3726 234th Dr NE · Snohomish, WA 98252

$315,000

3 bd · 1.0 ba · 1,296 sqft · Manufactured public records · 14 Days on market

Built 1990 0.36 ac lot Est $499k · 37% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +13.6/30.0
• DSCR +4.1/10.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked on a large private lot near Lake Alyson, this beautifully updated Granite Falls home delivers the peaceful PNW lifestyle you've been looking for. Tucked on a large private lot near Lake Alyson, this beautifully updated Granite Falls home delivers the peaceful PNW lifestyle you've been looking for. Open-concept living centers around a stunning kitchen with all-new stainless appliances, quartz countertops, white shaker cabinets, and a breakfast bar. Step onto the deck off the dining room, perfect for BBQs and entertaining. Three spacious bedrooms, beautiful bathrooms, and a mudroom complete the interior. A wood stove heats the entire home. Partially fenced yard with garden shed. New ro

Key facts

• Private lot
• Wood stove
• Stunning kitchen

Tags

• PRIVATE LOT
• STUNNING KITCHEN
• BREAKFAST BAR
• DECK OFF DINING ROOM
• WOOD STOVE
• PARTIALLY FENCED YARD

Property features AI

Finance

• Financial info: Listing terms: Cash, Conventional, VA loan

Exterior

• Parking: Driveway
• Security: Partially fenced
• Utilities: Community water; Septic tank sewer; Electric water heater (located in bedroom closet); Power provided by Snohomish PUD (Snoh PUD1)
• Home design: Manufactured home on land (double wide); Redman 28x48 model; One story; Built on lot; Has a view; Entry/approach level: One level
• Construction: Wood construction; Composition roof; Pillar/post/pier foundation; Built as a manufactured double-wide
• Exterior features: Wood exterior; Wood products; Deck; Partially fenced yard; Outbuildings; Garden space; Wooded; Located on a cul-de-sac; Paved access

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range; Additional appliance notes: See remarks
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 2 total bathrooms on the main level
• Heating & cooling: Forced air heating; Wood stove / free-standing stove; No central cooling
• Interior features: Ceiling fan(s); Dining room; Fireplace; Skylight(s); Vaulted ceiling(s); Water heater
• Laundry & utility: Water heater located in bedroom closet

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $315k.

Deal economics

• At list price, monthly cash flow is $18 ($214/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 $257k (18.3% below list).
• Recommended offer: $257k (18.3% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 2.3% in Snohomish — 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 78/100 on livability (#120 in WA, #2,426 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, schools A-; Watch: amenities F, cost of living F.
• Granite Falls School District (town): math 25% / reading 45% proficiency, ranked #232 of 291 in WA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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.

Recommended offer $257,381 (18.3% 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. 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?
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.82% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.24%
• DSCR: 1.01
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $498,960
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3705 232nd Dr NE	0.03mi	3/2.0	1,365 (+5%)	17mo	$525,000	$385	72
3425 230th Dr NE	0.29mi	3/2.0	1,404 (+8%)	3mo	$260,000	$185	66

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.43×
• Total profit: $-49,969
• Equity at exit: $46,968

10-year hold

• IRR: -7.6%
• Equity multiple: 0.52×
• Total profit: $-42,296
• Equity at exit: $27,235

Cash invested: $88,200 (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 98252

• Active inventory: 97
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,574 medium
• Mortgage (P&I): −$1,652
• Tax from tax record: −$232 /mo · $2,788/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $18

Break-even live

Break-even rent $2,551

Max offer price $315,000

Occupancy floor 94%

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $315,000 Active 14 DOM
2. 2026-06-17
   days on market $315,000 Active 13 DOM
3. 2026-06-16
   days on market $315,000 Active 12 DOM
4. 2026-06-15
   days on market $315,000 Active 11 DOM
5. 2026-06-13
   days on market $315,000 Active 9 DOM
6. 2026-06-13
   days on market $315,000 Active 8 DOM
7. 2026-06-09
   days on market $315,000 Active 5 DOM
8. 2026-06-08
   days on market $315,000 Active 4 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $315,000 Active 3 DOM

ⓘ 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: $2,788 · $232/mo
• Projected year-2 tax: $3,087 · $257/mo
• Expected delta: +$299/yr (+$25/mo · 10.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥85°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,886
• − Mortgage interest: −$17,645
• − Property taxes: −$2,788
• − Insurance: −$1,575
• − Repairs & maintenance: −$2,471
• − Management: −$2,471
• − Depreciation: −$9,164
• Taxable loss: −$5,228
• Est. tax savings @ 24.0%: +$1,255
• After-tax cash flow: $1,468/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: Granite Falls School District
• NCES district ID: 5303210
• Math proficiency: 25% ▼ -7.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $69,578
• Composite: 34.81/100
• National rank: #10018
• State rank: #232 of 291 in WA

Livability — Snohomish

• Score: 78/100
• State rank: #120
• US rank: #2426

Category grades

Amenities F Commute A- Cost of living F Crime B+ Employment B+ Housing A Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 39,826
• Population (ZIP): 10,487

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: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 7% Asian 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 9% Slovak 3% Lithuanian 2%
• Foreign-born: 5% · Canada, Dominican Republic, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -270.47%
• Current HPI: 300.5366
• Rent YoY: —
• Metro: —
• 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

+9.9% since first listed

12 events — show timeline

• 2026-06-04 Listed $315,000 NWMLS as Distributed by MLS Grid
• 2021-10-08 Sold (MLS) $375,000 NWMLS as Distributed by MLS Grid
• 2021-09-21 Pending — NWMLS as Distributed by MLS Grid
• 2021-09-18 Relisted — NWMLS as Distributed by MLS Grid
• 2021-09-18 Pending — NWMLS as Distributed by MLS Grid
• 2021-09-16 Listed $374,000 NWMLS as Distributed by MLS Grid
• 2003-09-10 Sold (Public Records) $123,000 Public Records
• 2003-09-10 Sold (MLS) $123,000 NWMLS as Distributed by MLS Grid
• 2003-06-17 Listed $125,000 NWMLS as Distributed by MLS Grid
• 1996-06-25 Sold (Public Records) $101,000 Public Records
• 1988-10-05 Sold (Public Records) $190,000 Public Records
• 1984-09-20 Sold (Public Records) $286,541 Public Records

Property tax history

+3.0%/yr

Latest (2026): $2,788 · -6.1% YoY. Source: county tax records.