23708 LOCUST Way #35 · Bothell West, WA 98021

$69,000

2 bd · 1.0 ba · 672 sqft · Manufactured public records · 58 Days on market

Built 1968 21 ac lot $103/sqft · 37% below area Est $109k · 37% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.7/10.0
• Livability +4.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully renovated 2-bedroom, 1-bath home located in the desirable all-ages Country Club Estates community in Bothell. Offering 672 square feet of thoughtfully updated living space, this home is the perfect blend of comfort, style, and affordability. Step inside to discover a fully updated interior, featuring a brand-new kitchen with modern finishes, an upgraded bathroom, fresh interior paint, and new flooring throughout. The efficient layout maximizes space while creating a bright and inviting atmosphere. This move-in-ready home is ideal for first-time buyers, downsizers, or anyone seeking a low-maintenance lifestyle. Located in the welcoming Country Club Estates park, t

Key facts

• Upgraded bathroom
• Renovated home
• Move-in-ready home

Tags

• RENOVATED HOME
• UPDATED INTERIOR
• BRAND-NEW KITCHEN
• UPGRADED BATHROOM
• NEW FLOORING
• MOVE-IN-READY HOME

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $69k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 34.3% vs local median 2.2% in Bothell West — 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 91/100 on livability (#2 in WA, #63 nationally) — a professional / high-income tenant draw. Strengths: schools 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 (+1.8%/yr); 254 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.

Recommended offer $66,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 3.71% ✓
• Cap rate: 34.32%
• Cash-on-cash: 100.09%
• DSCR: 5.45
• GRM: 2.2

CMA / ARV

• ARV (median comp): $108,840
• List price: $69,000
• Delta: -36.60%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23708 Locust Way #29	0.00mi	2/1.0	675 (+0%)	5mo	$48,000	$71	95
23708 LOCUST Way #30	0.00mi	2/1.0	672 (0%)	15mo	$64,000	$95	87
23708 Locust Way #4	0.00mi	2/1.0	672 (0%)	23mo	$35,000	$52	81
23708 Locust Way Unit 26B	0.00mi	2/1.0	728 (+8%)	8mo	$115,000	$158	79
23708 Locust Way #42	0.00mi	2/1.0	720 (+7%)	14mo	$121,500	$169	76
23708 Locust Way #37	0.00mi	2/1.0	723 (+8%)	20mo	$115,000	$159	71

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 · 1.75% rent growth · sell at horizon

5-year hold

• IRR: 99.8%
• Equity multiple: 5.57×
• Total profit: $88,277
• Equity at exit: $10,288

10-year hold

• IRR: —
• Equity multiple: 11.16×
• Total profit: $196,309
• Equity at exit: $5,966

Cash invested: $19,320 (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 98021

• Rents YoY: 1.8%
• Active inventory: 254
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $2,557 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$18 /mo · $212/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $1,612

Break-even live

Break-even rent $517

Max offer price $69,000

Occupancy floor 32%

Sensitivity live

Price	-10% $1,651	-5% $1,631	+0% $1,612	+5% $1,592	+10% $1,572
Rent	-10% $1,410	-5% $1,511	+0% $1,612	+5% $1,712	+10% $1,813
Rate	-1.0pp $1,646	-0.5pp $1,629	base $1,612	+0.5pp $1,594	+1.0pp $1,575

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18930 68th Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	799	$2,497	$3.13	0d	7	1.22mi
4208 236th St SW Mountlake Terrace, WA	1.0–3.0	1.0–2.0	926	$2,338	$2.52	0d	28	1.42mi
6711 NE 182nd St Kenmore, WA	1.0–2.0	1.0–2.0	899	$2,587	$2.88	0d	9	1.50mi

Listing history 16 events

1. 2026-06-18
   days on market $69,000 Active 58 DOM
2. 2026-06-17
   days on market $69,000 Active 57 DOM
3. 2026-06-16
   days on market $69,000 Active 56 DOM
4. 2026-06-15
   days on market $69,000 Active 55 DOM
5. 2026-06-13
   days on market $69,000 Active 53 DOM
6. 2026-06-13
   days on market $69,000 Active 52 DOM
7. 2026-06-09
   days on market $69,000 Active 49 DOM
8. 2026-06-08
   days on market $69,000 Active 48 DOM
9. 2026-06-07
   days on market $69,000 Active 47 DOM
10. 2026-06-04
    days on market $69,000 Active 44 DOM
11. 2026-06-03
    days on market $69,000 Active 43 DOM
12. 2026-06-02
    days on market $69,000 Active 42 DOM
13. 2026-06-02
    price $69,000 Active 41 DOM
14. 2026-06-01
    days on market $79,950 Active 41 DOM
15. 2026-05-31
    days on market $79,950 Active 40 DOM
16. 2026-04-21
    listed $79,950 Active

ⓘ 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: $212 · $18/mo
• Projected year-2 tax: $676 · $56/mo
• Expected delta: +$464/yr (+$39/mo · 218.3%)

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

Taxation est. · year 1

• Rental income: $30,681
• − Mortgage interest: −$3,865
• − Property taxes: −$212
• − Insurance: −$345
• − Repairs & maintenance: −$2,454
• − Management: −$2,454
• − Depreciation: −$2,007
• Taxable income: $19,342
• Est. tax owed @ 24.0%: −$4,642
• After-tax cash flow: $14,696/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: 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 — Bothell West

• Score: 91/100
• State rank: #2
• US rank: #63

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bothell West, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,631
• Household income: $183,786
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 413.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Asian 29% Two or more races 9% Hispanic / Latino 9% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 3% Lithuanian 2%
• Foreign-born: 29% · China, Canada, South Korea
• Languages at home: 65% English-only · Other Indo-European 11% Other Asian/Pacific 6% Chinese 6%

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: ▼ -903.22%
• Current HPI: 380.5475
• Rent YoY: ▲ 1.75%
• 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

• 2026-04-21 Listed $79,950 NWMLS as Distributed by MLS Grid

Property tax history

+7.5%/yr

Latest (2026): $212 · +82.5% YoY. Source: county tax records.