3105 M St SE #23 · Auburn, WA 98002

$140,000

3 bd · 2.0 ba · 1,440 sqft · Manufactured · 20 Days on market

Built 1975 Est $187k · 25% 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

Beautifully updated 3-bedroom, 1.75-bath manufactured home in an all-age Auburn community. Approximately 1,440 sq ftwith an open floor plan, updated flooring, recessed lighting, spacious kitchen with island and eating bar, and comfortableliving spaces throughout. Large covered front porch and expansive back deck provide great outdoor living space. Maturelandscaping and established trees enhance the home’s inviting setting. Conveniently located near shopping, parks, restaurants, and major commuter access.

Key facts

• Open floor plan
• Spacious kitchen
• Updated flooring

Tags

• OPEN FLOOR PLAN
• UPDATED FLOORING
• RECESSED LIGHTING
• SPACIOUS KITCHEN
• LARGE COVERED FRONT PORCH
• EXPANSIVE BACK DECK

Property features AI

Finance

• Other: Buyer brokerage compensation: 2.5%; Taxes listed (annual): $436.45
• Financial info: Listing terms: Cash or Conventional; Land lease: $1,106/month
• HOA & community: Located in Skylark Village Estate II (park approves sales); Park amenities include common area, laundry, recreational area; Approximately 116 homes in the park; Pets allowed per park rules (see remarks); Monthly land lease

Exterior

• Parking: Uncovered open parking (2 spaces)
• Utilities: Public water; Public sewer; Electric and natural gas; Power provided by PSE
• Home design: Manufactured double-wide home; Single-story; Good condition; Model: BT, Make: SEQU; Tie-down foundation
• Construction: Wood construction; Composition roof
• Exterior features: Wood exterior products; Patio/porch/deck; Walk-in closet

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl plank flooring
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Fireplace (gas)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $994 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.8% 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; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 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 38% of the median local income ($79k/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 $968 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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.
• Current owner paid $14k; list at $140k implies a 900% gain — meaningful room to come down on a strong offer.

Recommended offer $137,900 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — 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. 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: 1.77% ✓
• Cap rate: 14.82%
• Cash-on-cash: 30.44%
• DSCR: 2.35
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $187,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4248 A St SE #423	0.00mi	3/2.0	1,446 (+0%)	10mo	$179,950	$124	91
4248 A St SE #518	0.06mi	3/2.0	1,344 (-7%)	9mo	$145,000	$108	79
4248 A St SE #228	0.04mi	3/2.0	1,344 (-7%)	11mo	$175,000	$130	78
707 37th St SE #71	0.50mi	4/2.0 (+1)	1,440 (0%)	6mo	$160,000	$111	67
707 37th St SE #17	0.50mi	3/2.0	1,500 (+4%)	4mo	$147,500	$98	66
707 37th St SE #36	0.50mi	3/2.0	1,404 (-2%)	9mo	$215,000	$153	65
210 37th St SE #130	0.36mi	3/2.0	1,248 (-13%)	2mo	$150,000	$120	60
206 Birch Ln	0.53mi	3/2.0	1,524 (+6%)	13mo	$520,000	$341	55
401 37th St SE #104	0.44mi	4/2.0 (+1)	1,248 (-13%)	0mo	$180,000	$144	52
607 37th St SE #81	0.50mi	4/2.0 (+1)	1,296 (-10%)	5mo	$115,000	$89	51
417 2nd Ave SE	0.75mi	3/2.0	1,620 (+12%)	10mo	$464,000	$286	36
419 2nd Ave SE	0.73mi	3/2.0	1,232 (-14%)	10mo	$315,000	$256	33

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: 23.4%
• Equity multiple: 1.94×
• Total profit: $37,017
• Equity at exit: $20,874

10-year hold

• IRR: 30.4%
• Equity multiple: 3.53×
• Total profit: $99,328
• Equity at exit: $12,105

Cash invested: $39,200 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,483 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $994

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 55%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
703 47th St SE Auburn, WA	2.0	1.0–2.0	781	$1,970	$2.52	2d	7	0.39mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	2d	1	0.41mi
4716 Mill Pond Dr SE Apt 1001 Auburn, WA	3.0	2.5	1673	$2,900	$1.73	11d	1	0.46mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	5d	1	0.65mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	1d	1	0.80mi
508 4th Ave SE Pacific, WA	2.0	1.0	885	$2,100	$2.37	24d	1	0.87mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	12d	1	1.00mi
5909 Panorama Dr SE Unit 11-103 Auburn, WA	2.0	2.5	1727	$2,750	$1.59	43d	1	1.10mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	2d	1	1.11mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	24d	1	1.16mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,955	$2.58	2d	6	1.18mi
1115 62nd St SE Unit 18B Auburn, WA	2.0	1.5	1285	$2,695	$2.10	1d	1	1.35mi
1105 63rd St SE Unit C Auburn, WA	3.0	2.5	1372	$4,000	$2.92	1d	1	1.38mi
131 Elise Ct Unit NA Pacific, WA	3.0	2.0	1668	$3,000	$1.80	1d	1	1.40mi
110 2nd Ave S Algona, WA	3.0	2.0	1530	$3,600	$2.35	1d	1	1.46mi
104 Tacoma Blvd N Unit 12 Pacific, WA	2.0	1.0	880	$1,445	$1.64	22d	1	1.47mi

Listing history 14 events

1. 2026-06-18
   days on market $140,000 Active 20 DOM
2. 2026-06-17
   days on market $140,000 Active 19 DOM
3. 2026-06-16
   days on market $140,000 Active 18 DOM
4. 2026-06-15
   days on market $140,000 Active 17 DOM
5. 2026-06-13
   days on market $140,000 Active 15 DOM
6. 2026-06-13
   days on market $140,000 Active 14 DOM
7. 2026-06-09
   days on market $140,000 Active 11 DOM
8. 2026-06-08
   days on market $140,000 Active 10 DOM
9. 2026-06-07
   days on market $140,000 Active 9 DOM
10. 2026-06-04
    days on market $140,000 Active 6 DOM
11. 2026-06-03
    days on market $140,000 Active 5 DOM
12. 2026-06-02
    days on market $140,000 Active 4 DOM
13. 2026-06-01
    days on market $140,000 Active 3 DOM
14. 2026-05-31
    days on market $140,000 Active 2 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 ≥88°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: $29,801
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$2,384
• − Management: −$2,384
• − Depreciation: −$4,073
• Taxable income: $10,318
• Est. tax owed @ 24.0%: −$2,476
• After-tax cash flow: $9,456/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

+679.9% since first listed

4 events — show timeline

• 2026-05-29 Listed $140,000 NWMLS as Distributed by MLS Grid
• 2014-03-17 Sold (MLS) $14,000 NWMLS as Distributed by MLS Grid
• 2014-02-02 Pending — NWMLS as Distributed by MLS Grid
• 2014-01-31 Listed $17,950 NWMLS as Distributed by MLS Grid