
20. 2018-05-30
    listed $95,000 Active
21. 2016-07-25
    historical
22. 2016-07-22
    soldstatus $60,000 Sold
23. 2016-07-08
    status Pending
24. 2016-06-01
    price $65,500
25. 2016-05-31
    status Active
26. 2016-05-16
    status Pending Inspection
27. 2016-04-11
    listed $62,500 Active
28. 2007-09-05
    soldstatus $68,000
29. 2007-08-02
    historical
30. 2007-06-15
    listed $72,500

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,033
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,723
• − Management: −$2,723
• − Depreciation: −$3,200
• Taxable income: $17,026
• Est. tax owed @ 24.0%: −$4,086
• After-tax cash flow: $13,678/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 40,094
• Household income: $105,965
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1151.0

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 0.77)
• Race & ethnicity: White 36% Asian 27% Black 13% Hispanic / Latino 13% Two or more races 13% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 5% Portuguese 2% Subsaharan African 2%
• Foreign-born: 31% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 9% Other Indo-European 7% Vietnamese 4%

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: ▼ -673.58%
• Current HPI: 308.1747
• Rent YoY: ▲ 3.53%
• 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

+54.5% since first listed

17 events — show timeline

• 2026-05-20 Price Changed $112,000 NWMLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $115,000 NWMLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $118,000 NWMLS as Distributed by MLS Grid
• 2026-01-30 Listed $120,000 NWMLS as Distributed by MLS Grid
• 2018-07-19 Sold (MLS) $83,000 NWMLS as Distributed by MLS Grid
• 2018-06-26 Pending — NWMLS as Distributed by MLS Grid
• 2018-05-30 Listed $95,000 NWMLS as Distributed by MLS Grid
• 2016-07-25 Delisted — NWMLS as Distributed by MLS Grid
• 2016-07-22 Sold (MLS) $60,000 NWMLS as Distributed by MLS Grid
• 2016-07-08 Pending — NWMLS as Distributed by MLS Grid
• 2016-06-01 Price Changed $65,500 NWMLS as Distributed by MLS Grid
• 2016-05-31 Relisted — NWMLS as Distributed by MLS Grid
• 2016-05-16 Pending — NWMLS as Distributed by MLS Grid
• 2016-04-11 Listed $62,500 NWMLS as Distributed by MLS Grid
• 2007-09-05 Sold (MLS) $68,000 NWMLS as Distributed by MLS Grid
• 2007-08-02 Delisted — NWMLS as Distributed by MLS Grid
• 2007-06-15 Listed $72,500 NWMLS as Distributed by MLS Grid