1402 22nd St NE #446 · Auburn, WA 98002

$79,500

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 51 Days on market

Built 1981 Est $100k · 20% 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 +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Rio Verde, a well-maintained, gated community for 55+ in Auburn. Vaulted ceilings and lots of natural light from the floor-to-ceiling double pane windows await! This home is well-situated in the neighborhood, right across from the community park and gazebo, so you've got additional parking for guests. This 2 bed 2 bath home has many recent updates including new flooring in kitchen and laundry room, newer windows, a 3yr old heat pump for central A/C, and the roof was replaced less than 10 years ago! The home has an open floor plan and a wood stove to keep cozy in the winter. Kitchen has tons of cabinet and counter space and all appliances stay. Home is move in ready, but you

Key facts

• Community pool
• Built 1981
• Listed 51 days

Property features AI

Finance

• Other: Seller reports property as residential manufactured home; approved for sale in park
• Financial info: Land lease amount: $1,263; Listing terms: Cash or Conventional
• HOA & community: Located in Rio Verde senior community; Park amenities: clubhouse, common area, exercise room, laundry, pool, RV parking, security gate; Land lease

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Public water; Electric and wood energy sources
• Home design: Manufactured home (double wide); One story; Hillcrest make; Entry on slab foundation; Mobile home remains
• Construction: Metal/vinyl construction; Composition roof; Slab foundation; Manufactured after 06/15/1976
• Exterior features: Metal/vinyl exterior; Paved lot; Has a view

Interior

• Kitchen: Double oven; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl plank; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Vaulted ceilings; Skylights; Drapes; Jetted/soaking tub; Bath off primary; Landscaped; Patio/porch/deck; Double pane windows; Awnings
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $990 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.2% 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.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $550 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 + 1.5% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $80k implies a 354% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,115 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.45% ✓
• Cap rate: 21.24%
• Cash-on-cash: 53.38%
• DSCR: 3.38
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $99,840
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #424	0.00mi	2/2.0	1,248 (0%)	1mo	$124,500	$100	99
1402 22ND St NE #39	0.00mi	2/2.0	1,248 (0%)	11mo	$158,000	$127	91
1402 22nd St NE #222	0.02mi	2/2.0	1,248 (0%)	12mo	$90,000	$72	89
1402 22nd St NE #11	0.00mi	2/2.0	1,368 (+10%)	2mo	$60,000	$44	82
1402 22nd St NE #428	0.00mi	2/2.0	1,344 (+8%)	11mo	$140,000	$104	78
1402 22nd St NE #27	0.25mi	2/2.0	1,344 (+8%)	0mo	$65,000	$48	75
1402 22nd St NE #233	0.38mi	2/2.0	1,248 (0%)	9mo	$90,000	$72	75
1402 22nd St NE #127	0.37mi	2/2.0	1,320 (+6%)	4mo	$137,500	$104	70
1402 22nd St NE #315	0.00mi	2/2.0	1,344 (+8%)	23mo	$118,000	$88	68
1402 22nd St NE #220	0.37mi	2/2.0	1,248 (0%)	24mo	$100,000	$80	63
1402 22nd St NE #455	0.38mi	2/2.0	1,344 (+8%)	18mo	$107,200	$80	54

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: 49.8%
• Equity multiple: 3.13×
• Total profit: $47,335
• Equity at exit: $11,854

10-year hold

• IRR: 54.6%
• Equity multiple: 5.99×
• Total profit: $111,081
• Equity at exit: $6,874

Cash invested: $22,260 (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: 171
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,949 high
• Mortgage (P&I): −$417
• Tax est. 1.5%: −$99 /mo · $1,192/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $990

Break-even live

Break-even rent $695

Max offer price $79,500

Occupancy floor 44%

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: $19,875
• Closing costs: $2,385
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	21d	1	0.07mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	21d	1	0.13mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	2d	1	0.16mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	14d	1	0.17mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.18mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	2d	1	0.22mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	2d	1	0.23mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	2d	1	0.23mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	24d	1	0.25mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	2d	2	0.26mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	24d	1	0.27mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	19d	1	0.28mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.37mi
802 22nd St NE Unit 802 Auburn, WA	2.0	1.0	750	$1,585	$2.11	12d	1	0.38mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.41mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	24d	1	0.42mi
2701 J St NE Unit 2701JB Auburn, WA	2.0	1.0	800	$2,050	$2.56	24d	1	0.42mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	14d	1	0.43mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	0.49mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,244	$2.19	1d	13	0.69mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	24d	1	0.72mi
1608 8th St NE Auburn, WA	2.0	1.0	809	$1,500	$1.85	10d	1	0.78mi
634 M St NE Unit 3 Auburn, WA	2.0	1.5	900	$1,650	$1.83	24d	1	0.82mi
1314 6th Pl NE Auburn, WA	3.0	1.5	1180	$3,200	$2.71	24d	1	0.84mi
511 M St NE Auburn, WA	2.0	1.0	742	$1,695	$2.28	5d	1	0.92mi
502 8th St NE Auburn, WA	1.0–2.0	1.0	687	$1,795	$2.61	2d	3	0.96mi
1221 A St NE Auburn, WA	1.0–2.0	1.0–2.0	741	$1,986	$2.68	1d	14	0.96mi
1107 A St NE Auburn, WA	1.0–2.0	1.0	654	$2,022	$3.09	2d	26	1.00mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	1.17mi
421 3rd St NE Auburn, WA	2.0	1.0	870	$1,600	$1.84	12d	1	1.21mi
515 N Division St Auburn, WA	1.0–2.0	1.0	700	$1,750	$2.50	24d	4	1.27mi
44 5th St NE Apt 4 Auburn, WA	3.0	1.0	1000	$1,999	$2.00	24d	1	1.29mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	21d	1	1.32mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	14d	1	1.47mi
24 Auburn Way S Auburn, WA	2.0	1.0	1000	$1,495	$1.50	24d	1	1.47mi
128 E Main St Auburn, WA	2.0	1.0–2.0	680	$2,425	$3.56	5d	6	1.50mi

Listing history 18 events

1. 2026-06-01
   status $79,500 Pending 51 DOM
2. 2026-05-31
   days on market $79,500 Active 51 DOM
3. 2026-05-11
   price $79,500
4. 2026-04-10
   listed $85,000 Active
5. 2015-05-10
   historical
6. 2015-05-08
   soldstatus $17,500 Sold
7. 2015-03-20
   status Pending
8. 2015-03-06
   status Pending Inspection
9. 2015-02-25
   status Pending
10. 2015-01-31
    price $19,500
11. 2014-12-19
    price $23,500
12. 2014-10-17
    price $29,900
13. 2014-09-01
    listed $34,500 Active
14. 2010-09-13
    soldstatus $33,000 Sold
15. 2010-08-26
    status Pending
16. 2010-08-25
    status Pending Inspection
17. 2010-05-20
    price $34,900
18. 2010-05-20
    listed $32,900 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 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 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: $23,387
• − Mortgage interest: −$4,453
• − Property taxes: −$1,192
• − Insurance: −$398
• − Repairs & maintenance: −$1,871
• − Management: −$1,871
• − Depreciation: −$2,313
• Taxable income: $11,289
• Est. tax owed @ 24.0%: −$2,709
• After-tax cash flow: $9,173/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

+141.6% since first listed

16 events — show timeline

• 2026-05-11 Price Changed $79,500 NWMLS as Distributed by MLS Grid
• 2026-04-10 Listed $85,000 NWMLS as Distributed by MLS Grid
• 2015-05-10 Delisted — NWMLS as Distributed by MLS Grid
• 2015-05-08 Sold (MLS) $17,500 NWMLS as Distributed by MLS Grid
• 2015-03-20 Pending — NWMLS as Distributed by MLS Grid
• 2015-03-06 Pending — NWMLS as Distributed by MLS Grid
• 2015-02-25 Pending — NWMLS as Distributed by MLS Grid
• 2015-01-31 Price Changed $19,500 NWMLS as Distributed by MLS Grid
• 2014-12-19 Price Changed $23,500 NWMLS as Distributed by MLS Grid
• 2014-10-17 Price Changed $29,900 NWMLS as Distributed by MLS Grid
• 2014-09-01 Listed $34,500 NWMLS as Distributed by MLS Grid
• 2010-09-13 Sold (MLS) $33,000 NWMLS as Distributed by MLS Grid
• 2010-08-26 Pending — NWMLS as Distributed by MLS Grid
• 2010-08-25 Pending — NWMLS as Distributed by MLS Grid
• 2010-05-20 Price Changed $34,900 NWMLS as Distributed by MLS Grid
• 2010-05-20 Listed $32,900 NWMLS as Distributed by MLS Grid