2302 SE R St #49 · Auburn, WA 98002

$100,000

2 bd · 2.0 ba · 1,200 sqft · Manufactured · 28 Days on market

Built 1986 Excellent condition Est $77k · 30% 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
• Condition / age +4.8/5.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

A total remodel move in ready spacious 2-bedroom, 2-bathroom home in the highly sought after 55+ Leisure Manor Park. No expense spared in this rare one of a kind jewel with lavish updates abounding in every room floor to ceiling. Outside a large carport provides covered parking for 2 cars, and the covered porch is great for relaxing or entertaining guests, a workshop to tinker and a mudroom that adds privacy and security to a fully landscaped and fenced yard. Take advantage of the clubhouse, swimming pool, fitness center, and more. Located near popular restaurants, shopping centers, and the Muckleshoot Casino Resort.

Key facts

• Covered porch
• Covered parking
• Clubhouse

Tags

• TOTAL REMODEL
• COVERED PARKING
• COVERED PORCH
• FULLY LANDSCAPED YARD
• FENCED YARD
• CLUBHOUSE

Property features AI

Finance

• Other: Seller-reported building area: 1200 square feet; Security features listed; Directions: From Auburn Way S. take Howard, right on R St., left into Leisure Manor MHP, left at clubhouse then right; home on left #49
• Financial info: Land lease: $997; Listing terms: Cash or Conventional
• HOA & community: Located in Leisure Manor (manufactured home park); Park amenities include clubhouse, exercise room, playground, pool, recreational area, and RV parking; Senior community; Pets allowed: cats and dogs

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Public water; City of Auburn sewer; Power by PSE; Natural gas energy source
• Home design: Manufactured home (single wide); Single level; Tie-down foundation; Has view; Model: Facto; Mobile home remains; Very good condition; Manufactured after 06/15/1976
• Construction: Metal/Vinyl construction materials; Composition roof
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Landscaped; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range; Kitchen with eating space
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl plank
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Ductless heating
• Interior features: Fireplace (2 electric fireplaces); Vaulted ceilings; Jetted/soaking tub; Drapes
• Laundry & utility: Washer; Dryer; Utility room; Water heater located in primary closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $100k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.3% 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.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $691 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 + 1.5% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Recommended offer $98,500 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.82% ✓
• Cap rate: 15.26%
• Cash-on-cash: 32.03%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $76,800
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 R St SE #128	0.08mi	2/2.0	1,248 (+4%)	10mo	$80,000	$64	82
2302 R St SE #118	0.07mi	2/2.0	1,152 (-4%)	15mo	$58,000	$50	78
2302 R St SE #59	0.07mi	2/1.5	1,100 (-8%)	14mo	$55,000	$50	69
2302 R St SE #116	0.01mi	2/2.0	1,344 (+12%)	21mo	$86,000	$64	62
2302 R St #78	0.08mi	2/1.5	1,032 (-14%)	14mo	$79,000	$77	59
3225 M St SE #144	0.63mi	3/2.0 (+1)	1,248 (+4%)	3mo	$155,000	$124	57
602 29th St SE #54	0.74mi	3/2.0 (+1)	1,232 (+3%)	6mo	$55,000	$45	51
3225 M St SE #145	0.71mi	3/2.0 (+1)	1,254 (+4%)	7mo	$105,000	$84	48
3225 M St SE #137	0.71mi	3/2.0 (+1)	1,232 (+3%)	17mo	$72,000	$58	43
3225 M St SE #121	0.71mi	3/2.0 (+1)	1,344 (+12%)	15mo	$149,000	$111	30

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: 25.3%
• Equity multiple: 2.03×
• Total profit: $28,739
• Equity at exit: $14,910

10-year hold

• IRR: 32.1%
• Equity multiple: 3.70×
• Total profit: $75,725
• Equity at exit: $8,646

Cash invested: $28,000 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,821 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $747

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 54%

Sensitivity live

Price	-10% $817	-5% $782	+0% $747	+5% $713	+10% $678
Rent	-10% $604	-5% $676	+0% $747	+5% $819	+10% $891
Rate	-1.0pp $798	-0.5pp $773	base $747	+0.5pp $722	+1.0pp $695

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,695	$2.34	3d	4	0.38mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	24d	1	0.41mi
2952 O St SE Unit D Auburn, WA	2.0	1.0	795	$1,375	$1.73	2d	1	0.43mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	2d	1	0.43mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,599	$2.21	24d	1	0.64mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	3d	6	0.70mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,695	$2.27	15d	4	0.73mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	13d	1	0.78mi
418 17th St SE Unit 6C Auburn, WA	2.0	2.0	1219	$2,200	$1.80	24d	1	0.79mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	2d	20	0.82mi
1120 37th St SE Auburn, WA	2.0	1.0	788	$1,695	$2.15	13d	1	0.86mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	5d	1	0.91mi
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	2d	1	1.13mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	22d	1	1.21mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	15d	1	1.29mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	22d	1	1.32mi
2220 Noble Ct SE Auburn, WA	2.0	1.5–2.0	1200	$2,100	$1.75	2d	2	1.34mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	3d	1	1.46mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	1.46mi

Listing history 16 events

1. 2026-06-18
   days on market $100,000 Active 28 DOM
2. 2026-06-17
   days on market $100,000 Active 27 DOM
3. 2026-06-16
   days on market $100,000 Active 26 DOM
4. 2026-06-15
   days on market $100,000 Active 25 DOM
5. 2026-06-13
   days on market $100,000 Active 23 DOM
6. 2026-06-13
   days on market $100,000 Active 22 DOM
7. 2026-06-09
   days on market $100,000 Active 19 DOM
8. 2026-06-08
   days on market $100,000 Active 18 DOM
9. 2026-06-07
   days on market $100,000 Active 17 DOM
10. 2026-06-04
    days on market $100,000 Active 14 DOM
11. 2026-06-03
    days on market $100,000 Active 13 DOM
12. 2026-06-02
    days on market $100,000 Active 12 DOM
13. 2026-06-02
    price $100,000 Active 11 DOM
14. 2026-06-01
    days on market $129,000 Active 11 DOM
15. 2026-05-31
    days on market $129,000 Active 10 DOM
16. 2026-05-21
    listed $129,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 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: $21,851
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$1,748
• − Management: −$1,748
• − Depreciation: −$2,909
• Taxable income: $7,844
• Est. tax owed @ 24.0%: −$1,883
• After-tax cash flow: $7,087/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 · 29 photos

Excellent 95/100 None rehab

This move-in ready manufactured home in Leisure Manor Park is in excellent condition with modern updates throughout, making it an ideal investment for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both furniture — improves the home's livability and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both furniture — improves the home's livability and 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

1 event — show timeline

• 2026-05-21 Listed $129,000 NWMLS as Distributed by MLS Grid