11436 SE 208th St #106 · Kent, WA 98031

$90,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 403 Days on market

Built 1981 $78/sqft · 33% below area Est $134k · 33% 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 +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fall in love with this beautifully updated 2-bed, 2-bath home in the vibrant 55+ Pantera Lago Estates. Enjoy new luxury vinyl floors, carpet, paint, appliances, roof, windows, and furnace. The kitchen offers ample cabinets, counters, and a built-in table. Relax in open living/dining areas or the cozy family room. Includes laundry room with washer/dryer, covered deck, 2-car parking, and storage shed. Steps away from the clubhouse with pool, spa, sauna, game room, library, dog park, trails, and more. A warm, active community awaits, schedule your tour today!

Key facts

• Built in hutch
• New vinyl windows
• Large kitchen

Tags

• UPDATED HOME
• NEW LVP FLOORING
• NEW VINYL WINDOWS
• LARGE KITCHEN
• OPEN LIVING ROOM DINING ROOM
• BUILT IN HUTCH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.5% vs local median 2.7% in Kent — 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 (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 167 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 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 $622 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 + 3.5% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 403 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $50k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $90k implies a 543% gain — meaningful room to come down on a strong offer.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 403 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.37% ✓
• Cap rate: 20.51%
• Cash-on-cash: 50.78%
• DSCR: 3.26
• GRM: 3.5

CMA / ARV

• ARV (median comp): $133,523
• List price: $90,000
• Delta: -32.60%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11436 SE 208th St #170	0.06mi	2/2.0	1,250 (+8%)	21mo	$130,000	$104	65
20744 113th Pl SE	0.15mi	2/2.0	1,250 (+8%)	22mo	$105,000	$84	60
12212 SE 206th St	0.57mi	3/2.0 (+1)	1,080 (-6%)	8mo	$300,000	$278	52

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 49.2%
• Equity multiple: 3.16×
• Total profit: $54,508
• Equity at exit: $13,419

10-year hold

• IRR: 54.9%
• Equity multiple: 6.55×
• Total profit: $139,798
• Equity at exit: $7,782

Cash invested: $25,200 (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 98031

• Rents YoY: 3.5%
• Active inventory: 167
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,137 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $1,066

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 45%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20803 110th Ln SE Kent, WA	2.0	2.5	1361	$2,845	$2.09	43d	1	0.27mi
20805 109th Ln SE Kent, WA	2.0	1.5	1250	$2,700	$2.16	43d	1	0.29mi
10836 SE 204th St Kent, WA	1.0	1.0	850	$1,795	$2.11	43d	1	0.30mi
10836 SE 204th St Kent, WA	1.0	1.0	850	$1,795	$2.11	24d	1	0.30mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$1,978	$2.04	1d	17	0.35mi
10820 SE 211th Pl Kent, WA	1.0–3.0	1.0–1.5	907	$2,032	$2.24	2d	20	0.35mi
10833 SE 200th St Kent, WA	2.0	1.0	844	$1,600	$1.90	1d	1	0.39mi
12012 SE 210th St Kent, WA	3.0	1.5	1230	$1,820	$1.48	24d	1	0.51mi
20506 103rd Ave SE Kent, WA	3.0	1.0	1180	$2,295	$1.94	23d	1	0.63mi
21822 107th Pl SE #6 Kent, WA	3.0	1.5	1152	$1,525	$1.32	21d	1	0.88mi
19002 108th Ave SE Renton, WA	2.0	1.0	800	$1,595	$1.99	3d	1	1.00mi
19002 108th Ave SE Unit 2 Renton, WA	2.0	1.0	800	$1,595	$1.99	10d	1	1.00mi
19002 108th Ave SE Unit 2 Renton, WA	2.0	1.0	800	$1,595	$1.99	11d	1	1.00mi
21627 127th Pl SE Kent, WA	3.0	2.0	1420	$3,095	$2.18	16d	1	1.13mi
9333 S 200th St Kent, WA	3.0	1.0	1060	$2,450	$2.31	4d	1	1.25mi
22415 Benson Rd SE Kent, WA	2.0	1.0	706	$1,520	$2.15	1d	4	1.27mi
11211 SE 226th St Kent, WA	3.0	2.0	1012	$2,250	$2.22	17d	1	1.30mi
10815 SE 184th Ln Renton, WA	1.0–2.0	1.0–2.0	860	$2,445	$2.84	14d	3	1.35mi
5301 Talbot Rd S Renton, WA	2.0	1.0–2.0	1046	$2,574	$2.46	1d	9	1.49mi

Listing history 23 events

1. 2026-06-18
   days on market $90,000 Active 403 DOM
2. 2026-06-17
   days on market $90,000 Active 402 DOM
3. 2026-06-16
   days on market $90,000 Active 401 DOM
4. 2026-06-15
   days on market $90,000 Active 400 DOM
5. 2026-06-13
   days on market $90,000 Active 398 DOM
6. 2026-06-09
   days on market $90,000 Active 394 DOM
7. 2026-06-08
   days on market $90,000 Active 393 DOM
8. 2026-06-07
   days on market $90,000 Active 392 DOM
9. 2026-06-04
   days on market $90,000 Active 389 DOM
10. 2026-06-03
    days on market $90,000 Active 388 DOM
11. 2026-06-02
    days on market $90,000 Active 387 DOM
12. 2026-06-01
    days on market $90,000 Active 386 DOM
13. 2026-05-31
    days on market $90,000 Active 385 DOM
14. 2026-03-24
    status Active
15. 2025-11-14
    price $104,995
16. 2025-09-29
    status Active
17. 2025-06-19
    price $124,500
18. 2025-03-10
    listed $139,500 Active
19. 2010-03-15
    soldstatus $14,000 Sold
20. 2010-02-06
    status Pending
21. 2010-01-31
    listed $19,900 Active
22. 2003-08-29
    soldstatus $26,000
23. 2003-08-19
    listed $27,999

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,645
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$2,052
• − Management: −$2,052
• − Depreciation: −$2,618
• Taxable income: $12,082
• Est. tax owed @ 24.0%: −$2,900
• After-tax cash flow: $9,896/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 40,094
• Household income: $105,965
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1151.0

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 0.77)
• Race & ethnicity: White 36% Asian 27% Black 13% Hispanic / Latino 13% Two or more races 13% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 5% Portuguese 2% Subsaharan African 2%
• Foreign-born: 31% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 9% Other Indo-European 7% Vietnamese 4%

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: ▼ -673.58%
• Current HPI: 308.1747
• Rent YoY: ▲ 3.53%
• 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

+275.0% since first listed

10 events — show timeline

• 2026-03-24 Relisted — NWMLS as Distributed by MLS Grid
• 2025-11-14 Price Changed $104,995 NWMLS as Distributed by MLS Grid
• 2025-09-29 Relisted — NWMLS as Distributed by MLS Grid
• 2025-06-19 Price Changed $124,500 NWMLS as Distributed by MLS Grid
• 2025-03-10 Listed $139,500 NWMLS as Distributed by MLS Grid
• 2010-03-15 Sold (MLS) $14,000 NWMLS as Distributed by MLS Grid
• 2010-02-06 Pending — NWMLS as Distributed by MLS Grid
• 2010-01-31 Listed $19,900 NWMLS as Distributed by MLS Grid
• 2003-08-29 Sold (MLS) $26,000 NWMLS as Distributed by MLS Grid
• 2003-08-19 Listed $27,999 NWMLS as Distributed by MLS Grid