2304 A St SE #36 · Auburn, WA 98002

$135,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 93 Days on market

Built 1980 Est $149k · 10% under ↓ 7% since listing

---

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
• ARV discount +11.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this stunningly remodeled 3-bedroom, 2-bath residence where modern updates meet everyday comfort. Enjoy peace of mind with a newer roof, upgraded windows, and fresh paint throughout. The generous living room and dining area create an open, airy space ideal for relaxing or hosting gatherings. With tasteful finishes and a move-in-ready feel, located in the heart of Auburn this home is ready for its next chapter.

Key facts

• Fresh paint
• Newer roof
• Open airy space

Tags

• NEWER ROOF
• UPGRADED WINDOWS
• FRESH PAINT
• OPEN AIRY SPACE
• TASTEFUL FINISHES
• MOVE IN READY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $697 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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.
• Market conditions: Rents rising (+1.5%/yr); 176 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 31% of the median local income ($79k/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 $933 of loan paydown is wiped out by about $4k 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 + 1.5% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.53% ✓
• Cap rate: 12.49%
• Cash-on-cash: 22.14%
• DSCR: 1.99
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $149,184
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2304 A St SE #36	0.00mi	3/2.0	1,344 (0%)	1mo	$120,000	$89	99
602 29th St SE #54	0.52mi	3/2.0	1,232 (-8%)	6mo	$55,000	$45	57
2902 B St SE	0.36mi	3/2.0	1,152 (-14%)	4mo	$312,500	$271	56
900 29th St SE Unit E-22	0.58mi	3/2.0	1,440 (+7%)	8mo	$50,000	$35	55
602 29th St SE #29	0.57mi	3/2.0	1,344 (0%)	23mo	$169,950	$126	55
602 29th St SE #39	0.57mi	3/2.0	1,232 (-8%)	6mo	$155,000	$126	54
3225 M St SE #121	0.73mi	3/2.0	1,344 (0%)	15mo	$149,000	$111	54
3225 M St SE #145	0.73mi	3/2.0	1,254 (-7%)	7mo	$105,000	$84	49
800 29th St SE Unit G16	0.50mi	3/2.0	1,440 (+7%)	23mo	$78,000	$54	46
602 29th St SE #26	0.57mi	4/2.0 (+1)	1,400 (+4%)	23mo	$165,000	$118	43
602 29th St SE #20	0.52mi	4/2.0 (+1)	1,512 (+12%)	10mo	$183,000	$121	42
3225 M St SE #137	0.73mi	3/2.0	1,232 (-8%)	17mo	$72,000	$58	38

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.52×
• Total profit: $19,522
• Equity at exit: $20,129

10-year hold

• IRR: 20.9%
• Equity multiple: 2.64×
• Total profit: $62,178
• Equity at exit: $11,672

Cash invested: $37,800 (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 98002

• Rents YoY: 1.5%
• Active inventory: 176
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,064 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $697

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 61%

Sensitivity live

Price	-10% $791	-5% $744	+0% $697	+5% $651	+10% $604
Rent	-10% $534	-5% $616	+0% $697	+5% $779	+10% $860
Rate	-1.0pp $765	-0.5pp $732	base $697	+0.5pp $662	+1.0pp $627

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,955	$2.58	4d	6	0.21mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	14d	1	0.30mi
418 17th St SE Unit 6C Auburn, WA	2.0	2.0	1219	$2,200	$1.80	25d	1	0.34mi
1910 N Ct SE Auburn, WA	3.0	2.0	1570	$2,900	$1.85	12d	1	0.77mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	3d	1	0.88mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	25d	1	0.94mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	6d	1	1.02mi
201 S Division St Apt 5 Auburn, WA	2.0	1.0	1000	$1,695	$1.70	23d	1	1.21mi
201 S Division St Apt 4 Auburn, WA	2.0	1.0	1000	$1,695	$1.70	0d	1	1.21mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	16d	1	1.26mi
24 Auburn Way S Auburn, WA	2.0	1.0	1000	$1,495	$1.50	25d	1	1.30mi
128 E Main St Auburn, WA	2.0	1.0–2.0	680	$2,425	$3.56	0d	5	1.33mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	4d	1	1.45mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	23d	1	1.48mi

Listing history 5 events

1. 2026-04-09
   status Pending
2. 2026-03-12
   status Active
3. 2026-03-02
   status Pending
4. 2026-01-17
   price $135,000
5. 2025-12-27
   listed $145,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 15 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: $24,764
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,981
• − Management: −$1,981
• − Depreciation: −$3,927
• Taxable income: $6,613
• Est. tax owed @ 24.0%: −$1,587
• After-tax cash flow: $6,781/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): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

-6.9% since first listed

5 events — show timeline

• 2026-04-09 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-12 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-02 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-17 Price Changed $135,000 NWMLS as Distributed by MLS Grid
• 2025-12-27 Listed $145,000 NWMLS as Distributed by MLS Grid