201 Union Ave SE #193 · Renton, WA 98059

$94,950

2 bd · 2.0 ba · 1,792 sqft · Manufactured · 147 Days on market

Built 1980 Fair condition $53/sqft · 40% below area Est $158k · 40% 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 +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This large home is waiting you to make it your own. Nearly 1800 sq ft, two very large bedrooms and bathrooms, walk in closet, spacious living room and rec room, with a very sizeable kitchen and dining room. So much space to spread out. It has vinyl windows, two-year-old roof, great insulation and multiple mini-split heat pumps to keep that perfect temperature all year round. There is a large, covered patio and raised garden beds for your outdoor enjoyment. There is a good-sized storage shed and a two-car carport for plenty of parking. Friendly gated 55+ community with a pool, hot tub, sauna, dog park, club house, pickleball court, work out room, golf, and RV storage.

Key facts

• Gated community
• Raised garden beds
• Covered patio

Tags

• WALK IN CLOSET
• COVERED PATIO
• RAISED GARDEN BEDS
• STORAGE SHED
• TWO CAR CARPORT
• GATED COMMUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $95k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.3% vs local median 2.3% in Renton — 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 83/100 on livability (#52 in WA, #949 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D-, cost of living F.
• Renton School District (urban): math 47% / reading 55% proficiency, ranked #119 of 291 in WA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 255 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $656 of loan paydown is wiped out by about $3k 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 + 0.3% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $83,556 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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: 3.09% ✓
• Cap rate: 27.25%
• Cash-on-cash: 74.86%
• DSCR: 4.33
• GRM: 2.7

CMA / ARV

• ARV (median comp): $157,783
• List price: $94,950
• Delta: -39.82%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 Union Ave SE #183	0.00mi	3/2.0 (+1)	1,876 (+5%)	3mo	$65,000	$35	84
201 Union Ave SE #147	0.05mi	2/2.0	1,536 (-14%)	2mo	$100,000	$65	72
201 Union Ave SE #185	0.04mi	2/2.0	1,944 (+8%)	18mo	$160,000	$82	69
201 Union Ave SE #128	0.04mi	2/2.0	1,536 (-14%)	7mo	$75,000	$49	68
201 Union Ave SE #251	0.04mi	2/2.0	1,536 (-14%)	10mo	$184,995	$120	66
201 Union Ave SE #197	0.05mi	3/2.0 (+1)	2,040 (+14%)	7mo	$125,000	$61	64
201 Union Ave SE #58	0.05mi	3/2.0 (+1)	1,536 (-14%)	9mo	$130,000	$85	62
201 Union Ave SE #188	0.22mi	2/2.0	1,536 (-14%)	10mo	$179,000	$117	58
375 Union Ave SE #86	0.10mi	3/2.0 (+1)	1,568 (-12%)	14mo	$165,000	$105	58
201 Union Ave SE #108	0.22mi	2/1.5	2,040 (+14%)	18mo	$140,000	$69	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 · 0.29% rent growth · sell at horizon

5-year hold

• IRR: 71.6%
• Equity multiple: 4.10×
• Total profit: $82,505
• Equity at exit: $14,157

10-year hold

• IRR: 74.8%
• Equity multiple: 7.69×
• Total profit: $177,800
• Equity at exit: $8,210

Cash invested: $26,586 (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 98059

• Rents YoY: 0.3%
• Active inventory: 255
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,930 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,424/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $1,658

Break-even live

Break-even rent $831

Max offer price $94,950

Occupancy floor 38%

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: $23,738
• Closing costs: $2,848
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5027 NE 5th Pl Renton, WA	3.0	2.5	1287	$3,300	$2.56	23d	1	0.91mi
5415 NE 4th St Renton, WA	2.0	2.0	1810	$2,650	$1.46	43d	1	0.96mi
15205 140th Way SE Renton, WA	1.0–3.0	1.0–2.0	1121	$2,960	$2.64	1d	10	0.97mi
2227 SE 8th Pl Renton, WA	3.0	2.0	1560	$3,650	$2.34	3d	1	1.31mi

Listing history 26 events

1. 2026-06-18
   days on market $94,950 Active 147 DOM
2. 2026-06-17
   days on market $94,950 Active 146 DOM
3. 2026-06-16
   days on market $94,950 Active 145 DOM
4. 2026-06-15
   days on market $94,950 Active 144 DOM
5. 2026-06-13
   days on market $94,950 Active 142 DOM
6. 2026-06-13
   days on market $94,950 Active 141 DOM
7. 2026-06-09
   days on market $94,950 Active 138 DOM
8. 2026-06-08
   days on market $94,950 Active 137 DOM
9. 2026-06-07
   days on market $94,950 Active 136 DOM
10. 2026-06-04
    days on market $94,950 Active 133 DOM
11. 2026-06-03
    days on market $94,950 Active 132 DOM
12. 2026-06-02
    days on market $94,950 Active 131 DOM
13. 2026-06-01
    days on market $94,950 Active 130 DOM
14. 2026-05-31
    days on market $94,950 Active 129 DOM
15. 2026-04-15
    price $94,950
16. 2026-03-31
    price $97,900
17. 2026-03-16
    price $99,900
18. 2026-03-02
    price $97,000
19. 2026-02-25
    price $99,000
20. 2026-02-24
    status Active
21. 2026-02-17
    status Pending
22. 2026-02-12
    price $90,000
23. 2026-02-02
    price $95,000
24. 2026-01-15
    listed $100,000 Active
25. 2006-09-21
    soldstatus $68,500
26. 2006-07-17
    listed $79,990

ⓘ 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 ≥86°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: $35,158
• − Mortgage interest: −$5,319
• − Property taxes: −$1,424
• − Insurance: −$475
• − Repairs & maintenance: −$2,813
• − Management: −$2,813
• − Depreciation: −$2,762
• Taxable income: $19,553
• Est. tax owed @ 24.0%: −$4,693
• After-tax cash flow: $15,208/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 home requires moderate renovations to update its dated interior and exterior, but has a good roof and well-maintained landscaping.

Repairs flagged

• Moderate Kitchen cabinets — Dated and worn
• Moderate Bathroom tile — Dated and worn
• Moderate Carpeted floors — Worn and dated

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics
• Both Replace bathroom tile — Modern tile enhances functionality and aesthetics
• Both Replace carpeted floors — Hardwood or tile floors improve functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated and worn	Moderate	$3,000–15,000
Bathroom tile · Dated and worn	Moderate	$3,000–15,000
Carpeted floors · Worn and dated	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics ↑
• Both Replace bathroom tile — Modern tile enhances functionality and aesthetics ↑
• Both Replace carpeted floors — Hardwood or tile floors improve functionality and aesthetics ↑

ⓘ 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: Renton School District
• NCES district ID: 5307230
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $66,354
• Composite: 47.13/100
• National rank: #5108
• State rank: #119 of 291 in WA

Livability — Renton

• Score: 83/100
• State rank: #52
• US rank: #949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Renton, WA
• County: King County · 2,251,916 people
• City population: 158,600
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 42,406
• Household income: $138,654
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 908.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Asian 29% Two or more races 15% Hispanic / Latino 9% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 23% · China, Vietnam, Canada
• Languages at home: 67% English-only · Chinese 9% Vietnamese 6% Spanish 5%

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: ▼ -920.66%
• Current HPI: 338.4495
• Rent YoY: ▲ 0.29%
• 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

+18.7% since first listed

12 events — show timeline

• 2026-04-15 Price Changed $94,950 NWMLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $97,900 NWMLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $99,900 NWMLS as Distributed by MLS Grid
• 2026-03-02 Price Changed $97,000 NWMLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $99,000 NWMLS as Distributed by MLS Grid
• 2026-02-24 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-17 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-12 Price Changed $90,000 NWMLS as Distributed by MLS Grid
• 2026-02-02 Price Changed $95,000 NWMLS as Distributed by MLS Grid
• 2026-01-15 Listed $100,000 NWMLS as Distributed by MLS Grid
• 2006-09-21 Sold (MLS) $68,500 NWMLS as Distributed by MLS Grid
• 2006-07-17 Listed $79,990 NWMLS as Distributed by MLS Grid