900 29th St SE Unit D6 · Auburn, WA 98002

$50,000

2 bd · 2.0 ba · 1,292 sqft · Manufactured · 61 Days on market

Built 1979 Fair condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Skylark Village Estates I. Buy this home and bring your vision, or buy under a storage agreement to fix up and sell. This home features a spacious and versatile open floor plan. The layout includes a generous family room, a large dining area, and an open kitchen with additional flex space—perfect for a breakfast nook, home office, or hobby area. Each bedroom offers the convenience of its own full bathroom and walk-in closet, with the primary suite ensuite also featuring a soaking tub and walk-in shower. Additional highlights include a dedicated laundry room with washer and dryer, a covered carport with space for two vehicles plus two additional uncovered parking spots, and

Key facts

• Open floor plan
• Flex space
• Full bathroom

Tags

• OPEN FLOOR PLAN
• FAMILY ROOM
• DINING AREA
• OPEN KITCHEN
• FLEX SPACE
• FULL BATHROOM

Property features AI

Finance

• Other: Bus route 184 nearby; Directions: HWY 167 to HWY 18 East, Exit WA-164 E/Enumclaw onto 6th St SE, Turn left onto A St SE, Turn left onto 29th St SE, Turn right onto Dogwood Ln, home is on the right.
• Financial info: Accepts Cash and Conventional financing
• HOA & community: Located in Skylark Village I (park of 142 homes); Senior community; Pets allowed — see remarks; Land lease billed at $1,038

Exterior

• Parking: Carport
• Utilities: Water billed by Skylark Village; Sewer billed by Skylark Village; Puget Sound Energy power; Xfinity cable; Xfinity internet
• Home design: Manufactured double-wide home; One story; Manufactured after 06/15/1976; Mobile home remains
• Construction: Composition roof; Make: KW7468; Double wide body type
• Exterior features: Paved lot; Sheds for storage; RV parking in the park

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Electric energy source
• Interior features: Dining room; Entry; Extra finished room; Family room; Kitchen with eating space; Utility room; Bath off primary; Walk-in closet
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $50k. Condition is rated fair.

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 $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 34.8% 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.
• Zoned schools: Pioneer Elementary School (651 students, 78% FRL); Auburn Senior High School (1,844 students, 67% FRL) — zoned schools average 72% FRL vs 44% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 176 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.

Recommended offer $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 3.89% ✓
• Cap rate: 34.83%
• Cash-on-cash: 101.92%
• DSCR: 5.53
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $155,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 29th St SE #54	0.11mi	3/2.0 (+1)	1,232 (-5%)	6mo	$55,000	$45	77
3225 M St SE #144	0.24mi	3/2.0 (+1)	1,248 (-3%)	3mo	$155,000	$124	76
3225 M St SE #145	0.17mi	3/2.0 (+1)	1,254 (-3%)	7mo	$105,000	$84	76
602 29th St SE #39	0.14mi	3/2.0 (+1)	1,232 (-5%)	6mo	$155,000	$126	76
900 29th St SE Unit E-22	0.02mi	3/2.0 (+1)	1,440 (+12%)	8mo	$50,000	$35	69
2304 A St SE #36	0.57mi	3/2.0 (+1)	1,344 (+4%)	1mo	$120,000	$89	61
210 37th St SE #130	0.61mi	3/2.0 (+1)	1,248 (-3%)	2mo	$150,000	$120	60
2302 R St SE #128	0.66mi	2/2.0	1,248 (-3%)	10mo	$80,000	$64	55
707 37th St SE #73	0.44mi	2/2.0	1,152 (-11%)	9mo	$130,000	$113	54
2902 B St SE	0.41mi	3/2.0 (+1)	1,152 (-11%)	5mo	$312,500	$271	54
707 37th St SE #36	0.44mi	3/2.0 (+1)	1,404 (+9%)	9mo	$215,000	$153	53
607 37th St SE #77	0.42mi	3/2.0 (+1)	1,120 (-13%)	4mo	$135,000	$121	49

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: —
• Equity multiple: 5.63×
• Total profit: $64,790
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 11.19×
• Total profit: $142,626
• Equity at exit: $4,323

Cash invested: $14,000 (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: 176
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,943 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $1,189

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,224	-5% $1,206	+0% $1,189	+5% $1,172	+10% $1,155
Rent	-10% $1,036	-5% $1,112	+0% $1,189	+5% $1,266	+10% $1,343
Rate	-1.0pp $1,214	-0.5pp $1,202	base $1,189	+0.5pp $1,176	+1.0pp $1,163

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	14d	1	0.31mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	3d	1	0.35mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	4d	6	0.41mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	25d	1	0.43mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	6d	1	0.45mi
1910 N Ct SE Auburn, WA	3.0	2.0	1570	$2,900	$1.85	12d	1	0.72mi
418 17th St SE Unit 6C Auburn, WA	2.0	2.0	1219	$2,200	$1.80	25d	1	0.75mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	4d	1	0.97mi
4716 Mill Pond Dr SE Apt 1001 Auburn, WA	3.0	2.5	1673	$2,900	$1.73	12d	1	1.01mi
703 47th St SE Auburn, WA	2.0	1.0–2.0	781	$1,970	$2.52	3d	7	1.09mi

Listing history 10 events

1. 2026-06-10
   status $50,000 Pending 61 DOM
2. 2026-06-09
   days on market $50,000 Active 61 DOM
3. 2026-06-08
   days on market $50,000 Active 60 DOM
4. 2026-06-07
   days on market $50,000 Active 59 DOM
5. 2026-06-04
   days on market $50,000 Active 56 DOM
6. 2026-06-03
   days on market $50,000 Active 55 DOM
7. 2026-06-02
   days on market $50,000 Active 54 DOM
8. 2026-06-01
   days on market $50,000 Active 53 DOM
9. 2026-05-31
   days on market $50,000 Active 52 DOM
10. 2026-04-09
    listed $50,000 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 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 · 14 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: $23,310
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,865
• − Management: −$1,865
• − Depreciation: −$1,455
• Taxable income: $14,325
• Est. tax owed @ 24.0%: −$3,438
• After-tax cash flow: $10,831/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 · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate renovations to update the kitchen, bathrooms, and exterior. Improvements will significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — severely dated and in poor condition
• Major bathroom fixtures — dated and in poor condition
• Moderate exterior siding — moderate wear
• Major flooring — dated and in poor condition
• Major interior walls — dated wood paneling and paint
• Major landscaping — bare and overgrown

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen will improve both resale and rental value
• Both update bathroom fixtures and wallpaper — modernizing the bathrooms will improve both resale and rental value
• Both landscape and add curb appeal — improving the landscaping will enhance the home's curb appeal and increase its value
• Both paint interior walls — updating the interior walls will improve the home's appearance and increase its value
• Both replace flooring — replacing the flooring will improve the home's appearance and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely dated and in poor condition	Major	$15,000–50,000
bathroom fixtures · dated and in poor condition	Major	$15,000–50,000
exterior siding · moderate wear	Moderate	$3,000–15,000
flooring · dated and in poor condition	Major	$15,000–50,000
interior walls · dated wood paneling and paint	Major	$15,000–50,000
landscaping · bare and overgrown	Major	$15,000–50,000
Total estimated repair cost · 6 items		$78,000–265,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing the kitchen will improve both resale and rental value ↑
• Both update bathroom fixtures and wallpaper — modernizing the bathrooms will improve both resale and rental value ↑
• Both landscape and add curb appeal — improving the landscaping will enhance the home's curb appeal and increase its value ↑
• Both paint interior walls — updating the interior walls will improve the home's appearance and increase its value ↑
• Both replace flooring — replacing the flooring will improve the home's appearance and increase its value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-04-09 Listed $50,000 NWMLS as Distributed by MLS Grid