43010 SE North Bend Way #40 · North Bend, WA 98045

$79,995

2 bd · 1.0 ba · 672 sqft · Manufactured · 52 Days on market

Built 1995 Good condition $119/sqft · 16% below area Est $95k · 16% 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 +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +7.1/10.0
• Rent growth +4.4/5.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this adorable 2-bedroom, 1-bath manufactured home in the desirable community of North Bend. The inviting floor plan features a family room that flows into the kitchen and dining area, offering comfort and ease for daily living. Step outside to enjoy views of Mount Si and the natural beauty of the area. Parking for two vehicles is included. Convenient location close to shopping, dining, abundant trails, and easy I-90 access. An outdoorsy person's dream location! Dog breed and size restrictions. Park approval IS required; space rent is $1,100/month.

Key facts

• Views of mount si
• Family room
• Easy i-90 access

Tags

• FAMILY ROOM
• KITCHEN AND DINING AREA
• VIEWS OF MOUNT SI
• CONVENIENT LOCATION
• ABUNDANT TRAILS
• EASY I-90 ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $80k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.4% vs local median 1.5% in North Bend — 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 73/100 on livability (#187 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools A; Watch: amenities C-, commute F, cost of living F.
• Snoqualmie Valley School District (town): math 73% / reading 80% proficiency, ranked #5 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+7.8%/yr); 147 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent is only 16% of the median local income ($176k/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 $553 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 + 7.8% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $50k; list at $80k implies a 60% gain — meaningful room to come down on a strong offer.

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 $77,595 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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. 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: 2.89% ✓
• Cap rate: 25.44%
• Cash-on-cash: 68.37%
• DSCR: 4.04
• GRM: 2.9

CMA / ARV

• ARV (median comp): $94,800
• List price: $79,995
• Delta: -15.62%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
43010 SE North Bend Way #40	0.00mi	2/1.0	672 (0%)	1mo	$60,000	$89	99
43010 SE North Bend Way #29	0.00mi	2/1.0	728 (+8%)	10mo	$94,900	$130	78
43010 SE North Bend Way #51	0.00mi	2/1.0	715 (+6%)	23mo	$50,000	$70	70

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 · 7.77% rent growth · sell at horizon

5-year hold

• IRR: 69.5%
• Equity multiple: 4.38×
• Total profit: $75,805
• Equity at exit: $11,928

10-year hold

• IRR: 75.1%
• Equity multiple: 10.75×
• Total profit: $218,276
• Equity at exit: $6,917

Cash invested: $22,399 (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 98045

• Rents YoY: 7.8%
• Active inventory: 147
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $2,315 medium
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $1,210

Break-even live

Break-even rent $784

Max offer price $79,995

Occupancy floor 43%

Sensitivity live

Price	-10% $1,265	-5% $1,237	+0% $1,210	+5% $1,182	+10% $1,154
Rent	-10% $1,027	-5% $1,118	+0% $1,210	+5% $1,301	+10% $1,393
Rate	-1.0pp $1,250	-0.5pp $1,230	base $1,210	+0.5pp $1,189	+1.0pp $1,168

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: $19,999
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
530 E North Bend Way North Bend, WA	1.0	1.0	649	$2,250	$3.47	0d	1	0.81mi

Listing history 10 events

1. 2026-04-24
   status Active
2. 2026-04-19
   status Pending
3. 2026-03-26
   listed $79,995 Active
4. 2021-06-30
   soldstatus $50,000 Closed
5. 2021-06-04
   status Pending
6. 2021-05-27
   status Active
7. 2021-05-06
   status Pending
8. 2021-04-30
   status Pending Inspection
9. 2021-04-08
   price $50,000
10. 2021-02-25
    listed $59,500 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥84°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,782
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$1,197
• − Repairs & maintenance: −$2,223
• − Management: −$2,223
• − Depreciation: −$2,327
• Taxable income: $14,131
• Est. tax owed @ 24.0%: −$3,392
• After-tax cash flow: $11,125/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 · 13 photos

Good 75/100 Cosmetic rehab

This manufactured home is in good condition with cosmetic updates needed for curb appeal and comfort. It offers a good balance of features for both resale and rental value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet in living room — Freshens space and improves comfort
• Both Clean kitchen countertops — Keeps space looking tidy and fresh

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet in living room — Freshens space and improves comfort ↑
• Both Clean kitchen countertops — Keeps space looking tidy and fresh ↑

ⓘ 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: Snoqualmie Valley School District
• NCES district ID: 5308040
• Math proficiency: 73% ▬ 0.00%
• Reading proficiency: 80% ▲ 1.00%
• Median HH income: $106,540
• Composite: 71.07/100
• National rank: #481
• State rank: #5 of 291 in WA

Livability — North Bend

• Score: 73/100
• State rank: #187
• US rank: #5052

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Bend, WA
• County: King County · 2,251,916 people
• City population: 15,289
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 15,289
• Household income: $175,765
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 281.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 12% Hispanic / Latino 10% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 1% Tagalog/Filipino 1%

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: ▼ -896.51%
• Current HPI: 341.5636
• Rent YoY: ▲ 7.77%
• 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

+34.4% since first listed

10 events — show timeline

• 2026-04-24 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-26 Listed $79,995 NWMLS as Distributed by MLS Grid
• 2021-06-30 Sold (MLS) $50,000 NWMLS as Distributed by MLS Grid
• 2021-06-04 Pending — NWMLS as Distributed by MLS Grid
• 2021-05-27 Relisted — NWMLS as Distributed by MLS Grid
• 2021-05-06 Pending — NWMLS as Distributed by MLS Grid
• 2021-04-30 Pending — NWMLS as Distributed by MLS Grid
• 2021-04-08 Price Changed $50,000 NWMLS as Distributed by MLS Grid
• 2021-02-25 Listed $59,500 NWMLS as Distributed by MLS Grid