10831 SE 226th St · Kent, WA 98031

$60,000

2 bd · 1.0 ba · 896 sqft · Manufactured · 98 Days on market

Built 1972 $67/sqft · 65% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable 2-bedroom, 1-bath manufactured home in the Kenton Firs community on Kent’s East Hill. This 896 sqft home offers a bright, open layout with updated flooring and a spacious living area that feels comfortable and welcoming. The efficient floor plan makes great use of the space, creating a practical home that’s easy to maintain while still feeling open and inviting. Step outside to the covered front patio and deck with garden space—perfect for enjoying your morning coffee, relaxing in the evening, or adding your own flowers and plants. Two storage sheds provide extra room for tools, seasonal items, or outdoor gear. The home also features electric forced-air heat a

Key facts

• Covered front patio
• Storage sheds
• Garden space

Tags

• COVERED FRONT PATIO
• GARDEN SPACE
• STORAGE SHEDS
• ELECTRIC FORCED-AIR HEAT
• ASSIGNED PARKING SPACES
• EASY ACCESS TO SHOPPING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 29.8% 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 rising (+3.5%/yr); 167 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $415 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $60k implies a 500% gain — meaningful room to come down on a strong offer.

Recommended offer $54,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 3.43% ✓
• Cap rate: 29.84%
• Cash-on-cash: 84.11%
• DSCR: 4.74
• GRM: 2.4

CMA / ARV

• ARV (median comp): $172,000
• List price: $60,000
• Delta: -65.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 85.1%
• Equity multiple: 4.95×
• Total profit: $66,429
• Equity at exit: $8,946

10-year hold

• IRR: 88.4%
• Equity multiple: 10.48×
• Total profit: $159,195
• Equity at exit: $5,188

Cash invested: $16,800 (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 98031

• Rents YoY: 3.5%
• Active inventory: 167
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $2,056 high
• Mortgage (P&I): −$315
• Tax from tax record: −$107 /mo · $1,285/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $1,178

Break-even live

Break-even rent $565

Max offer price $60,000

Occupancy floor 38%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11211 SE 226th St Kent, WA	3.0	2.0	1012	$2,250	$2.22	18d	1	0.25mi
10530 SE 229th Pl Kent, WA	3.0	1.0	1000	$3,000	$3.00	44d	1	0.25mi
22415 Benson Rd SE Kent, WA	2.0	1.0	706	$1,520	$2.15	2d	4	0.26mi
23613 112th Ave SE Apt J103 Kent, WA	2.0	2.0	882	$2,000	$2.27	13d	1	0.64mi
23721 108th Ave SE Kent, WA	2.0	1.0	1000	$1,800	$1.80	24d	1	0.69mi
10125 SE 235th Pl Unit C306 Kent, WA	1.0	1.0	644	$1,500	$2.33	24d	1	0.69mi
23817 108th Ave SE Kent, WA	1.0–2.0	1.0	874	$1,815	$2.08	3d	6	0.74mi
10545 SE 238th St Kent, WA	2.0	1.5	825	$2,250	$2.73	44d	1	0.75mi
10811 SE 239th Pl Kent, WA	1.0–3.0	1.0–2.0	917	$1,898	$2.07	2d	28	0.76mi
23913 111th Pl SE Kent, WA	1.0	1.0	660	$1,399	$2.12	10d	2	0.79mi
10225 SE 239th St Unit 11 Kent, WA	1.0	1.0	700	$1,245	$1.78	44d	1	0.83mi
23816 100th Ave SE Unit 31 Kent, WA	2.0	1.0	750	$1,900	$2.53	44d	1	0.89mi
23816 100th Ave SE Unit 28 Kent, WA	2.0	1.0	750	$1,900	$2.53	5d	1	0.89mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$1,978	$2.04	2d	17	1.00mi
10820 SE 211th Pl Kent, WA	1.0–3.0	1.0–1.5	907	$2,032	$2.24	2d	20	1.03mi
22804 90th Way S Kent, WA	1.0–3.0	1.0–2.0	910	$1,794	$1.97	2d	21	1.11mi
10836 SE 204th St Kent, WA	1.0	1.0	850	$1,795	$2.11	44d	1	1.43mi
10836 SE 204th St Kent, WA	1.0	1.0	850	$1,795	$2.11	24d	1	1.43mi
1024 Central Ave N Kent, WA	1.0–3.0	1.0–2.0	755	$2,052	$2.72	2d	55	1.44mi
24808 100th Pl SE Kent, WA	1.0–2.0	1.0–2.0	812	$2,461	$3.03	2d	12	1.48mi
24928 103rd Ave SE Apt D302 Kent, WA	2.0	2.0	886	$2,095	$2.36	22d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $60,000 Active 98 DOM
2. 2026-06-17
   days on market $60,000 Active 97 DOM
3. 2026-06-16
   days on market $60,000 Active 96 DOM
4. 2026-06-15
   days on market $60,000 Active 95 DOM
5. 2026-06-13
   days on market $60,000 Active 93 DOM
6. 2026-06-09
   days on market $60,000 Active 89 DOM
7. 2026-06-08
   days on market $60,000 Active 88 DOM
8. 2026-06-07
   days on market $60,000 Active 87 DOM
9. 2026-06-04
   pricedays on market $60,000 Active 84 DOM
10. 2026-06-03
    days on market $65,000 Active 83 DOM
11. 2026-06-02
    days on market $65,000 Active 82 DOM
12. 2026-06-01
    days on market $65,000 Active 81 DOM
13. 2026-05-31
    days on market $65,000 Active 80 DOM
14. 2026-03-12
    listed $65,000 Active
15. 2000-08-11
    soldstatus $10,000
16. 2000-06-23
    listed $15,000

ⓘ 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: $1,285 · $107/mo
• Projected year-2 tax: $1,285 · $107/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,673
• − Mortgage interest: −$3,361
• − Property taxes: −$1,285
• − Insurance: −$300
• − Repairs & maintenance: −$1,974
• − Management: −$1,974
• − Depreciation: −$1,745
• Taxable income: $14,034
• Est. tax owed @ 24.0%: −$3,368
• After-tax cash flow: $10,762/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): 40,094
• Household income: $105,965
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1151.0

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 0.77)
• Race & ethnicity: White 36% Asian 27% Black 13% Hispanic / Latino 13% Two or more races 13% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 5% Portuguese 2% Subsaharan African 2%
• Foreign-born: 31% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 9% Other Indo-European 7% Vietnamese 4%

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: ▼ -673.58%
• Current HPI: 308.1747
• Rent YoY: ▲ 3.53%
• 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

+333.3% since first listed

3 events — show timeline

• 2026-03-12 Listed $65,000 NWMLS as Distributed by MLS Grid
• 2000-08-11 Sold (MLS) $10,000 NWMLS as Distributed by MLS Grid
• 2000-06-23 Listed $15,000 NWMLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $1,285 · +8.6% YoY. Source: county tax records.