2500 S 370th St #55 · Lakeland South, WA 98003

$70,000

2 bd · 2.0 ba · 1,456 sqft · Manufactured · 8 Days on market

Built 1982 5,418 sqft lot $48/sqft · 42% below area Est $120k · 42% 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
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss out on this light and bright home in Kloshe Illahee! Home boasts formal living room/dining room plus great room open to the large kitchen w/ eat in counter space. Built in hutch in dining room & convenient built in office space between kitchen & great room. Primary suite offers ample closet space & full bath w/ double vanity. 2nd bedroom is spacious w/ easy access to full hall bath. Electrical all updated in the last few years! New fence & new metal railings allow easy pet access to backyard. Large covered front porch w/ new ramp & updated deck for enjoying lovely mornings & evenings in the fresh air. Large carport fits 2 cars + newer shed. 55+

Key facts

• Double vanity
• Built in hutch
• Ample closet space

Tags

• FORMAL LIVING ROOM
• GREAT ROOM
• BUILT IN HUTCH
• BUILT IN OFFICE SPACE
• AMPLE CLOSET SPACE
• DOUBLE VANITY

Property features AI

Finance

• Other: Located on a cul-de-sac / dead end street with paved access; Bus line nearby
• Financial info: Land lease amount: $1,388 (recurring); Listing terms: Cash or Conventional
• HOA & community: Land lease community (park approved for sale); Kloshe Illahee park with 258 homes; Community amenities: clubhouse, common area, exercise room, pool, spa/hot tub, tennis courts, trails

Exterior

• Parking: Carport; RV parking (community)
• Utilities: Electric service; Public water (community water); Community sewer; PSE power company; Cable: DirecTV; Internet: CenturyLink
• Home design: Manufactured double-wide home; One level; Mobile home remains
• Construction: Metal/vinyl construction; Composition roof
• Exterior features: Metal/vinyl exterior; Awnings; Patio/porch/deck; Shed/Carport storage; Spa/Hot Tub access (community)

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms (includes 2 bathtubs and 2 showers)
• Heating & cooling: Forced air heating; No central air
• Interior features: Fireplace (wood-burning); Vaulted ceilings; Skylights; Drapes; Landscaped; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Utility room; Storage in shed/carport

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Cap rate 30.8% vs local median 2.9% in Lakeland South — 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 79/100 on livability (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 231 active listings in the ZIP; 6 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 39% of the median local income ($75k/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 $484 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 + 2.3% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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 $20k; list at $70k implies a 250% gain — meaningful room to come down on a strong offer.

Recommended offer $70,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 3.46% ✓
• Cap rate: 30.81%
• Cash-on-cash: 87.57%
• DSCR: 4.90
• GRM: 2.4

CMA / ARV

• ARV (median comp): $119,969
• List price: $70,000
• Delta: -41.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 S 370th St #225	0.00mi	3/2.0 (+1)	1,500 (+3%)	0mo	$160,000	$107	90
2500 S 370th St #161	0.08mi	3/2.0 (+1)	1,500 (+3%)	2mo	$175,000	$117	85
2500 S 370th #63	0.00mi	3/2.0 (+1)	1,440 (-1%)	10mo	$124,999	$87	84
2500 S 370th St #162	0.00mi	3/2.0 (+1)	1,380 (-5%)	4mo	$160,000	$116	83
2500 S 370th St N #85	0.00mi	2/2.0	1,344 (-8%)	6mo	$125,000	$93	82
2500 S 370th St #213	0.00mi	2/2.0	1,344 (-8%)	7mo	$69,900	$52	81
2500 S 370th St #160	0.00mi	2/2.0	1,344 (-8%)	9mo	$120,000	$89	79
2500 S 370th St #208	0.08mi	2/2.0	1,344 (-8%)	10mo	$110,000	$82	75
2500 S 370th St #54	0.00mi	3/2.0 (+1)	1,344 (-8%)	9mo	$127,500	$95	75
2500 S 370th St #32	0.08mi	2/2.0	1,248 (-14%)	0mo	$84,000	$67	72
37301 28th Ave S	0.27mi	2/2.0	1,248 (-14%)	0mo	$200,000	$160	63
2500 Alder St #52	0.73mi	2/2.0	1,536 (+6%)	5mo	$145,000	$94	53

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 87.4%
• Equity multiple: 4.99×
• Total profit: $78,172
• Equity at exit: $10,437

10-year hold

• IRR: 90.3%
• Equity multiple: 10.13×
• Total profit: $178,958
• Equity at exit: $6,052

Cash invested: $19,600 (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 98003

• Rents YoY: 2.3%
• Active inventory: 231
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $2,423 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $1,430

Break-even live

Break-even rent $612

Max offer price $70,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,479	-5% $1,455	+0% $1,430	+5% $1,406	+10% $1,382
Rent	-10% $1,239	-5% $1,335	+0% $1,430	+5% $1,526	+10% $1,622
Rate	-1.0pp $1,466	-0.5pp $1,448	base $1,430	+0.5pp $1,412	+1.0pp $1,394

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	2d	1	0.29mi
35929 21st Pl S Federal Way, WA	2.0	1.5–2.0	1174	$2,650	$2.26	0d	5	0.63mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$1,915	$1.97	2d	24	0.72mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	0d	65	0.95mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$1,874	$1.71	2d	28	1.07mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,498	$2.99	0d	18	1.25mi

Listing history 8 events

1. 2026-05-11
   listed $70,000 Active
2. 2015-12-15
   soldstatus $20,000 Sold
3. 2015-11-25
   status Pending Inspection
4. 2015-09-14
   status Active
5. 2015-09-10
   status Pending Inspection
6. 2015-09-09
   status Pending
7. 2015-07-30
   listed $27,500 Active
8. 2003-05-09
   listed

ⓘ 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 · 15 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: $29,075
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$2,326
• − Management: −$2,326
• − Depreciation: −$2,036
• Taxable income: $17,066
• Est. tax owed @ 24.0%: −$4,096
• After-tax cash flow: $13,069/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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland South, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

+154.5% since first listed

9 events — show timeline

• 2026-05-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-11 Listed $70,000 NWMLS as Distributed by MLS Grid
• 2015-12-15 Sold (MLS) $20,000 NWMLS as Distributed by MLS Grid
• 2015-11-25 Pending — NWMLS as Distributed by MLS Grid
• 2015-09-14 Relisted — NWMLS as Distributed by MLS Grid
• 2015-09-10 Pending — NWMLS as Distributed by MLS Grid
• 2015-09-09 Pending — NWMLS as Distributed by MLS Grid
• 2015-07-30 Listed $27,500 NWMLS as Distributed by MLS Grid
• 2003-05-09 Listed — NWMLS as Distributed by MLS Grid