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

$82,000

3 bd · 2.0 ba · 1,528 sqft · Manufactured · 190 Days on market

Manufactured home 55+ age-restricted Built 1981 Good condition $54/sqft · 31% below area Est $120k · 31% 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 +22.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.4/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -5.7

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.

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 $82k. Condition is rated good.

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 $82k).
• Recommended offer: $72k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.6% 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: 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.
• Zoned schools: Glenridge Elementary (446 students, 58% FRL); Meeker Middle School (603 students, 74% FRL); Kentridge High School (2,034 students, 42% FRL) — zoned schools average 58% FRL vs 41% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 238 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 71d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 79% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $567 of loan paydown is wiped out by about $2k 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 $23k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $38k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $72,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 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: 2.70% ✓
• Cap rate: 23.62%
• Cash-on-cash: 61.88%
• DSCR: 3.75
• GRM: 3.1

CMA / ARV

• ARV (median comp): $119,648
• List price: $82,000
• Delta: -20.60%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 10 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%)	7mo	$168,000	$112	91
11436 SE 208th St #88	0.00mi	3/2.0	1,464 (-4%)	10mo	$126,000	$86	85
20750 113th Pl SE	0.10mi	3/2.0	1,456 (-5%)	6mo	$65,000	$45	83
11436 SE 208th St #92	0.06mi	3/2.0	1,536 (+0%)	18mo	$133,500	$87	81
11436 SE 208th St #180	0.06mi	2/2.0 (-1)	1,440 (-6%)	7mo	$132,500	$92	77
11436 SE 208th St #124	0.06mi	2/2.0 (-1)	1,680 (+10%)	2mo	$115,000	$68	74
11436 SE 208th St #116	0.00mi	2/2.0 (-1)	1,498 (-2%)	22mo	$145,000	$97	74
11436 SE 208th St #15	0.06mi	2/2.0 (-1)	1,566 (+2%)	18mo	$255,000	$163	74
11436 SE 208th St #123	0.06mi	2/2.0 (-1)	1,659 (+9%)	13mo	$130,000	$78	67
12218 SE 206th St	0.60mi	3/2.0	1,480 (-3%)	8mo	$415,000	$280	60

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: 61.4%
• Equity multiple: 3.76×
• Total profit: $63,344
• Equity at exit: $12,226

10-year hold

• IRR: 66.2%
• Equity multiple: 7.85×
• Total profit: $157,324
• Equity at exit: $7,090

Cash invested: $22,960 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 12 active · 5 under contract
• Months of supply: 10.3 mo (10%/mo absorbed)
• Median asking: $119,500 ($85/sqft)
• Median days on market: 144 d
• This list price: 17% of active listings are priced below it
• ARV vs active asking: -7.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98031

• Rents YoY: 3.5%
• Active inventory: 238
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,216 high
• Mortgage (P&I): −$430
• Tax est. 1.5%: −$102 /mo · $1,230/yr
• Insurance: −$34
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $1,184

Break-even live

Break-even rent $717

Max offer price $82,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,241	-5% $1,212	+0% $1,184	+5% $1,156	+10% $1,127
Rent	-10% $1,009	-5% $1,096	+0% $1,184	+5% $1,272	+10% $1,359
Rate	-1.0pp $1,225	-0.5pp $1,205	base $1,184	+0.5pp $1,163	+1.0pp $1,141

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: $20,500
• Closing costs: $2,460
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 24 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	93d	1	0.22mi
20805 109th Ln SE Kent, WA	2.0	1.5	1250	$2,700	$2.16	93d	1	0.26mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$2,474	$2.55	11d	19	0.28mi
12012 SE 210th St Kent, WA	3.0	1.5	1230	$1,820	$1.48	73d	1	0.48mi
20506 103rd Ave SE Kent, WA	3.0	1.0	1180	$2,295	$1.94	73d	1	0.63mi
10324 SE 210th Pl Kent, WA	4.0	3.5	2230	$3,600	$1.61	73d	1	0.65mi
11447 SE 195th Pl Kent, WA	4.0	2.5	1714	$3,300	$1.93	42d	1	0.69mi
21822 107th Pl SE #6 Kent, WA	3.0	1.5	1152	$1,525	$1.32	71d	1	0.82mi
19388 114th Pl SE Kent, WA	3.0	2.5	1600	$3,095	$1.93	93d	1	0.82mi
19381 114th Pl SE Kent, WA	4.0	2.5	1914	$3,800	$1.99	93d	1	0.82mi
19506 106th Ave SE Renton, WA	4.0	2.0	1580	$6,500	$4.11	9d	1	0.84mi
19370 114th Pl SE Unit 114t Kent, WA	4.0	2.5	1714	$3,600	$2.10	93d	1	0.84mi
11602 SE 193rd Pl Kent, WA	4.0	2.5	1770	$3,995	$2.26	93d	1	0.85mi
11412 SE 193rd Ter Kent, WA	4.0	2.5	1714	$3,400	$1.98	73d	1	0.90mi
11500 SE 221st Pl Kent, WA	3.0	2.5	1770	$3,100	$1.75	93d	1	0.95mi
21232 127th Pl SE Kent, WA	3.0	1.5	1100	$1,550	$1.41	34d	1	0.98mi
21627 127th Pl SE Kent, WA	3.0	2.0	1420	$3,095	$2.18	66d	1	1.08mi
10449 SE 222nd St Kent, WA	4.0	2.0	1322	$3,495	$2.64	16d	1	1.09mi
10449 SE 222nd St Kent, WA	4.0	2.0	1322	$3,495	$2.64	42d	1	1.09mi
21014 131st Ave SE Kent, WA	4.0	2.5	1900	$3,490	$1.84	71d	1	1.12mi
10716 SE 224th Pl Kent, WA	3.0	2.0	1200	$2,900	$2.42	36d	1	1.16mi
18870 108th Ln SE Renton, WA	3.0	2.5	1790	$2,999	$1.68	13d	1	1.19mi
9333 S 200th St Kent, WA	3.0	1.0	1060	$2,450	$2.31	53d	1	1.27mi
18626 116th Ave SE Renton, WA	4.0	2.0	2040	$3,500	$1.72	27d	1	1.29mi

Listing history 50 events

1. 2026-08-08
   pricedays on market $82,000 Active 190 DOM
2. 2026-08-06
   days on market $95,000 Active 188 DOM
3. 2026-08-05
   days on market $95,000 Active 187 DOM
4. 2026-08-04
   days on market $95,000 Active 186 DOM
5. 2026-08-03
   pricedays on market $95,000 Active 185 DOM
6. 2026-07-31
   days on market $110,000 Active 182 DOM
7. 2026-07-30
   days on market $110,000 Active 181 DOM
8. 2026-07-30
   days on market $110,000 Active 180 DOM
9. 2026-07-28
   days on market $110,000 Active 179 DOM
10. 2026-07-26
    days on market $110,000 Active 177 DOM
11. 2026-07-24
    days on market $110,000 Active 175 DOM
12. 2026-07-23
    days on market $110,000 Active 174 DOM
13. 2026-07-22
    days on market $110,000 Active 173 DOM
14. 2026-07-21
    days on market $110,000 Active 172 DOM
15. 2026-07-20
    days on market $110,000 Active 171 DOM
16. 2026-07-18
    days on market $110,000 Active 169 DOM
17. 2026-07-18
    days on market $110,000 Active 168 DOM
18. 2026-07-16
    days on market $110,000 Active 167 DOM
19. 2026-07-15
    days on market $110,000 Active 166 DOM
20. 2026-07-14
    days on market $110,000 Active 165 DOM
21. 2026-07-13
    days on market $110,000 Active 164 DOM
22. 2026-07-13
    days on market $110,000 Active 163 DOM
23. 2026-07-11
    days on market $110,000 Active 162 DOM
24. 2026-07-10
    days on market $110,000 Active 161 DOM
25. 2026-07-09
    days on market $110,000 Active 160 DOM
26. 2026-07-07
    days on market $110,000 Active 158 DOM
27. 2026-07-06
    days on market $110,000 Active 157 DOM
28. 2026-07-06
    days on market $110,000 Active 156 DOM
29. 2026-07-05
    days on market $110,000 Active 155 DOM
30. 2026-07-03
    days on market $110,000 Active 154 DOM
31. 2026-07-02
    days on market $110,000 Active 153 DOM
32. 2026-07-01
    days on market $110,000 Active 152 DOM
33. 2026-06-30
    days on market $110,000 Active 151 DOM
34. 2026-06-29
    days on market $110,000 Active 150 DOM
35. 2026-06-28
    days on market $110,000 Active 149 DOM
36. 2026-06-27
    days on market $110,000 Active 148 DOM
37. 2026-06-26
    days on market $110,000 Active 147 DOM
38. 2026-06-24
    days on market $110,000 Active 145 DOM
39. 2026-06-22
    days on market $110,000 Active 143 DOM
40. 2026-06-21
    days on market $110,000 Active 142 DOM
41. 2026-06-18
    days on market $110,000 Active 139 DOM
42. 2026-06-17
    pricedays on market $110,000 Active 138 DOM
43. 2026-06-16
    days on market $112,000 Active 137 DOM
44. 2026-06-15
    days on market $112,000 Active 136 DOM
45. 2026-06-13
    days on market $112,000 Active 134 DOM
46. 2026-06-09
    days on market $112,000 Active 130 DOM
47. 2026-06-08
    days on market $112,000 Active 129 DOM
48. 2026-06-07
    days on market $112,000 Active 128 DOM
49. 2026-06-04
    days on market $112,000 Active 125 DOM
50. 2026-06-03
    days on market $112,000 Active 124 DOM

ⓘ 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: $26,593
• − Mortgage interest: −$4,593
• − Property taxes: −$1,230
• − Insurance: −$410
• − Repairs & maintenance: −$2,127
• − Management: −$2,127
• − Depreciation: −$2,385
• Taxable income: $13,719
• Est. tax owed @ 24.0%: −$3,293
• After-tax cash flow: $10,915/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $7,640–$22,920 screening

This move-in ready manufactured home in Pantera Lago Estates is in good condition with minimal maintenance required. It offers a spacious living area, modern kitchen, and well-maintained exterior. Painting the exterior siding and trimming the landscaping would significantly enhance its curb appeal and value.

Components & finishes AI

Roof asphalt shingle · good Flooring hardwood Counters granite Appliances white HVAC central · new lt5

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Trim and mulch landscaping — Improves curb appeal and adds value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Glenridge Elementary Middle Meeker Middle School High Kentridge High School

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

B Composite livability gradescore 79/100

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 · 2,576,485 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: 12% of renters

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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%

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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%

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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

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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