704 87th Ave NE #2 · Lake Stevens, WA 98258

$195,000

2 bd · 2.0 ba · 1,312 sqft · Manufactured public records · 192 Days on market

Built 1994 14 ac lot $149/sqft · 9% below area Est $239k · 18% under

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Why this score? — see what drove the A- 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 +5.8/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Serene Neighborhood of Westview Estates. Tucked just between the Trestle & Highway 9. This prime Lake Stevens spot delivers privacy with all essentials mere blocks away. Stroll to Frontier Village. This house has a NEW ROOF & Skylights, Stainless Steel appliances & NEW Exterior paint. Rebuilt front porch & back deck- plus premium upgrades throughout. This home feels warm from the moment you step in. Tons of storage inside & out with covered back deck & shed. Jetted tub in primary bath. Master Bedroom has a convenient slider to the back deck. Cozy wood stove for chilly nights. Top-rated school district w/ endless exploration nearby. Move-in

Key facts

• New exterior paint
• Back deck
• Skylights

Tags

• NEW ROOF
• SKYLIGHTS
• STAINLESS STEEL APPLIANCES
• NEW EXTERIOR PAINT
• REBUILT FRONT PORCH
• BACK DECK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $195k.

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 ($3k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 2.8% in Lake Stevens — 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 (#51 in WA, #917 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities C-, cost of living F.
• Lake Stevens School District (suburban): math 57% / reading 70% proficiency, ranked #31 of 291 in WA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 422 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $55k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago; this cycle's ask has dropped $35k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $171,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 192 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. 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?
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: 1.54% ✓
• Cap rate: 13.28%
• Cash-on-cash: 24.95%
• DSCR: 2.11
• GRM: 5.4

CMA / ARV

• ARV (median comp): $238,937
• List price: $195,000
• Delta: -18.39%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
704 87th Ave NE #33	0.00mi	2/2.0	1,228 (-6%)	15mo	$152,600	$124	77

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 · 0.19% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 1.59×
• Total profit: $32,401
• Equity at exit: $29,075

10-year hold

• IRR: 21.9%
• Equity multiple: 2.63×
• Total profit: $89,120
• Equity at exit: $16,860

Cash invested: $54,600 (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 98258

• Rents YoY: 0.2%
• Active inventory: 422
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $3,010 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$139 /mo · $1,666/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$632
• Net cashflow: $1,135

Break-even live

Break-even rent $1,573

Max offer price $195,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,246	-5% $1,190	+0% $1,135	+5% $1,080	+10% $1,025
Rent	-10% $897	-5% $1,016	+0% $1,135	+5% $1,254	+10% $1,373
Rate	-1.0pp $1,233	-0.5pp $1,185	base $1,135	+0.5pp $1,085	+1.0pp $1,033

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 96th Ave NE Unit A Lake Stevens, WA	2.0	1.0	900	$2,100	$2.33	13d	1	0.52mi
9504 Chapel Hill Rd Lake Stevens, WA	3.0	2.5	1340	$2,950	$2.20	6d	1	0.68mi
1611 Vernon Rd Unit B Lake Stevens, WA	1.0	1.0	920	$2,800	$3.04	45d	1	0.72mi
1619 Vernon Rd Lake Stevens, WA	1.0	1.5	1851	$4,195	$2.27	45d	1	0.78mi
1619 Vernon Rd Lake Stevens, WA	1.0	1.5	1851	$3,800	$2.05	18d	1	0.78mi
610 103rd Ct SE Lake Stevens, WA	3.0	2.5	1870	$3,400	$1.82	21d	1	1.26mi
8609 Soper Hill Rd Unit D133 Marysville, WA	3.0	2.5	1565	$3,000	$1.92	45d	1	1.31mi
7815 14th St SE Lake Stevens, WA	3.0	2.5	1587	$3,100	$1.95	25d	1	1.43mi

Listing history 33 events

1. 2026-06-21
   days on market $195,000 Active 192 DOM
2. 2026-06-18
   days on market $195,000 Active 189 DOM
3. 2026-06-17
   days on market $195,000 Active 188 DOM
4. 2026-06-16
   days on market $195,000 Active 187 DOM
5. 2026-06-15
   days on market $195,000 Active 186 DOM
6. 2026-06-13
   days on market $195,000 Active 184 DOM
7. 2026-06-13
   days on market $195,000 Active 183 DOM
8. 2026-06-09
   days on market $195,000 Active 180 DOM
9. 2026-06-08
   days on market $195,000 Active 179 DOM
10. 2026-06-07
    days on market $195,000 Active 178 DOM
11. 2026-06-04
    days on market $195,000 Active 175 DOM
12. 2026-06-03
    days on market $195,000 Active 174 DOM
13. 2026-06-02
    days on market $195,000 Active 173 DOM
14. 2026-06-01
    days on market $195,000 Active 172 DOM
15. 2026-05-31
    days on market $195,000 Active 171 DOM
16. 2026-05-06
    price $195,000
17. 2026-04-11
    price $220,000
18. 2026-03-20
    status Active
19. 2026-02-14
    status Pending
20. 2025-11-07
    listed $230,000 Active
21. 2023-06-26
    soldstatus $217,000 Closed
22. 2023-05-05
    status Pending
23. 2023-05-02
    status Active
24. 2023-04-25
    status Pending
25. 2023-04-07
    listed $237,500 Active
26. 2014-04-18
    historical
27. 2014-04-18
    soldstatus $42,000 Sold
28. 2014-04-16
    status Pending
29. 2014-03-28
    status Pending Inspection
30. 2014-03-16
    listed $42,000 Active
31. 2007-08-15
    soldstatus $55,000
32. 2007-07-15
    historical
33. 2007-07-11
    listed $55,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $1,666 · $139/mo
• Projected year-2 tax: $1,911 · $159/mo
• Expected delta: +$245/yr (+$20/mo · 14.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $36,119
• − Mortgage interest: −$10,923
• − Property taxes: −$1,666
• − Insurance: −$975
• − Repairs & maintenance: −$2,889
• − Management: −$2,889
• − Depreciation: −$5,673
• Taxable income: $11,103
• Est. tax owed @ 24.0%: −$2,665
• After-tax cash flow: $10,957/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: Lake Stevens School District
• NCES district ID: 5304200
• Math proficiency: 57% ▼ -2.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $78,301
• Composite: 58.12/100
• National rank: #2141
• State rank: #31 of 291 in WA

Livability — Lake Stevens

• Score: 83/100
• State rank: #51
• US rank: #917

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Stevens, WA
• County: Snohomish County · 786,756 people
• City population: 52,752
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 52,752
• Household income: $123,898
• Rent vs Own: 21.5% rent · 78.5% own
• Severe rent burden: 786.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 12% Two or more races 11% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 7% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 87% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -725.77%
• Current HPI: 303.8934
• Rent YoY: ▲ 0.19%
• 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

+254.5% since first listed

18 events — show timeline

• 2026-05-06 Price Changed $195,000 NWMLS as Distributed by MLS Grid
• 2026-04-11 Price Changed $220,000 NWMLS as Distributed by MLS Grid
• 2026-03-20 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-14 Pending — NWMLS as Distributed by MLS Grid
• 2025-11-07 Listed $230,000 NWMLS as Distributed by MLS Grid
• 2023-06-26 Sold (MLS) $217,000 NWMLS as Distributed by MLS Grid
• 2023-05-05 Pending — NWMLS as Distributed by MLS Grid
• 2023-05-02 Relisted — NWMLS as Distributed by MLS Grid
• 2023-04-25 Pending — NWMLS as Distributed by MLS Grid
• 2023-04-07 Listed $237,500 NWMLS as Distributed by MLS Grid
• 2014-04-18 Delisted — NWMLS as Distributed by MLS Grid
• 2014-04-18 Sold (MLS) $42,000 NWMLS as Distributed by MLS Grid
• 2014-04-16 Pending — NWMLS as Distributed by MLS Grid
• 2014-03-28 Pending — NWMLS as Distributed by MLS Grid
• 2014-03-16 Listed $42,000 NWMLS as Distributed by MLS Grid
• 2007-08-15 Sold (MLS) $55,000 NWMLS as Distributed by MLS Grid
• 2007-07-15 Delisted — NWMLS as Distributed by MLS Grid
• 2007-07-11 Listed $55,000 NWMLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2026): $1,666 · +35.0% YoY. Source: county tax records.