1402 22nd St NE #261 · Auburn, WA 98002

$132,500

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 63 Days on market

Built 1975 Est $127k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +5.4/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Lovely, light-filled updated home in Rio Verde, a gated 55+ community! The refreshed kitchen features white cabinetry, black appliances, a breakfast island, bamboo flooring, and a ceiling fan. Enjoy a spacious, open living and dining area, plus a separate family room with sliding door access to the large covered porch—perfect for relaxing or entertaining. Newer vinyl windows bring in abundant natural light throughout. The guest bedroom connects to a remodeled continental full bath. The generous primary suite includes a mirrored closet and an updated 3/4 bath with large vanity, neo-angle shower, and linen storage. Utility room offers a newer stack washer/dryer and utility sink. Outside

Key facts

• Breakfast island
• Large covered porch
• Newer vinyl windows

Tags

• REFRESHED KITCHEN
• BREAKFAST ISLAND
• BAMBOO FLOORING
• SEPARATE FAMILY ROOM
• LARGE COVERED PORCH
• NEWER VINYL WINDOWS

Property features AI

Finance

• Other: Buyer broker compensation: 2.5%; Calculated living area: 1,440 (per title)
• Financial info: Cash offers accepted
• HOA & community: Rio Verde Estates park; Park approved for sale; Senior community; Park amenities: exercise room, high-speed internet available, RV parking, security gate, sidewalks; 287 homes in park; Pets: see remarks; Land lease: $1,340

Exterior

• Parking: Carport; RV parking (park amenity); Extra parking available near home
• Security: Security gate
• Utilities: Electric energy source; Public water (billed by park); Sewer billed by park; Power provided by PSE; Xfinity cable and internet
• Home design: Manufactured home (double wide); One story; South facing
• Construction: Metal/vinyl construction; Composition roof; Good condition; Mobile home remains
• Exterior features: Metal/vinyl exterior; Landscaped; Paved with sidewalks; Has view

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Heat pump heating; Forced air cooling; Heat pump cooling
• Interior features: Water heater in closet; Bath off primary; Walk-in closet; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $132k.

Deal economics

• At list price, monthly cash flow is $648 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $125k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 30% 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 $916 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 $37k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y 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.

Risks & watch-outs

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

Recommended offer $124,550 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.49% ✓
• Cap rate: 12.16%
• Cash-on-cash: 20.96%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $126,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #402	0.00mi	2/2.0	1,440 (0%)	2mo	$115,500	$80	99
1402 22nd St NE #127	0.00mi	2/2.0	1,320 (-8%)	4mo	$137,500	$104	82
1402 22nd St NE #509	0.37mi	2/2.0	1,440 (0%)	1mo	$130,000	$90	82
1402 22nd St NE #52	0.37mi	2/2.0	1,440 (0%)	6mo	$120,000	$83	78
1402 22nd St NE #27	0.30mi	2/2.0	1,344 (-7%)	0mo	$65,000	$48	74
1402 22nd St NE #549	0.37mi	3/2.0 (+1)	1,459 (+1%)	2mo	$70,000	$48	74
1402 22nd St NE #11	0.37mi	2/2.0	1,368 (-5%)	2mo	$60,000	$44	73
1402 22nd St NE #29	0.37mi	2/2.0	1,536 (+7%)	5mo	$149,500	$97	68
1402 22nd St NE #65	0.37mi	2/2.0	1,535 (+7%)	8mo	$86,500	$56	66
1402 22nd St NE #424	0.37mi	2/2.0	1,248 (-13%)	1mo	$124,500	$100	60
1402 22nd St NE #203	0.37mi	3/2.0 (+1)	1,632 (+13%)	5mo	$143,500	$88	51
31101 116th Ave SE #93	0.69mi	3/2.0 (+1)	1,548 (+8%)	8mo	$169,000	$109	44

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: 11.7%
• Equity multiple: 1.46×
• Total profit: $16,905
• Equity at exit: $19,756

10-year hold

• IRR: 19.5%
• Equity multiple: 2.52×
• Total profit: $56,338
• Equity at exit: $11,456

Cash invested: $37,100 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,979 high
• Mortgage (P&I): −$695
• Tax est. 1.5%: −$166 /mo · $1,988/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $648

Break-even live

Break-even rent $1,159

Max offer price $132,500

Occupancy floor 62%

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: $33,125
• Closing costs: $3,975
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	2d	2	0.25mi
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	21d	1	0.39mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	24d	1	0.40mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	4d	1	0.45mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	21d	1	0.48mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.50mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	14d	1	0.53mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	2d	1	0.55mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	24d	1	0.57mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	2d	1	0.58mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,244	$2.19	1d	13	0.58mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	24d	1	0.59mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	19d	1	0.60mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	2d	1	0.60mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	2d	1	0.61mi
1314 6th Pl NE Auburn, WA	3.0	1.5	1180	$3,200	$2.71	24d	1	0.69mi
634 M St NE Unit 3 Auburn, WA	2.0	1.5	900	$1,650	$1.83	24d	1	0.71mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	2d	10	0.74mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	24d	1	0.79mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.79mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	14d	1	0.82mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	0.97mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	21d	1	1.16mi
1221 A St NE Auburn, WA	1.0–2.0	1.0–2.0	741	$1,986	$2.68	1d	14	1.18mi
12110 SE 312th St Auburn, WA	2.0	2.0	1035	$2,095	$2.02	24d	4	1.19mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	21d	1	1.24mi
30819 124th Ave SE Auburn, WA	2.0–4.0	1.0–2.0	908	$1,694	$1.86	1d	2	1.29mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	14d	1	1.38mi
44 5th St NE Apt 4 Auburn, WA	3.0	1.0	1000	$1,999	$2.00	24d	1	1.39mi
515 N Division St Auburn, WA	1.0–2.0	1.0	700	$1,750	$2.50	24d	4	1.39mi
24 Auburn Way S Auburn, WA	2.0	1.0	1000	$1,495	$1.50	24d	1	1.47mi

Listing history 29 events

1. 2026-06-18
   days on market $132,500 Active 63 DOM
2. 2026-06-17
   days on market $132,500 Active 62 DOM
3. 2026-06-16
   days on market $132,500 Active 61 DOM
4. 2026-06-15
   days on market $132,500 Active 60 DOM
5. 2026-06-13
   days on market $132,500 Active 58 DOM
6. 2026-06-13
   days on market $132,500 Active 57 DOM
7. 2026-06-09
   days on market $132,500 Active 54 DOM
8. 2026-06-08
   days on market $132,500 Active 53 DOM
9. 2026-06-07
   days on market $132,500 Active 52 DOM
10. 2026-06-04
    days on market $132,500 Active 49 DOM
11. 2026-06-03
    days on market $132,500 Active 48 DOM
12. 2026-06-02
    days on market $132,500 Active 47 DOM
13. 2026-06-01
    days on market $132,500 Active 46 DOM
14. 2026-05-31
    days on market $132,500 Active 45 DOM
15. 2026-04-16
    listed $132,500 Active
16. 2023-08-14
    soldstatus $127,000 Closed
17. 2023-07-09
    status Pending
18. 2023-06-20
    listed $129,500 Active
19. 2016-04-15
    historical
20. 2016-04-11
    soldstatus $38,000 Sold
21. 2016-04-06
    status Pending
22. 2016-03-28
    status Pending Inspection
23. 2016-03-09
    listed $39,900 Active
24. 2011-01-12
    soldstatus $5,000 Sold
25. 2010-11-14
    status Pending
26. 2010-10-22
    price $10,000
27. 2010-08-17
    price $23,000
28. 2010-07-22
    price $14,000
29. 2010-05-19
    listed $26,500 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 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: $23,752
• − Mortgage interest: −$7,422
• − Property taxes: −$1,988
• − Insurance: −$662
• − Repairs & maintenance: −$1,900
• − Management: −$1,900
• − Depreciation: −$3,855
• Taxable income: $6,025
• Est. tax owed @ 24.0%: −$1,446
• After-tax cash flow: $6,330/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: 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

+400.0% since first listed

15 events — show timeline

• 2026-04-16 Listed $132,500 NWMLS as Distributed by MLS Grid
• 2023-08-14 Sold (MLS) $127,000 NWMLS as Distributed by MLS Grid
• 2023-07-09 Pending — NWMLS as Distributed by MLS Grid
• 2023-06-20 Listed $129,500 NWMLS as Distributed by MLS Grid
• 2016-04-15 Delisted — NWMLS as Distributed by MLS Grid
• 2016-04-11 Sold (MLS) $38,000 NWMLS as Distributed by MLS Grid
• 2016-04-06 Pending — NWMLS as Distributed by MLS Grid
• 2016-03-28 Pending — NWMLS as Distributed by MLS Grid
• 2016-03-09 Listed $39,900 NWMLS as Distributed by MLS Grid
• 2011-01-12 Sold (MLS) $5,000 NWMLS as Distributed by MLS Grid
• 2010-11-14 Pending — NWMLS as Distributed by MLS Grid
• 2010-10-22 Price Changed $10,000 NWMLS as Distributed by MLS Grid
• 2010-08-17 Price Changed $23,000 NWMLS as Distributed by MLS Grid
• 2010-07-22 Price Changed $14,000 NWMLS as Distributed by MLS Grid
• 2010-05-19 Listed $26,500 NWMLS as Distributed by MLS Grid