3431 S 180th Pl #67

SeaTac, WA 98188

$60,000C+

3 bd · 2.0 ba · 1,120 sqft · Built 1999 · Manufactured · Active

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,814/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$381
• Net cashflow: $1,019/mo
• Annual: $12,222/yr
• Cap rate: 26.66%
• Cash-on-cash: 72.75%
• DSCR: 4.24
• 1% rule: 3.02%
• Cash to close: $16,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $60k. Condition is rated good.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#118 in WA, #2,417 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, cost of living F.
• Highline School District (suburban): math 36% / reading 49% proficiency, ranked #200 of 291 in WA (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bow Lake Elementary (500 students, 80% FRL); Chinook Middle School (599 students, 78% FRL); Raisbeck Aviation High School (405 students, 31% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents soft (-0.7%/yr); 168 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals lingering (median 61d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $80k (57%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 26.7% vs local median 2.9% in SeaTac — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.
• 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.