15410 SE 272nd St #116 · Kent, WA 98042

$260,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 71 Days on market

Built 1990 $155/sqft · 37% below area Est $412k · 37% 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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience elevated living in this beautifully remodeled home located in the highly desirable Lake Meridian community. Offering 1,680 sq ft of refined living space, this 1990 double-wide manufactured home was completely transformed in 2020 with upscale finishes and thoughtfully curated touches throughout. The bright open-concept layout showcases premium solid wood flooring, a stunning chef-inspired kitchen with high-end finishes, and spa-like luxury bathrooms designed for both comfort and style. The expansive primary suite serves as a private retreat, featuring a walk-in closet, elegant en-suite bath, and direct access to a private deck—perfect for morning coffee or evening entertaini

Key facts

• Remodeled
• New furnace
• Double panel windows

Tags

• REMODELED
• OPEN-CONCEPT LAYOUT
• UPDATED FLOORING
• UPDATED ROOF
• NEW FURNACE
• DOUBLE PANEL WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $260k.

Deal economics

• At list price, monthly cash flow is $480 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 2.7% in Kent — 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 79/100 on livability (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 332 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 $2k of loan paydown is wiped out by about $8k 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 71 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $21k; list at $260k implies a 1138% gain — meaningful room to come down on a strong offer.

Recommended offer $244,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.11% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $412,000
• List price: $260,000
• Delta: -36.89%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15410 SE 272nd St #100	0.13mi	3/2.0	1,600 (-5%)	13mo	$199,950	$125	75
15410 SE 272nd St #67	0.13mi	3/2.0	1,463 (-13%)	15mo	$173,000	$118	60
15232 SE 272ND St SE #18	0.10mi	3/2.0	1,440 (-14%)	15mo	$165,000	$115	59
15011 SE 274th Ln	0.32mi	3/2.0	1,440 (-14%)	6mo	$374,950	$260	56
15410 SE 272nd St #17	0.26mi	3/2.0	1,504 (-10%)	18mo	$158,300	$105	56
27413 148th Pl SE #3	0.42mi	3/2.0	1,568 (-7%)	17mo	$429,000	$274	56
15410 SE 272nd St #74	0.26mi	4/2.0 (+1)	1,560 (-7%)	21mo	$175,000	$112	54
16420 SE 269th St SE	0.66mi	3/2.0	1,568 (-7%)	10mo	$430,000	$274	50
27415 149th Ave SE #39	0.39mi	3/2.0	1,456 (-13%)	23mo	$370,000	$254	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 · 0.19% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.73×
• Total profit: $-19,442
• Equity at exit: $38,767

10-year hold

• IRR: -1.9%
• Equity multiple: 0.89×
• Total profit: $-8,132
• Equity at exit: $22,480

Cash invested: $72,800 (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 98042

• Rents YoY: 0.2%
• Active inventory: 332
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,882 high
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $480

Break-even live

Break-even rent $2,274

Max offer price $260,000

Occupancy floor 78%

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14901 SE 272nd St Kent, WA	1.0–3.0	1.0–2.0	900	$2,326	$2.58	1d	15	0.30mi
14200 SE 272nd St Kent, WA	2.0	1.5–2.5	1550	$2,866	$1.85	1d	4	0.83mi
16830 SE Wax Rd Covington, WA	3.0	1.0–2.0	909	$2,458	$2.70	1d	15	1.00mi
17110 SE 276th St Covington, WA	1.0–3.0	1.0–2.0	852	$2,220	$2.61	1d	1	1.04mi
25506 157th Ave SE Covington, WA	4.0	2.5	2190	$3,600	$1.64	43d	1	1.07mi
17126 SE 269th Pl Covington, WA	1.0–3.0	1.0–2.0	956	$2,587	$2.71	1d	15	1.08mi
16926 SE 262nd St Covington, WA	4.0	3.0	1980	$3,500	$1.77	43d	1	1.17mi
25437 167th Pl SE Covington, WA	3.0	2.5	1830	$3,200	$1.75	43d	1	1.29mi
26520 175th Ave SE Covington, WA	4.0	1.5	1590	$3,149	$1.98	12d	1	1.40mi
26505 177th Pl SE Covington, WA	3.0	2.5	2140	$3,700	$1.73	5d	1	1.48mi

Listing history 19 events

1. 2026-06-18
   days on market $260,000 Active 71 DOM
2. 2026-06-17
   days on market $260,000 Active 70 DOM
3. 2026-06-16
   days on market $260,000 Active 69 DOM
4. 2026-06-15
   days on market $260,000 Active 68 DOM
5. 2026-06-13
   days on market $260,000 Active 66 DOM
6. 2026-06-09
   days on market $260,000 Active 62 DOM
7. 2026-06-08
   days on market $260,000 Active 61 DOM
8. 2026-06-07
   days on market $260,000 Active 60 DOM
9. 2026-06-04
   days on market $260,000 Active 57 DOM
10. 2026-06-03
    days on market $260,000 Active 56 DOM
11. 2026-06-02
    days on market $260,000 Active 55 DOM
12. 2026-06-01
    days on market $260,000 Active 54 DOM
13. 2026-05-31
    days on market $260,000 Active 53 DOM
14. 2026-04-08
    listed $260,000 Active
15. 2019-07-23
    soldstatus $21,000 Sold
16. 2019-07-10
    status Pending
17. 2019-06-20
    listed $30,000 Active
18. 2004-07-28
    soldstatus $32,000
19. 2003-11-22
    listed $32,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,584
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,767
• − Management: −$2,767
• − Depreciation: −$7,564
• Taxable income: $1,723
• Est. tax owed @ 24.0%: −$414
• After-tax cash flow: $5,347/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,216
• Household income: $127,552
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 892.0

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 0.58)
• Race & ethnicity: White 62% Asian 13% Hispanic / Latino 12% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Subsaharan African 3% Italian 3%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 75% English-only · Spanish 7% Russian/Polish/Slavic 4% 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: ▼ -635.61%
• Current HPI: 297.7991
• Rent YoY: ▲ 0.19%
• 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

+712.5% since first listed

6 events — show timeline

• 2026-04-08 Listed $260,000 NWMLS as Distributed by MLS Grid
• 2019-07-23 Sold (MLS) $21,000 NWMLS as Distributed by MLS Grid
• 2019-07-10 Pending — NWMLS as Distributed by MLS Grid
• 2019-06-20 Listed $30,000 NWMLS as Distributed by MLS Grid
• 2004-07-28 Sold (MLS) $32,000 NWMLS as Distributed by MLS Grid
• 2003-11-22 Listed $32,000 NWMLS as Distributed by MLS Grid