32501 NE 50th St #37 · Carnation, WA 98014

$117,500

2 bd · 1.0 ba · 720 sqft · Manufactured · 49 Days on market

Built 1969 Est $125k · 6% 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 +10.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover this beautifully updated manufactured home in the heart of Carnation, where comfort meets convenience. Featuring 2 bedrooms and 1 bathroom, this home has been thoughtfully remodeled with modern finishes, including new flooring, a fully upgraded kitchen and bathrooms, new windows, a water heater, and fresh paint throughout. The open-concept design floods the space with natural light, creating an inviting atmosphere perfect for entertaining or relaxing. Enjoy the serenity of the neighborhood while staying just minutes from shops, restaurants, parks, and local amenities. Lot rent is $735/month. Don’t miss your chance to call this charming home your own!

Key facts

• Open-concept design
• Water heater
• Natural light

Tags

• UPDATED MANUFACTURED HOME
• FULLY UPGRADED KITCHEN
• NEW WINDOWS
• WATER HEATER
• OPEN-CONCEPT DESIGN
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $118k.

Deal economics

• At list price, monthly cash flow is $926 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $114k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.7% vs local median 0.9% in Carnation — 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 65/100 on livability (#342 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Riverview School District (suburban): math 63% / reading 72% proficiency, ranked #15 of 291 in WA (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 125 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $812 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 + 3.0% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Recommended offer $113,975 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.87% ✓
• Cap rate: 15.75%
• Cash-on-cash: 33.77%
• DSCR: 2.50
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $125,280
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32501 NE 50th St #37	0.00mi	2/1.0	720 (0%)	0mo	$125,000	$174	100
32501 NE 50th St #38	0.06mi	2/1.0	768 (+7%)	18mo	$109,500	$143	71

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.1%
• Equity multiple: 2.21×
• Total profit: $39,970
• Equity at exit: $17,520

10-year hold

• IRR: 36.5%
• Equity multiple: 4.37×
• Total profit: $110,881
• Equity at exit: $10,159

Cash invested: $32,900 (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 98014

• Active inventory: 125
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$616
• Tax est. 1.5%: −$147 /mo · $1,762/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $926

Break-even live

Break-even rent $1,028

Max offer price $117,500

Occupancy floor 53%

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: $29,375
• Closing costs: $3,525
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31721 W Commercial St Unit A Carnation, WA	2.0	1.0	700	$2,200	$3.14	24d	1	0.49mi

Listing history 2 events

1. 2026-03-19
   status Pending
2. 2026-01-29
   listed $117,500 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 3/10 Moderate FEMA zone X (shaded) · 20% 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 · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,400
• − Mortgage interest: −$6,582
• − Property taxes: −$1,762
• − Insurance: −$588
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$3,418
• Taxable income: $9,826
• Est. tax owed @ 24.0%: −$2,358
• After-tax cash flow: $8,754/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: Riverview School District
• NCES district ID: 5304560
• Math proficiency: 63% ▲ 5.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $100,574
• Composite: 63.41/100
• National rank: #1279
• State rank: #15 of 291 in WA

Livability — Carnation

• Score: 65/100
• State rank: #342
• US rank: #12959

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carnation, WA
• Population (ZIP): 7,681

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: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 6% Portuguese 4% Slovak 4%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Spanish 5% Chinese 2% Other Indo-European 1%

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: ▼ -453.46%
• Current HPI: 326.6646
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-03-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-29 Listed $117,500 NWMLS as Distributed by MLS Grid