7301 NE 175th St #112

Kenmore, WA 98028

$119,000C

2 bd · 2.0 ba · 1,000 sqft · Built 1965 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,756/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$369
• Net cashflow: $565/mo
• Annual: $6,777/yr
• Cap rate: 11.99%
• Cash-on-cash: 20.34%
• DSCR: 1.90
• 1% rule: 1.48%
• Cash to close: $33,320

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $119k. Condition is rated good.
• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• It's been on market 24 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#21 in WA, #427 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Kenmore Elementary (424 students, 44% FRL); Kenmore Middle School (718 students, 25% FRL); Inglemoor Hs (1,542 students, 20% FRL) — zoned schools average 30% FRL vs 12% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.1%/yr); 253 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals lingering (median 34d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 51% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $119k implies a 70% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $33k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 12.0% vs local median 1.7% in Kenmore — 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.
• This rent is only 15% of the median local income ($140k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.
• 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.