7301 NE 175th St #115 · Kenmore, WA 98028

$187,950

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 81 Days on market

Built 2025 Good condition $151/sqft · 24% below area Est $246k · 24% under

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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 +27.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• Schools +6.7/10.0
• Livability +4.3/5.0
• Condition / age +4.0/5.0
• Rent growth +3.0/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW HOME! Fully landscaped with a beautiful windmill palm tree, black and white decorative gravel, large accent rocks, and venetian red stepping stones. Laminate floors throughout resemble dark walnut and provide incredible contrast with the white walls and ceiling. The alder cabinets in the kitchen look perfect with the new counter tops. The kitchen island adds an abundance of counter space and the hanging lights add a level of modernity to the home. The house comes with brand new appliances and fixtures throughout including a washer, dryer, microwave, large farm sink, garbage disposal, dish washer, and refrigerator. The bathrooms have excellent counters, large cabinets, and the master bat

Key facts

• 2 parking spots
• Built 2025
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $188k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $188k).
• Recommended offer: $177k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 1.7% in Kenmore — 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 86/100 on livability (#21 in WA, #427 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: 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 (+2.1%/yr); 193 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

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 81 days — a 6% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,673 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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: 1.25% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.77%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (median comp): $246,500
• List price: $187,950
• Delta: -23.75%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7301 NE 175th St St #335	0.05mi	2/2.0	1,200 (-4%)	6mo	$258,000	$215	86
7301 NE 175th St #140	0.02mi	2/2.0	1,180 (-5%)	10mo	$275,000	$233	82
7031 NE 175th St #20	0.19mi	3/2.0 (+1)	1,248 (0%)	10mo	$155,000	$124	78
7031 NE 175th St #19	0.19mi	2/2.0	1,248 (0%)	20mo	$255,000	$204	75
7301 NE 175th St #330	0.05mi	2/1.0	1,100 (-12%)	18mo	$50,000	$45	59
7031 NE 175th St #34	0.19mi	2/2.0	1,400 (+12%)	19mo	$215,000	$154	55
17730 80th Ave NE	0.51mi	3/2.0 (+1)	1,152 (-8%)	22mo	$1,050,000	$911	40

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 · 2.09% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-1,089
• Equity at exit: $28,024

10-year hold

• IRR: 8.1%
• Equity multiple: 1.59×
• Total profit: $31,226
• Equity at exit: $16,250

Cash invested: $52,626 (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 98028

• Rents YoY: 2.1%
• Active inventory: 193
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,353 high
• Mortgage (P&I): −$986
• Tax est. 1.5%: −$235 /mo · $2,819/yr
• Insurance: −$78
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $493

Break-even live

Break-even rent $1,728

Max offer price $187,950

Occupancy floor 74%

Sensitivity live

Price	-10% $623	-5% $558	+0% $493	+5% $428	+10% $364
Rent	-10% $308	-5% $400	+0% $493	+5% $586	+10% $679
Rate	-1.0pp $588	-0.5pp $541	base $493	+0.5pp $445	+1.0pp $395

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: $46,988
• Closing costs: $5,638
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7345 NE 175th St Kenmore, WA	1.0	1.0	760	$1,850	$2.43	25d	1	0.08mi
7711 NE 175th St Kenmore, WA	1.0	1.0	709	$1,874	$2.64	4d	1	0.22mi
17525 80th Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	900	$1,999	$2.22	6d	4	0.42mi
17811 80th Ave NE Kenmore, WA	2.0	2.5	1437	$3,000	$2.09	44d	1	0.43mi
7208 NE 182nd St Unit 7206 Kenmore, WA	1.0	1.0	888	$2,000	$2.25	4d	1	0.43mi
17827 80th Ave NE Unit B102 Kenmore, WA	3.0	2.0	1346	$3,000	$2.23	25d	1	0.44mi
18235 73rd Ave NE Kenmore, WA	1.0–2.0	1.0	787	$1,850	$2.35	6d	4	0.45mi
17921 80th Ave NE Unit A3 Kenmore, WA	3.0	2.5	1262	$3,000	$2.38	19d	1	0.46mi
18249 73rd Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	827	$2,400	$2.90	0d	6	0.48mi
18151 68th Ave NE Kenmore, WA	1.0	1.0	720	$2,194	$3.05	0d	4	0.51mi
6711 NE 182nd St Kenmore, WA	1.0–3.0	1.0–3.0	1137	$2,374	$2.09	0d	11	0.55mi
7000 NE 186th Pl Kenmore, WA	2.0–3.0	2.5	1441	$3,284	$2.28	3d	6	0.59mi
17527 83rd Pl NE Kenmore, WA	2.0	2.0	900	$1,990	$2.21	6d	1	0.60mi
17512 83rd Pl NE Kenmore, WA	1.0–2.0	1.0–2.0	850	$2,250	$2.65	3d	4	0.67mi
6410 NE 181st St Kenmore, WA	2.0	1.0	910	$2,500	$2.75	44d	1	0.69mi
18930 68th Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	799	$2,497	$3.13	0d	7	0.79mi
8700 NE Bothell Way Bothell, WA	1.0–3.0	1.0–2.0	1038	$2,090	$2.01	0d	8	0.87mi
6125 NE 175th St Unit M102 Kenmore, WA	2.0	2.0	1462	$3,850	$2.63	25d	1	0.87mi
15914 84th Ave NE Unit C Kenmore, WA	2.0	1.0	850	$1,975	$2.32	44d	1	1.03mi
9226 NE 184th Pl Bothell, WA	3.0	1.5	1250	$3,750	$3.00	0d	1	1.31mi
17725 Hall Rd Bothell, WA	1.0–2.0	1.0	772	$1,950	$2.52	0d	2	1.34mi
9505 NE 180th St Unit 102 Bothell, WA	2.0	2.0	1070	$2,595	$2.43	12d	1	1.38mi
9517 NE 180th St Unit B207 Bothell, WA	2.0	1.0	840	$1,850	$2.20	3d	1	1.40mi
9517 NE 180th St Unit B106 Bothell, WA	1.0	1.0	730	$2,200	$3.01	21d	1	1.40mi
9517 NE 180th St Bothell, WA	1.0	1.0	730	$1,900	$2.60	25d	2	1.40mi
9525 NE 180th St Unit 303 Bothell, WA	2.0	2.0	1080	$2,375	$2.20	6d	1	1.43mi
9525 NE 180th St Unit 306 Bothell, WA	1.0	1.0	740	$1,900	$2.57	4d	1	1.43mi
18125 96th Ave NE Unit 4 Bothell, WA	2.0	1.0	900	$1,725	$1.92	25d	1	1.44mi
18125 96th Ave NE Unit 7 Bothell, WA	2.0	1.0	900	$1,845	$2.05	0d	1	1.44mi
18125 96th Ave NE Apt 6 Bothell, WA	2.0	1.0	900	$1,895	$2.11	44d	1	1.44mi

Listing history 16 events

1. 2026-06-21
   days on market $187,950 Active 81 DOM
2. 2026-06-18
   days on market $187,950 Active 78 DOM
3. 2026-06-17
   days on market $187,950 Active 77 DOM
4. 2026-06-16
   days on market $187,950 Active 76 DOM
5. 2026-06-15
   days on market $187,950 Active 75 DOM
6. 2026-06-13
   days on market $187,950 Active 73 DOM
7. 2026-06-13
   days on market $187,950 Active 72 DOM
8. 2026-06-09
   days on market $187,950 Active 69 DOM
9. 2026-06-08
   days on market $187,950 Active 68 DOM
10. 2026-06-07
    days on market $187,950 Active 67 DOM
11. 2026-06-04
    days on market $187,950 Active 64 DOM
12. 2026-06-03
    days on market $187,950 Active 63 DOM
13. 2026-06-02
    days on market $187,950 Active 62 DOM
14. 2026-06-01
    days on market $187,950 Active 61 DOM
15. 2026-05-31
    days on market $187,950 Active 60 DOM
16. 2026-04-01
    listed $187,950 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,234
• − Mortgage interest: −$10,528
• − Property taxes: −$2,819
• − Insurance: −$1,737
• − Repairs & maintenance: −$2,259
• − Management: −$2,259
• − Depreciation: −$5,468
• Taxable income: $3,164
• Est. tax owed @ 24.0%: −$759
• After-tax cash flow: $5,161/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This home is in excellent condition with a fresh exterior and interior. It's move-in ready with new appliances and fixtures, making it an attractive option for both resale and rental.

Value-add opportunities

• Both Paint interior walls and ceiling — Fresh paint enhances curb appeal and interior aesthetics.
• Resale Replace countertops with quartz or granite — Quartz or granite countertops are more durable and aesthetically pleasing, increasing resale value.
• Both Install smart home devices — Smart home devices improve convenience and energy efficiency, enhancing both resale and rental value.
• Both Add a smart thermostat — A smart thermostat can save energy and improve comfort, increasing both resale and rental value.
• Both Install a water softener — A water softener can improve water quality and reduce maintenance costs, increasing both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls and ceiling — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Resale Replace countertops with quartz or granite — Quartz or granite countertops are more durable and aesthetically pleasing, increasing resale value. ↑
• Both Install smart home devices — Smart home devices improve convenience and energy efficiency, enhancing both resale and rental value. ↑
• Both Add a smart thermostat — A smart thermostat can save energy and improve comfort, increasing both resale and rental value. ↑
• Both Install a water softener — A water softener can improve water quality and reduce maintenance costs, increasing both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Kenmore

• Score: 86/100
• State rank: #21
• US rank: #427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kenmore, WA
• County: King County · 2,251,916 people
• City population: 23,741
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 23,741
• Household income: $139,764
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 557.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 64% Asian 15% Hispanic / Latino 11% Two or more races 10% Black 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Italian 4% Slovak 2%
• Foreign-born: 22% · Canada, China, South Korea
• Languages at home: 73% English-only · Spanish 7% Chinese 5% Other Indo-European 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: ▼ -907.61%
• Current HPI: 392.3867
• Rent YoY: ▲ 2.09%
• 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

1 event — show timeline

• 2026-04-01 Listed $187,950 NWMLS as Distributed by MLS Grid