1402 22nd St NE #501 · Auburn, WA 98003

$212,000

2 bd · 2.0 ba · 2,000 sqft · Manufactured · 32 Days on market

Built 1987 Est $190k · 12% over

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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).

• Cash flow +20.1/30.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• Appreciation +0.0/10.0

Listing remarks

The best home available in the exclusive 55+ Rio Verde Community! This immaculate 3Bed/2Bath home features a spacious 2,000SF ft floor plan, offering comfort and style at every turn. Huge Primary Bedroom with walk-In closet & 5 Piece Bathroom. Oversized 2-car Garage is a versatile space w/ a workshop, cabinets, lots of storage & can even accommodate up to 4 cars. Third Bedroom, office, flex space in the detached Casita! The private, fully-fenced lot is beautifully landscaped complete with a tranquil fountain, koi pond, fountain, flagstone patio & 2 driveways. Easy access to conveniences, restaurants, transit, freeways. Air conditioned. Plenty of off-street parking with 2 d

Key facts

• Garage
• Built 1987
• Listed 32 days

Property features AI

Finance

• Other: Senior community; Bus line nearby
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Rio Verde manufactured home park (park approved for sale); Park amenities include BBQs, clubhouse, common areas, playground, RV parking, security gate and sidewalks; 287 homes in the park; Land lease: $1,340

Exterior

• Parking: Individual garage (garage included)
• Security: Security gate
• Utilities: Electric power (PSE); Community water (water company included); Community sewer (sewer included); Cable: Xfinity; Internet: Xfinity; Electric water heater
• Home design: Manufactured double-wide home; One level; Entry with dining room, family room, living room and extra finished room; Facing west; Good condition; Make: BDKHM, Model: 28/60; Mobile home remains on site
• Construction: Wood construction; Composition roof; Wood skirt; Tie-down foundation
• Exterior features: Wood exterior/wood products; Awnings; Landscaped; Patio/porch/deck; Curbs, paved streets and sidewalks; Has view

Interior

• Kitchen: Refrigerator; Microwave; Stove/Range; Garbage disposal
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 2 full bathrooms; Each bathroom includes a bathtub and a shower (2 bathtubs, 2 showers total)
• Heating & cooling: Forced air heating; Heat pump cooling
• Interior features: Fireplace (pellet stove); Water heater (electric, located in closet); Skylights; Vaulted ceilings; Drapes; Ceiling fan(s); Walk-in closet; Jetted/soaking tub; Patio/porch/deck (covered by manufactured home features)
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $212k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $212k).
• Recommended offer: $206k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• Zoned schools: Dick Scobee Elementary School (825 students, 84% FRL); Auburn Mountainview High School (1,581 students, 63% FRL) — zoned schools average 73% FRL vs 44% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 35% of the median local income ($75k/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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• 5 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 $205,640 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.03% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.36%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $190,000
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #126	0.02mi	2/2.0	2,040 (+2%)	8mo	$178,570	$88	89
1402 22nd St NE #454	0.00mi	3/2.0 (+1)	1,880 (-6%)	1mo	$210,000	$112	84
1402 22nd St NE #440	0.00mi	2/2.0	1,866 (-7%)	11mo	$205,000	$110	80
1402 22nd St NE #301	0.00mi	3/2.0 (+1)	1,874 (-6%)	14mo	$189,000	$101	73
1402 22nd St NE #531	0.38mi	3/2.0 (+1)	1,848 (-8%)	6mo	$122,500	$66	59
1402 22nd St NE #86	0.37mi	2/2.0	1,780 (-11%)	6mo	$110,000	$62	59
1402 22nd St NE #558	0.40mi	3/2.0 (+1)	1,848 (-8%)	9mo	$240,500	$130	56
1402 22nd St NE #536	0.37mi	3/2.0 (+1)	1,848 (-8%)	15mo	$175,000	$95	52
1402 22nd St NE #456	0.38mi	2/2.0	2,232 (+12%)	21mo	$170,000	$76	45
1402 22nd St NE #438	0.38mi	3/2.0 (+1)	1,716 (-14%)	11mo	$240,000	$140	44
1402 22nd St NE #247	0.37mi	2/2.0	1,756 (-12%)	23mo	$100,000	$57	43

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.68×
• Total profit: $-18,907
• Equity at exit: $31,610

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-531
• Equity at exit: $18,330

Cash invested: $59,360 (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 98003

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,190 medium
• Mortgage (P&I): −$1,112
• Tax est. 1.5%: −$265 /mo · $3,180/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $265

Break-even live

Break-even rent $1,855

Max offer price $212,000

Occupancy floor 83%

Sensitivity live

Price	-10% $412	-5% $338	+0% $265	+5% $192	+10% $119
Rent	-10% $92	-5% $179	+0% $265	+5% $352	+10% $438
Rate	-1.0pp $372	-0.5pp $319	base $265	+0.5pp $210	+1.0pp $154

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: $53,000
• Closing costs: $6,360
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	25d	1	0.41mi

Listing history 20 events

1. 2026-06-03
   statusdays on market $212,000 Pending 32 DOM
2. 2026-06-02
   days on market $212,000 Active 31 DOM
3. 2026-06-01
   days on market $212,000 Active 30 DOM
4. 2026-05-31
   days on market $212,000 Active 29 DOM
5. 2026-05-20
   price $212,000
6. 2026-05-07
   status Active
7. 2026-04-20
   status Pending
8. 2026-04-14
   listed $215,000 Active
9. 2024-02-16
   soldstatus $215,550 Closed
10. 2024-02-08
    status Pending
11. 2024-01-19
    listed $209,950 Active
12. 2018-07-26
    soldstatus $167,500 Sold
13. 2018-07-03
    status Pending
14. 2018-06-24
    status Pending Inspection
15. 2018-06-15
    listed $180,000 Active
16. 2010-11-03
    historical
17. 2010-11-02
    status Pending
18. 2010-11-01
    soldstatus $60,000 Sold
19. 2010-10-20
    price $70,000
20. 2010-06-18
    listed $76,500 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: $26,280
• − Mortgage interest: −$11,875
• − Property taxes: −$3,180
• − Insurance: −$1,060
• − Repairs & maintenance: −$2,102
• − Management: −$2,102
• − Depreciation: −$6,167
• Taxable loss: −$207
• Est. tax savings @ 24.0%: +$50
• After-tax cash flow: $3,230/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): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

+177.1% since first listed

16 events — show timeline

• 2026-05-20 Price Changed $212,000 NWMLS as Distributed by MLS Grid
• 2026-05-07 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-20 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-14 Listed $215,000 NWMLS as Distributed by MLS Grid
• 2024-02-16 Sold (MLS) $215,550 NWMLS as Distributed by MLS Grid
• 2024-02-08 Pending — NWMLS as Distributed by MLS Grid
• 2024-01-19 Listed $209,950 NWMLS as Distributed by MLS Grid
• 2018-07-26 Sold (MLS) $167,500 NWMLS as Distributed by MLS Grid
• 2018-07-03 Pending — NWMLS as Distributed by MLS Grid
• 2018-06-24 Pending — NWMLS as Distributed by MLS Grid
• 2018-06-15 Listed $180,000 NWMLS as Distributed by MLS Grid
• 2010-11-03 Delisted — NWMLS as Distributed by MLS Grid
• 2010-11-02 Pending — NWMLS as Distributed by MLS Grid
• 2010-11-01 Sold (MLS) $60,000 NWMLS as Distributed by MLS Grid
• 2010-10-20 Price Changed $70,000 NWMLS as Distributed by MLS Grid
• 2010-06-18 Listed $76,500 NWMLS as Distributed by MLS Grid