2302 R St SE #125 · Auburn, WA 98002

$45,000

1 bd · 1.0 ba · 760 sqft · Manufactured · 125 Days on market

Built 1969 Est $38k · 18% over

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Why this score? — see what drove the C+ 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
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready home in Gated 55+ Leisure Manor community in great location next to entertainment, amenities & freeway. Great active, friendly community for age qualified living. It is well kept & features club house with exercise room, swimming pool, pool table, kitchen and space for gatherings. Pride of ownership shines brightly in this home, lots of updates. 1 bed / 1 bath with BONUS room that could be 2nd bedroom/den/office or more storage. Rooms are spacious. Covered entry porch w/ second covered spacious deck built with long lasting composite material and attached carport. Back yard area & shed. Space rent $1100 monthly. Financing Available!

Key facts

• Gated community
• Pool table
• Exercise room

Tags

• GATED COMMUNITY
• CLUB HOUSE
• EXERCISE ROOM
• SWIMMING POOL
• POOL TABLE
• KITCHEN

Property features AI

Finance

• Other: Senior community
• Financial info: Listing terms: Cash
• HOA & community: Land-lease community (Leisure Manor); Park approved for sale; 144 homes in the park; Land lease amount: $1,100

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water (managed by HOA); Sewer service (managed by HOA); Power provided by PSE
• Home design: Manufactured home (single wide); Updated/Remodeled; One story
• Construction: Flat torch-down roof; Make: Tamarick, Model: 50/12; Single wide body type; Mobile home remains
• Exterior features: Located in a manufactured home park; Clubhouse; Common area; Exercise room; Pool; RV parking

Interior

• Kitchen: Microwave; Refrigerator; Stove/Range
• Bedrooms: 1 bedroom
• Flooring: Laminate
• Bathrooms: 1 full bathroom; 1 shower
• Heating & cooling: Forced air heating; Has heating
• Interior features: Den/office; Kitchen with eating space; Living room; Awnings; Ceiling fan(s); Double pane windows; Patio/porch/deck
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $45k.

Deal economics

• At list price, monthly cash flow is $933 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.2% 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); 171 active listings in the ZIP; 20 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 $311 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $27k; list at $45k implies a 67% gain — meaningful room to come down on a strong offer.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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: 3.50% ✓
• Cap rate: 31.16%
• Cash-on-cash: 88.83%
• DSCR: 4.95
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $38,000
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 R St SE #55	0.00mi	2/1.0 (+1)	849 (+12%)	1mo	$23,500	$28	75
2302 R St SE #46	0.01mi	2/1.0 (+1)	784 (+3%)	23mo	$80,000	$102	70
2302 R St SE #34	0.00mi	2/1.0 (+1)	700 (-8%)	24mo	$39,000	$56	62
2302 R St SE #61	0.00mi	2/1.0 (+1)	849 (+12%)	19mo	$35,000	$41	60
3105 M St SE #44	0.60mi	2/1.0 (+1)	720 (-5%)	2mo	$36,000	$50	56
900 29th St SE Unit E10	0.65mi	2/1.0 (+1)	720 (-5%)	6mo	$29,000	$40	50

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: 87.8%
• Equity multiple: 4.95×
• Total profit: $49,809
• Equity at exit: $6,710

10-year hold

• IRR: 90.5%
• Equity multiple: 9.79×
• Total profit: $110,698
• Equity at exit: $3,891

Cash invested: $12,600 (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: 171
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,574 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $933

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 36%

Sensitivity live

Price	-10% $964	-5% $948	+0% $933	+5% $917	+10% $902
Rent	-10% $808	-5% $870	+0% $933	+5% $995	+10% $1,057
Rate	-1.0pp $955	-0.5pp $944	base $933	+0.5pp $921	+1.0pp $909

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,425	$1.96	3d	4	0.40mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	25d	1	0.43mi
2952 O St SE Unit D Auburn, WA	2.0	1.0	795	$1,375	$1.73	2d	1	0.46mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	2d	1	0.46mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,399	$1.93	25d	1	0.73mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$1,450	$2.17	0d	20	0.73mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,400	$1.85	3d	6	0.79mi
417 22nd St SE Apt C Auburn, WA	2.0	1.0	600	$1,700	$2.83	0d	1	0.81mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,525	$2.04	15d	4	0.82mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	13d	1	0.87mi
1120 37th St SE Auburn, WA	2.0	1.0	788	$1,695	$2.15	13d	1	0.90mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	5d	1	0.95mi
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	0d	1	1.03mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	22d	1	1.19mi
111 10th St SE Unit 4 Auburn, WA	1.0	1.0	560	$1,295	$2.31	5d	1	1.29mi
111 10th St SE Apt 1 Auburn, WA	1.0	1.0	560	$1,295	$2.31	25d	1	1.29mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	15d	1	1.33mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	22d	1	1.34mi
105 N St SE Auburn, WA	1.0	1.0	676	$1,395	$2.06	22d	2	1.36mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	25d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $45,000 Active 125 DOM
2. 2026-06-17
   days on market $45,000 Active 124 DOM
3. 2026-06-16
   days on market $45,000 Active 123 DOM
4. 2026-06-15
   days on market $45,000 Active 122 DOM
5. 2026-06-13
   days on market $45,000 Active 120 DOM
6. 2026-06-13
   days on market $45,000 Active 119 DOM
7. 2026-06-09
   days on market $45,000 Active 116 DOM
8. 2026-06-08
   days on market $45,000 Active 115 DOM
9. 2026-06-07
   days on market $45,000 Active 114 DOM
10. 2026-06-04
    days on market $45,000 Active 111 DOM
11. 2026-06-03
    days on market $45,000 Active 110 DOM
12. 2026-06-02
    days on market $45,000 Active 109 DOM
13. 2026-06-01
    days on market $45,000 Active 108 DOM
14. 2026-05-31
    days on market $45,000 Active 107 DOM
15. 2026-02-13
    listed $45,000 Active
16. 2023-08-11
    soldstatus $27,000 Closed
17. 2023-07-30
    status Pending
18. 2023-07-12
    listed $30,000 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,891
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − Depreciation: −$1,309
• Taxable income: $11,139
• Est. tax owed @ 24.0%: −$2,673
• After-tax cash flow: $8,519/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

+50.0% since first listed

4 events — show timeline

• 2026-02-13 Listed $45,000 NWMLS as Distributed by MLS Grid
• 2023-08-11 Sold (MLS) $27,000 NWMLS as Distributed by MLS Grid
• 2023-07-30 Pending — NWMLS as Distributed by MLS Grid
• 2023-07-12 Listed $30,000 NWMLS as Distributed by MLS Grid