1402 22nd St NE #214 · Auburn, WA 98002

$134,950

3 bd · 2.0 ba · 1,248 sqft · Manufactured · 43 Days on market

Built 1978 Good condition Est $100k · 35% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.9/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

If you've been waiting for a home that truly takes care of you — this is it. Thoughtfully updated and completely move-in ready, this bright and welcoming 3-bedroom home in Rio Verde's gated 55+ community offers everything you need, with none of the worry. Just unpack and settle in! The open living and dining areas feel airy and easy to navigate, and the well-equipped kitchen — with plenty of cabinet storage and appliances included — means you can host without any fuss. The private primary suite gives you your own restful retreat, while the two additional bedrooms adapt beautifully to a guest room, craft room, home office, or whatever suits your life right now. Newer roof,

Key facts

• Clubhouse
• Landscaped yard
• Pool

Tags

• PRIVATE PRIMARY SUITE
• LANDSCAPED YARD
• GARDEN PATCH
• DEDICATED STORAGE SHED
• CLUBHOUSE
• POOL

Property features AI

Finance

• Other: Listing is active; Buyer broker comp: 2.5%
• Financial info: Land lease: $1,250; Acceptable financing: Cash or Conventional
• HOA & community: Park approved for sale; Rio Verde manufactured home community; Clubhouse, common area, exercise room, pool, recreational area, trails; High-speed internet available; Laundry, RV parking, security gate; 588 homes in the park; Senior community

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Electric energy source; Electric water heater; Community water (HOA); Community sewer (HOA); Puget Sound Energy power; Comcast cable and internet
• Home design: Manufactured home (double wide); Model 52/24; One level; Pillar/post/pier foundation; Mobile home remains in place
• Construction: Metal/vinyl and wood construction materials; Composition roof
• Exterior features: Metal/vinyl and wood exterior; Landscaped; Open space lot feature; Patio/porch/deck; Has view

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 shower
• Heating & cooling: Ductless heating; Has cooling
• Interior features: Water heater; Jetted/soaking tub; Bath off primary; Double pane windows; Patio/porch/deck
• Laundry & utility: Utility room; Washer/dryer facilities in park laundry (community laundry available)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $717 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Dick Scobee Elementary School (825 students, 84% FRL); Auburn Mountainview High School (1,581 students, 63% FRL) — zoned schools average 73% FRL vs 44% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 40 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).
• This rent runs 32% of the median local income ($79k/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 $934 of loan paydown is wiped out by about $4k 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 + 1.5% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $115k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,901 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.55% ✓
• Cap rate: 12.67%
• Cash-on-cash: 22.77%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $99,840
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #424	0.20mi	2/2.0 (-1)	1,248 (0%)	1mo	$124,500	$100	85
1402 22nd St NE #27	0.08mi	2/2.0 (-1)	1,344 (+8%)	0mo	$65,000	$48	78
1402 22ND St NE #39	0.20mi	2/2.0 (-1)	1,248 (0%)	11mo	$158,000	$127	77
1402 22nd St NE #233	0.25mi	2/2.0 (-1)	1,248 (0%)	9mo	$90,000	$72	76
1402 22nd St NE #222	0.22mi	2/2.0 (-1)	1,248 (0%)	12mo	$90,000	$72	75
1402 22nd St NE #127	0.25mi	2/2.0 (-1)	1,320 (+6%)	4mo	$137,500	$104	70
1402 22nd St NE #11	0.20mi	2/2.0 (-1)	1,368 (+10%)	2mo	$60,000	$44	68
1402 22nd St NE #220	0.25mi	2/2.0 (-1)	1,248 (0%)	24mo	$100,000	$80	64
1402 22nd St NE #428	0.20mi	2/2.0 (-1)	1,344 (+8%)	11mo	$140,000	$104	63
1402 22nd St NE #455	0.25mi	2/2.0 (-1)	1,344 (+8%)	18mo	$107,200	$80	55
1402 22nd St NE #315	0.20mi	2/2.0 (-1)	1,344 (+8%)	23mo	$118,000	$88	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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.55×
• Total profit: $20,737
• Equity at exit: $20,121

10-year hold

• IRR: 21.6%
• Equity multiple: 2.71×
• Total profit: $64,694
• Equity at exit: $11,668

Cash invested: $37,786 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,088 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $717

Break-even live

Break-even rent $1,181

Max offer price $134,950

Occupancy floor 61%

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: $33,738
• Closing costs: $4,048
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	0.27mi
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	22d	1	0.27mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	3d	2	0.29mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	0.31mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	24d	1	0.34mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.37mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.40mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	15d	1	0.40mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	3d	1	0.43mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.44mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	3d	1	0.46mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	24d	1	0.49mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,839	$2.77	2d	13	0.49mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	24d	1	0.49mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	20d	1	0.50mi
802 22nd St NE Unit 802 Auburn, WA	2.0	1.0	750	$1,585	$2.11	13d	1	0.53mi
1608 8th St NE Auburn, WA	2.0	1.0	809	$1,500	$1.85	10d	1	0.55mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.59mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.59mi
634 M St NE Unit 3 Auburn, WA	2.0	1.5	900	$1,650	$1.83	24d	1	0.62mi
1314 6th Pl NE Auburn, WA	3.0	1.5	1180	$3,200	$2.71	24d	1	0.63mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	15d	1	0.63mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	24d	1	0.64mi
2701 J St NE Unit 2701JB Auburn, WA	2.0	1.0	800	$2,050	$2.56	24d	1	0.64mi
511 M St NE Auburn, WA	2.0	1.0	742	$1,695	$2.28	5d	1	0.73mi
502 8th St NE Auburn, WA	1.0–2.0	1.0	687	$1,795	$2.61	2d	3	0.86mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	0.96mi
1221 A St NE Auburn, WA	1.0–2.0	1.0–2.0	741	$1,986	$2.68	2d	14	0.96mi
1107 A St NE Auburn, WA	1.0–2.0	1.0	654	$2,022	$3.09	3d	26	0.98mi
421 3rd St NE Auburn, WA	2.0	1.0	870	$1,600	$1.84	13d	1	1.08mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	22d	1	1.12mi
515 N Division St Auburn, WA	1.0–2.0	1.0	700	$1,750	$2.50	24d	4	1.20mi
44 5th St NE Apt 4 Auburn, WA	3.0	1.0	1000	$1,999	$2.00	24d	1	1.20mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	22d	1	1.28mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	15d	1	1.29mi
24 Auburn Way S Auburn, WA	2.0	1.0	1000	$1,495	$1.50	24d	1	1.33mi
128 E Main St Auburn, WA	2.0	1.0–2.0	680	$2,425	$3.56	5d	6	1.38mi
12110 SE 312th St Auburn, WA	2.0	2.0	1035	$2,095	$2.02	24d	4	1.43mi
2 E Main St Auburn, WA	2.0	1.0–2.0	696	$2,425	$3.48	2d	11	1.44mi
17 S Division St Auburn, WA	1.0–2.0	1.0	728	$2,105	$2.89	15d	5	1.47mi

Listing history 20 events

1. 2026-06-18
   days on market $134,950 Active 43 DOM
2. 2026-06-17
   days on market $134,950 Active 42 DOM
3. 2026-06-16
   days on market $134,950 Active 41 DOM
4. 2026-06-15
   days on market $134,950 Active 40 DOM
5. 2026-06-13
   days on market $134,950 Active 38 DOM
6. 2026-06-13
   days on market $134,950 Active 37 DOM
7. 2026-06-09
   days on market $134,950 Active 34 DOM
8. 2026-06-08
   days on market $134,950 Active 33 DOM
9. 2026-06-07
   days on market $134,950 Active 32 DOM
10. 2026-06-04
    days on market $134,950 Active 29 DOM
11. 2026-06-03
    days on market $134,950 Active 28 DOM
12. 2026-06-02
    days on market $134,950 Active 27 DOM
13. 2026-06-01
    days on market $134,950 Active 26 DOM
14. 2026-05-31
    days on market $134,950 Active 25 DOM
15. 2026-05-06
    listed $134,950 Active
16. 2021-04-21
    soldstatus $115,000 Sold
17. 2021-04-08
    status Pending
18. 2021-04-03
    listed $115,000 Active
19. 2016-09-19
    soldstatus $57,000
20. 2016-09-19
    listed $57,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 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: $25,055
• − Mortgage interest: −$7,559
• − Property taxes: −$2,024
• − Insurance: −$675
• − Repairs & maintenance: −$2,004
• − Management: −$2,004
• − Depreciation: −$3,926
• Taxable income: $6,862
• Est. tax owed @ 24.0%: −$1,647
• After-tax cash flow: $6,955/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

Good 75/100 Cosmetic rehab

This move-in ready manufactured home in a gated community offers a good condition with minor updates needed to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — dated design
• Minor kitchen countertops — tile wear

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing kitchen for better resale and rental appeal
• Both paint exterior — enhances curb appeal and value
• Both landscaping — improves curb appeal and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated design	Minor	$500–3,000
kitchen countertops · tile wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing kitchen for better resale and rental appeal ↑
• Both paint exterior — enhances curb appeal and value ↑
• Both landscaping — improves curb appeal and rental appeal ↑

ⓘ 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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

+136.8% since first listed

6 events — show timeline

• 2026-05-06 Listed $134,950 NWMLS as Distributed by MLS Grid
• 2021-04-21 Sold (MLS) $115,000 NWMLS as Distributed by MLS Grid
• 2021-04-08 Pending — NWMLS as Distributed by MLS Grid
• 2021-04-03 Listed $115,000 NWMLS as Distributed by MLS Grid
• 2016-09-19 Listed $57,000 NWMLS as Distributed by MLS Grid
• 2016-09-19 Sold (MLS) $57,000 NWMLS as Distributed by MLS Grid