23825 15th Ave SE #311

Bothell, WA 98021

$305,000C-

2 bd · 2.0 ba · 1,132 sqft · Built 1993 · Manufactured · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,589/mo
• Mortgage (P&I): −$1,599
• Tax + insurance: −$249
• HOA: −$0
• Vac / Maint / Mgmt: −$544
• Net cashflow: $197/mo
• Annual: $2,361/yr
• Cap rate: 7.07%
• Cash-on-cash: 2.76%
• DSCR: 1.12
• 1% rule: 0.85%
• Cash to close: $85,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $305k.
• 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).
• It's been on market 48 days — a 3% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $259k (15.1% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.