23825 15th Ave SE #311 · Bothell, WA 98021

$305,000

2 bd · 2.0 ba · 1,132 sqft · Manufactured public records · 48 Days on market

Built 1993 Est $337k · 10% under

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Why this score? — see what drove the C- 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 +16.8/30.0
• ARV discount +11.8/15.0
• Schools +6.7/10.0
• DSCR +5.2/10.0
• Livability +4.2/5.0
• 1% rule +3.5/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the perfect blend of modern comfort and peaceful community living in this partially remodeled 1,132 sq ft home. Located in the highly sought-after Green Acres Park, Bothell’s premier family-owned 55+ community since 1968, this 2-bedroom, 2-bathroom gem is move-in ready. Step inside to find brand new luxury vinyl plank flooring throughout and fresh interior and exterior paint that creates a bright, cohesive feel. The spacious open-concept living room flows into a large kitchen and a separate dining area, ideal for entertaining. Retreat to the oversized primary suite featuring a generous en-suite bathroom. Comfort is guaranteed year-round with an efficient heat pump for heating

Key facts

• 2 car carport
• Private clubhouse
• Efficient heat pump

Tags

• LUXURY VINYL PLANK FLOORING
• OVERSIZED PRIMARY SUITE
• EFFICIENT HEAT PUMP
• 2 CAR CARPORT
• 2 LARGE SHEDS
• PRIVATE CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $305k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (15.1% below list).
• Recommended offer: $259k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 1.5% in Bothell — 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 (#53 in WA, #962 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities C-, cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.8%/yr); 254 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent is only 17% of the median local income ($184k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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 $98k; list at $305k implies a 210% gain — meaningful room to come down on a strong offer.

Recommended offer $258,860 (15.1% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
4. 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.
5. 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.
6. 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: 0.85% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.76%
• DSCR: 1.12
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $337,336
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23825 15th Ave SE #311	0.00mi	2/2.0	1,132 (0%)	0mo	$287,500	$254	100
23825 15th Ave SE #180	0.00mi	2/2.0	1,118 (-1%)	11mo	$285,000	$255	88
23825 15th Ave SE #28	0.00mi	2/2.0	1,095 (-3%)	11mo	$300,000	$274	86
23825 15th Ave SE #133	0.00mi	2/2.0	1,244 (+10%)	9mo	$390,000	$314	76
23825 15th Ave SE #62	0.00mi	2/2.0	1,012 (-11%)	8mo	$310,000	$306	75
23825 15th Ave SE #101	0.00mi	2/2.0	1,300 (+15%)	1mo	$330,000	$254	74
23825 15th Ave SE #22	0.00mi	3/2.0 (+1)	1,296 (+14%)	2mo	$399,950	$309	70
23825 15th Ave SE #77	0.00mi	2/2.0	1,275 (+13%)	12mo	$325,000	$255	69
1725 242nd St SE #210	0.29mi	2/2.0	1,292 (+14%)	0mo	$410,000	$317	63
1725 242nd St SE #222	0.29mi	2/2.0	1,244 (+10%)	9mo	$375,000	$301	62
1725 242nd St SE #228	0.29mi	2/2.0	1,275 (+13%)	12mo	$380,000	$298	55
1725 15th Ave SE #202	0.29mi	2/2.0	1,300 (+15%)	12mo	$375,000	$288	52

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 · 1.75% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.53×
• Total profit: $-40,230
• Equity at exit: $45,476

10-year hold

• IRR: -6.2%
• Equity multiple: 0.62×
• Total profit: $-32,255
• Equity at exit: $26,371

Cash invested: $85,400 (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 98021

• Rents YoY: 1.8%
• Active inventory: 254
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,589 high
• Mortgage (P&I): −$1,599
• Tax from tax record: −$122 /mo · $1,461/yr
• Insurance: −$127
• HOA: −$0
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $197

Break-even live

Break-even rent $2,340

Max offer price $305,000

Occupancy floor 87%

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: $76,250
• Closing costs: $9,150
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1630 228th St SE Bothell, WA	1.0–3.0	1.0–2.0	940	$2,387	$2.54	1d	11	0.54mi
23028 27th Ave SE Bothell, WA	1.0–3.0	1.0–2.0	880	$2,636	$2.99	1d	16	0.72mi
2207 227th St SE Bothell, WA	1.0–3.0	1.0–2.0	846	$2,257	$2.67	1d	8	0.78mi
22717 4th Ave SE Unit B Bothell, WA	2.0	1.0	860	$2,500	$2.91	24d	1	0.99mi
9611 NE 191st St Bothell, WA	1.0	1.0	687	$1,979	$2.88	1d	5	1.12mi
9616 NE 188th St #302 Bothell, WA	2.0	2.0	950	$2,195	$2.31	3d	1	1.20mi
10295 NE 189th St Bothell, WA	2.0	1.0	960	$2,150	$2.24	11d	2	1.24mi
10315 NE 187th St Bothell, WA	2.0	1.5	900	$2,150	$2.39	43d	1	1.32mi
19128 112th Ave NE Bothell, WA	1.0–2.0	1.0–2.0	1031	$3,165	$3.07	2d	19	1.33mi
21623 16th Dr SE Bothell, WA	1.0–3.0	1.0–2.0	990	$2,598	$2.62	2d	11	1.35mi
10324 NE 186th St Unit 1 Bothell, WA	2.0	1.5	1108	$2,300	$2.08	43d	1	1.35mi
9634 Thorsk St Bothell, WA	1.0	1.0	661	$2,035	$3.08	1d	5	1.36mi
9924 NE 185th St Bothell, WA	1.0–3.0	1.0–2.0	1194	$2,952	$2.47	1d	7	1.38mi
18333 Bothell Way NE Bothell, WA	1.0	1.0	802	$2,159	$2.69	3d	9	1.41mi
9226 NE 184th Pl Bothell, WA	3.0	1.5	1250	$3,900	$3.12	5d	1	1.43mi
18420 102nd Ave NE Bothell, WA	1.0–2.0	1.0–2.0	800	$3,001	$3.75	1d	10	1.44mi
3906 243rd Pl SE Bothell, WA	1.0	1.0	744	$2,299	$3.09	43d	2	1.45mi
18307 98th Ave NE Bothell, WA	1.0–2.0	1.0–2.0	769	$2,760	$3.59	1d	4	1.45mi
18305 96th Ave NE Bothell, WA	2.0	1.0	670	$2,300	$3.43	15d	2	1.46mi
24107 7th Ave W Bothell, WA	3.0	1.0	975	$2,795	$2.87	4d	1	1.46mi
18414 104th Ave NE Bothell, WA	1.0–2.0	1.0–2.0	957	$2,999	$3.13	5d	6	1.46mi
23940 40th Dr SE Bothell, WA	1.0–3.0	1.0–2.5	1151	$2,868	$2.49	1d	12	1.47mi
10730 Beardslee Blvd Bothell, WA	1.0–2.0	1.0–1.5	793	$2,195	$2.77	43d	2	1.50mi

Listing history 4 events

1. 2026-04-16
   status Pending
2. 2026-02-26
   listed $305,000 Active
3. 2004-09-28
   soldstatus $98,500
4. 2004-05-03
   listed $98,500

ⓘ 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: $1,461 · $122/mo
• Projected year-2 tax: $2,989 · $249/mo
• Expected delta: +$1,528/yr (+$127/mo · 104.6%)

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

Taxation est. · year 1

• Rental income: $31,063
• − Mortgage interest: −$17,085
• − Property taxes: −$1,461
• − Insurance: −$1,525
• − Repairs & maintenance: −$2,485
• − Management: −$2,485
• − Depreciation: −$8,873
• Taxable loss: −$2,850
• Est. tax savings @ 24.0%: +$684
• After-tax cash flow: $3,045/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: Northshore School District
• NCES district ID: 5305910
• Math proficiency: 69% ▼ -3.00%
• Reading proficiency: 78% ▼ -1.00%
• Median HH income: $92,951
• Composite: 67.41/100
• National rank: #826
• State rank: #9 of 291 in WA

Livability — Bothell

• Score: 83/100
• State rank: #53
• US rank: #962

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: Bothell, WA
• County: Snohomish County · 786,756 people
• City population: 141,635
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,631
• Household income: $183,786
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 413.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Asian 29% Two or more races 9% Hispanic / Latino 9% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 3% Lithuanian 2%
• Foreign-born: 29% · China, Canada, South Korea
• Languages at home: 65% English-only · Other Indo-European 11% Other Asian/Pacific 6% Chinese 6%

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: ▼ -903.22%
• Current HPI: 380.5475
• Rent YoY: ▲ 1.75%
• 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

+209.6% since first listed

4 events — show timeline

• 2026-04-16 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-26 Listed $305,000 NWMLS as Distributed by MLS Grid
• 2004-09-28 Sold (MLS) $98,500 NWMLS as Distributed by MLS Grid
• 2004-05-03 Listed $98,500 NWMLS as Distributed by MLS Grid

Property tax history

+3.4%/yr

Latest (2026): $1,461 · +17.2% YoY. Source: county tax records.